Mortgage renewal - options?

hendyarse

Our mortgage deal ends at end of October. We're both self employed and getting a mortgage in the first place was  It took some nifty accounting, which itself was costly, took ages and was a real stress. We're with Natwest and tempted to stay with them, unless someone else has a much better deal. We are obviously awaiting news on the interest rates, but will just miss the November announcement. So i have two Q's  and would be really grateful for any advice offered -

1) If we were to go with a different lender, would it be the same process as being a first time buyer, with all the paperwork and proof of earnings etc?
2) If we did stay with NW, how long does that process usually take? we want to cling on to see what deals there are but obviously need it in place before the current one ends

TIA

FlorayG

yes when I was remortgaging recently all the proof of ID, earnings, bank statements etc. had to be done all over again - after all, a new company has to do their own 'due diligence' they can't just assume the previous company did everything correctly. It's a real pain. Then at the last minute - a week before it was due- my lender at the time reduced their rates so I stayed with them. That took a couple of days to process

Hoenir

hendyarse said:

2) If we did stay with NW, how long does that process usually take? we want to cling on to see what deals there are but obviously need it in place before the current one ends

All done online. You'll be able to view products already. 

RelievedSheff

Staying with your current lender and doing a product switch will be a simple case of choosing a new product online. If you log into your account you will be able to see the rates on offer already.

Remortgaging to a new lender requires a full new submission to the lender like when you took out your first mortgage.

If you want to remortgage away from your current lender you want to be starting the process any time now to make sure there is plenty of time to answer any queries the lenders have. You don't want to leave it too late and end up on the current lenders SVR.

movilogo

If your current lender is giving good enough rate, then just stay with them. Saves lot of hassle. 
You may rather need to decide whether to go for fixed or tracker rate as interest rate is expected to go down.