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Product Swap v Remortgage (starting new job)
Cortinaa_GTR
Posts: 146 Forumite
Quick scenario...
Took Voluntary redundancy in Nov 23 after 13 years employment.
New Job commences next week with slight salary increase
Deal with Natwest expires Apr 30th, 2024 with current product swap offer 5.01% (I was on 1.64%)
Current LTV is 46%
With new job commencing but only 2 pay slips due before my deal ends is a remortgage to a lower rate elsewhere ridiculous or do I really need to accept product switch with current lender for now?
I don't want to go onto the variable rate as its fortunes btw
Any thoughts appreciated.
Took Voluntary redundancy in Nov 23 after 13 years employment.
New Job commences next week with slight salary increase
Deal with Natwest expires Apr 30th, 2024 with current product swap offer 5.01% (I was on 1.64%)
Current LTV is 46%
With new job commencing but only 2 pay slips due before my deal ends is a remortgage to a lower rate elsewhere ridiculous or do I really need to accept product switch with current lender for now?
I don't want to go onto the variable rate as its fortunes btw
Any thoughts appreciated.
0
Comments
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None of this is likely to be a problem is using a new LenderI am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.1 -
You would be able to get a much better rate with a new lender. I would personally be remortgaging to a new lender.1
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You will have two payslips plus your contract of employment. I guess you've also got a very good history and you you are low risk due to your current LTV. I can see no reason why you would have difficulty remortgaging.Some lenders allow you to apply for a mortgage up to 6 months in advance. Perhaps you could apply for a remortgage now and submit your pay history until November...plus your new employment contract.1
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