Remortgaging panic (product transfer)

Bert85

[edited]
Hi everyone

My fixed rate is coming to an end.

I am planning to stay with the current lender on a fixed term offer; however, since last remortgage in 2019:
- I had a child
- I accumulated some debt (under control at the moment, constant repayments)
- my wage has increased by 20%
- LTV decreased from 85% to less than 60%.

Good credit score, never missed a payment ever for any product.

Is there any reason why my current lender could deny a product transfer fix-term offer and put me straight in SVR?

Thank you

fergie_

Assuming you have had no issues with payments, it would be unlikely. Most lenders will only do full checks if you are looking to borrow more or vary the term length.

dunstonh

Product transfers are not a remortgage.   So, there is no re-underwriting.

MXMike

If your staying with the same lender there will be no affordability checks or credit scoring completed so you have nothing to worry about. The only time a lender may refuse a product transfer is if you are arrears with them.

That said, there is no guarantees your current lender will offer you the best deal. Your change in circumstances may reduce or restrict options, I'd be most concerned about the impact of childcare (if there is any) combined with the debts but one on their own may not be an issue. Do check other lenders as some lenders offer uncompetitive product transfer options, it all depends if they want to retain their back book or are focused on new business.

chanz4

be fine go online and select new deal from them