Mortgage renewal on lower salary

Easteregg25

my mortage product ends next year, i will be on a lower salary and may not match affordability checks, despite never having missed a payment. Will i have to sell the house?

MWT

Easteregg25 said:

my mortage product ends next year, i will be on a lower salary and may not match affordability checks, despite never having missed a payment. Will i have to sell the house?

If you are just taking a new product from your current lender there is usually no new affordability check.

If you are trying to change the term or change the lender then there would be an affordability check.

Often you can pick a new product with just a couple of clicks on their website.

Easteregg25

Thanks, the only priority is to keep the home. happy to continue with same lender. what documentation will they ask for? i have been advised there will be a full check and need for payslips to be submitted?

TheSpectator

Easteregg25 said:

Thanks, the only priority is to keep the home. happy to continue with same lender. what documentation will they ask for? i have been advised there will be a full check and need for payslips to be submitted?

Who told you this? 

As above, a retention offer from your current lender should be a mere click on accept on their website and thatls it.

Hoenir

Easteregg25 said:

Thanks, the only priority is to keep the home. happy to continue with same lender. what documentation will they ask for? i have been advised there will be a full check and need for payslips to be submitted?

Told by whom? 

Easteregg25

Hoenir said:

Easteregg25 said:

Thanks, the only priority is to keep the home. happy to continue with same lender. what documentation will they ask for? i have been advised there will be a full check and need for payslips to be submitted?

Told by whom? 

hopefully someone who is wrong! you agree with the above responses?

ACG

Who is your current lender? 

Easteregg25

ACG said:

Who is your current lender? 

Its Santander

ACG

I dont use them much, but looking at their website:
https://www.santander.co.uk/personal/mortgages/existing-customers

It says:
Change your deal
Find a new deal with no affordability or income checks, and no legal or valuation fees to pay.

Easteregg25

super helpful ACG, thank you for sharing

callmedude

MWT said:

Easteregg25 said:

my mortage product ends next year, i will be on a lower salary and may not match affordability checks, despite never having missed a payment. Will i have to sell the house?

If you are just taking a new product from your current lender there is usually no new affordability check.

If you are trying to change the term or change the lender then there would be an affordability check.

Often you can pick a new product with just a couple of clicks on their website.

If we do a product transfer with the same lender, will that be a 2-year or 5-year fixed? If our income increased and we wanted to remortgage with another lender offering a lower rate, would it be possible to switch without any penalty or early repayment charges?