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Remortgage with bad credit rating

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Comments

  • sammyjammy
    sammyjammy Posts: 8,095 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    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.
    "You've been reading SOS when it's just your clock reading 5:05 "
  • nthandu
    nthandu Posts: 14 Forumite
    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
    nthandu Posts: 14 Forumite
    edited 14 July 2018 at 6:02AM
    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
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    nthandu wrote: »

    Does that mean they don't run credit check?

    Correct. If the switch is performed online.
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