Renewing my mortgage - understanding the process

homeless9

Hi,

As far as I understand the correct term in my case is 'renewing' my mortgage and not 'remortgaging'.....

I will be renewing in June 2025 and will stick with the same lender (Santander).

The main thing I'd like to know is if I need proof of income when renewing?

There is a reasonable chance I could come into some money. This money would allow me to quit my job and take 1 to 2 years out to relax, travel etc. I'd still easily be able to pay my monthly mortgage payments whilst I take this time out without any income coming in - I'd be using the savings to cover the payments.

Before that money comes my way I just wanted to check that I would be ok quitting my job before renewing my mortgage, or if I could get into a sticky situation as they may want to make sure I am still working and earning enough?

Also, if they would not require proof of income for a renewal with the same lender, when do lenders require proof of income on a renewal? - is it when you change lender?

DE_612183

I think it depends on the lender - I was with Clydesdale and they just offered me options - actually I think it was online - I just picked a new product.

la531983

Suppose if you think about it, why would they ask for proof of income, you would still be a customer of theirs if you took the new rate or moved onto the SVR. And it would make absolutely zero sense for a provider to say "hey ho, so you cant prove you can afford to pay £800 a month on a new rate, you can pay £1300 a month on the SVR instead".

kingstreet

homeless9 said:

Hi,

As far as I understand the correct term in my case is 'renewing' my mortgage and not 'remortgaging'.....

I will be renewing in June 2025 and will stick with the same lender (Santander).

The main thing I'd like to know is if I need proof of income when renewing?

There is a reasonable chance I could come into some money. This money would allow me to quit my job and take 1 to 2 years out to relax, travel etc. I'd still easily be able to pay my monthly mortgage payments whilst I take this time out without any income coming in - I'd be using the savings to cover the payments.

Before that money comes my way I just wanted to check that I would be ok quitting my job before renewing my mortgage, or if I could get into a sticky situation as they may want to make sure I am still working and earning enough?

Also, if they would not require proof of income for a renewal with the same lender, when do lenders require proof of income on a renewal? - is it when you change lender?

No. No income, credit or status checks for a rate switch/product transfer with same lender.

A remortgage is a new mortgage with a new lender to replace the current one and yes, all checks are required.