The mortgage lender- remortgage

Costalot123

Has anyone remortgaged with the mortgage lender. There would be no changes or additional borrowing.
I know a broker has to do this for you, what do they charge. Is there any affordability checks or credit checks?
thanks 

ACG

Some brokers might charge an admin fee, others dont. 
There is no additional checks and generally its not too difficult from your side (there is a bit of compliance for the broker though). 

We do not charge existing customers to do a product transfer (ie switching with the current lender) as we already hold a lot of the information. 

ButterCheese

We took out a second mortgage with our current lender.  They stated that it had to be on the same terms as the first mortagage i.e. the first one had 1  years left, so the second one had to run along side with an 11 year term.  I htink the rate was slightly better than the first.  Our broker had to submit the same documents e.g. last 3 months of payslips, bank statements etc

Costalot123

Thanks ACG. What do you mean by compliance.
im just concerned when it comes to remortgage about additional debt we may have - although I know its normal for people to have debt prior to remortgage and generally this isn’t looked at if its a remortgage with the same provider and no changes to amount or term etc.

born_again

Costalot123 said:

Has anyone remortgaged with the mortgage lender. There would be no changes or additional borrowing.
I know a broker has to do this for you, what do they charge. Is there any affordability checks or credit checks?
thanks 

Go direct to current lender if all you want to do is stay with them & choose another fixed term.
These can be done with no affordability or other checks.

ACG

born_again said:

Costalot123 said:

Has anyone remortgaged with the mortgage lender. There would be no changes or additional borrowing.
I know a broker has to do this for you, what do they charge. Is there any affordability checks or credit checks?
thanks 

Go direct to current lender if all you want to do is stay with them & choose another fixed term.
These can be done with no affordability or other checks.

You cant with TML, it has to be done by a broker. 

ACG

Costalot123 said:

Thanks ACG. What do you mean by compliance.
im just concerned when it comes to remortgage about additional debt we may have - although I know its normal for people to have debt prior to remortgage and generally this isn’t looked at if its a remortgage with the same provider and no changes to amount or term etc.

Compliance is just things we have to do behind the scenes, ID checks, satisfy ourselves that doing a PT is the best option for you etc. Its just paperwork. 

Generally speaking if staying with the same lender no additional checks are carried out by the lender. But at the same time, that doesnt mean tying you into a new deal is best advice so we have to just look over the options and see if it is the best way forward.