Remortgage with bad credit rating

sammyjammy · 13 July 2018 at 8:57PM

nthandu wrote: »

Thanks for the info @foxy-stoat and @kingstreet.

I am under the impression that, customer retention product is applied separate to mortgage for the house renovation purposes. Please correct me on this?

Does lenders offer a standard rate without going for remortgage? Do I need to do anything for this purpose?

Is going for remortgage necessary? Can we ask/request lender to continue on the existing mortgage rate rather going for remortgage?

Thanks in advance.

Not sure what you mean by your first comment?

If you do nothing you will go not your lenders Standard variable rate, you do not have to remortgage but its likely the rate will be higher than what you are on now and you will be at the mercy of the BoE as to interest rate rises.

nthandu · 13 July 2018 at 10:25PM

Sorry for the confusion.

I don't know much about the retention products and how they work and how they are related to mortgages.

So lender would move the existing mortgage to standard rate without doing any further credit check if we don't apply for the remortgage?

Thanks,
Naresh

nthandu · 14 July 2018 at 7:01AM

Also, on lender's webpage switching to new deal for existing customer says

When you are an existing mortgage customer there are no affordability or income checks, no legal or valuation fees to pay and no new Direct Debits to set up.

Does that mean they don't run credit check?

Thrugelmir · 14 July 2018 at 9:38AM

nthandu wrote: »

Does that mean they don't run credit check?

Correct. If the switch is performed online.

Remortgage with bad credit rating

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