Remortgaging...pitfalls?

immy
immy Posts: 227 Forumite
in Bankruptcy & living with it
Need some advice,

I am discharged BR from 2011, and have cleaned up my credit record for the past several years. New credit record built up(and low utilised) with new credit etc.

I have a mortgage in place from 2008 which is currently on SVR, and now looking to remortgage onto a fixed rate.


Will my past BR affect me getting a favourable remortgage?
Will i be best advised to go with a broker who has experience with discharged br's?

Any advice would be beneficial in my early stages of looking into remortgaging.

Comments

  • silvercar
    silvercar Posts: 46,934 Ambassador
    Academoney Grad Name Dropper Photogenic First Anniversary
    Easiest and quickest would be to see what your current lender will offer you.

    If your lender can't offer you anything you consider reasonable then I would suggest using a broker. Before this I would check that your credit history is clean.
    I'm a Forum Ambassador on The Coronavirus Boards as well as the housing, mortgages and student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.
  • immy
    immy Posts: 227 Forumite
    Credit record is clean as I sorted it all out last year.
    Will double check again to make sure no sneaky ones have reappeared.

    Current providers best rate is 2.60 compared to hsbc/m&s rate of 2.04 but then I guess I would be saving on the product fee etc.

    Over 5 years, remortgaging with current provider would cost me
    Additional 300 or so.

    It’s my first re mortgage so not sure how difficult it now is to secure lending.
  • silvercar
    silvercar Posts: 46,934 Ambassador
    Academoney Grad Name Dropper Photogenic First Anniversary
    You would save on product fee/ legal work and valuation and move rates a couple of months sooner. If the difference over 5 years is £300, it may make more sense to stay with the current lender.
    I'm a Forum Ambassador on The Coronavirus Boards as well as the housing, mortgages and student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.
  • System
    System Posts: 178,089 Community Admin
    Photogenic Name Dropper First Post
    silvercar wrote: »
    Easiest and quickest would be to see what your current lender will offer you.

    This. If remortgaging with your current lender they don't have to do any affordability tests beyond asking you whether you can afford the new payments.
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343K Banking & Borrowing
  • 250K Reduce Debt & Boost Income
  • 449.6K Spending & Discounts
  • 235.1K Work, Benefits & Business
  • 607.7K Mortgages, Homes & Bills
  • 173K Life & Family
  • 247.7K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards