Remortgaging - same lender, better rate

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Dear all
This is my first post in this forum - hope you'll forgive me.
My actual 2yrs fixed-twrm deal is coming to an end in Feb.
I have been in touch with London&country mortgages, who helped me getting my first mortgage. They told me they would only consider new lenders deals, so they won't give me any information about my actual lender.
I have called my current lender and they told me that, at the end of my current fixed rate, I can switch to a different products, with a competitive 5yrs fixed term deal, without any affordability or property evaluation check.
Is this true?
They suggested me, if I decide for it to get an appointment with my local branch for execution only.
Can anyone please help me?
Many thanks
Bertie

Comments

  • ACG
    ACG Posts: 23,727 Forumite
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    You can usually switch products online with the same lender without any underwriting.

    Im surprised you have to go in branch, who is your mortgage with?
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Bert85
    Bert85 Posts: 18 Forumite
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    TSB. They've had problems with online banking since last June when they switched online platform :mad:
  • Unicorn_cottage
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    Have TSB given you an idea of the rates they could offer? Have you asked London and Country to also research to see if they come up with some better/more competitive rates?
    "Everything comes to him who hustles while he waits" Thomas Edison
    Following the Martin mantra "Earn more, have less debt, improve credit worthiness" :money:
  • Bert85
    Bert85 Posts: 18 Forumite
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    L&C rates could be better, but they have £999 fees.
    Have you got any ideas what they are going to ask me?
  • Edi81
    Edi81 Posts: 1,444 Forumite
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    L&C will ask you all the questions that they asked you 2 years ago.
  • [Deleted User]
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    Existing customer transfer = simplicity. Generally no/little underwriting, no credit search etc.

    Moving to a new lender - as Edi says you'll go all through the same questions as 2 years ago. New credit search, probably supplying bank statements, payslips etc.

    Depends what's more important - getting the absolute best rate for your circumstances, or getting a simple quick resolution & re-mortgage.


    Work out the cost of the top L&C deals you think you could get (plus including any product fees). Then work out the cost of whatever TSB offer you. Over the period you intend to stay on that product (e.g. Total cost over the 2 years). Then you can make a decision.

    I'm not a broker but doubt retention rates are particularly competitive? Even with any product fees, you may be better switching lender, but ultimately it depends if you want to go through another app, and how complex you first one was (any complex income, adverse credit etc etc?).


    - Do TSB not offer an advised service for re-mortgages?? If you're going to go to branch to do exec only you might as well get some advise while you're at it (and the protection that comes with it), albeit on a limited range of products
  • Bert85
    Bert85 Posts: 18 Forumite
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    For a 5-year fixed rate mortgage:

    L&C told me remortgaging with £450/month (about 2.19%), fee £999, £500 on completion. Plus estimation fees etc.

    TSB offers me £465/month (about 2.39%)

    L&C will not consider any same lender deals or direct offers (like the limited time ones for specific lenders)

    Why having such a big stress of having everything scrutinised again for a rate which is only £15/month cheaper but overall over 5years only about £40 cheaper if you consider the initial "net" £499 fees?
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