Can’t renew our fixed mortgage

born_again

ruelle said:

How come you can't fix? If it's an affordability issue you can do a rate switch with your current lender that doesn't require any checks whatsoever. I think with some lenders you can do this 6 months in advance.

Got a letter about ours in Jan  about end of term & it's not due to end till July.
Decided in Feb to go for the rate offered as it was a good as we had. 5 year fix.
As you said no income info required. Super easy, one form & jobs done.

We also did the mortgage via a broker at the start, but went direct to lender Platform for rate switch. Since had contact from broker, but told them all sorted direct. Did not sound to impressed.
Not bothered if they do not get commission anymore. 

Cuxtongirl149

born_again said:

ruelle said:

How come you can't fix? If it's an affordability issue you can do a rate switch with your current lender that doesn't require any checks whatsoever. I think with some lenders you can do this 6 months in advance.

Got a letter about ours in Jan  about end of term & it's not due to end till July.
Decided in Feb to go for the rate offered as it was a good as we had. 5 year fix.
As you said no income info required. Super easy, one form & jobs done.

We also did the mortgage via a broker at the start, but went direct to lender Platform for rate switch. Since had contact from broker, but told them all sorted direct. Did not sound to impressed.
Not bothered if they do not get commission anymore. 

This is really helpful. Thanks so much. My partner has just looked on our lender website and seems like we can fix using their own platform. So we’ll look through that properly tonight once the kids are in bed.

We’ve always been through a broker and just gone for the best deal, but I don’t think beggars can be choosers right now. And as you said, like yours, I don’t think he’ll be impressed!

Cuxtongirl149

K_S said:

At8 said:

Would the broker still get a commission if they recommended a product transfer / product switch / rate switch? 

@at8 Yes, the vast majority of lenders do pay 'commission' (it's called procuration-fee) on broker PTs.

I’m pretty sure he does, hence why he’s told us to hold fire, hoping he’ll manage to secure something for us. 

housebuyer143

Cuxtongirl149 said:

born_again said:

ruelle said:

How come you can't fix? If it's an affordability issue you can do a rate switch with your current lender that doesn't require any checks whatsoever. I think with some lenders you can do this 6 months in advance.

Got a letter about ours in Jan  about end of term & it's not due to end till July.
Decided in Feb to go for the rate offered as it was a good as we had. 5 year fix.
As you said no income info required. Super easy, one form & jobs done.

We also did the mortgage via a broker at the start, but went direct to lender Platform for rate switch. Since had contact from broker, but told them all sorted direct. Did not sound to impressed.
Not bothered if they do not get commission anymore. 

This is really helpful. Thanks so much. My partner has just looked on our lender website and seems like we can fix using their own platform. So we’ll look through that properly tonight once the kids are in bed.

We’ve always been through a broker and just gone for the best deal, but I don’t think beggars can be choosers right now. And as you said, like yours, I don’t think he’ll be impressed!

Sometimes if there is very little in it, it's easier to pay the slightly higher rate and not go through the hassle of a full remortgage. 

MWT

Cuxtongirl149 said:

ruelle said:

How come you can't fix? If it's an affordability issue you can do a rate switch with your current lender that doesn't require any checks whatsoever. I think with some lenders you can do this 6 months in advance.

Really? It might be worth us calling them, even if before the 3 months. Definitely will try that. Our broker is really good, I’m not sure why he wouldn’t have suggested this. 

With the refix, we added 5 years to reduce the monthly, then we’d reduce after the two years. 

If you are just taking a new fix from your current lender you will not be able to change the term of the mortgage at the same time without having to go through the affordability/stress testing...

That may be why your broker didn't suggest it ...

dimbo61

Have a look on your lender's  website for new deals for existing customers.
You can use " whatsthecost " to work out the cost of each deal 

Cuxtongirl149

Thanks everyone for the advice. This has been really helpful. We are able to refix 😊  My partner just rang our broker to let them know - not heard back yet from them, but it’s pretty much a done deal for us. Really grateful xx