Checks for Remortgaging

Martynt74 · 20 Dec 2016 at 16:33

Our mortgage deal is due to end in February time and i'm in a bit of a conundrum.

The house and mortgage is solely in my wifes name, however she is currently unable to work due to illness. We are able to continue paying the mortgage and haven't missed a payment.

As our deal is due to end, we'll be moved onto the SVR of 3.69% which is pretty crap. Ideally we'd like to just switch onto a new fixed term but not sure whether they would want to do new income calculations which she would not pass and i am currently doing freelance work and am looking to start a new job in the new year so don't have a particularly steady income at the moment either.

Obviously the best plan would be to ring them but i dont really want to bring it to their attention if they're likely to turn round and cancel our mortgage!

Anyone know what checks they do for remortgages?

CapitalOne · 20 Dec 2016 at 16:37

Same as new borrowing these days I think - easiest thing to do is speak to your existing lender and also a broker and take it from there.

ETA checks include:

Credit scores
Liabilities (other debt)
Income (P60)
General outgoings (e.g. 3 or 6 months bank statements)
Identity checks

Also note, if you want to borrow additional cash, you may need to prove what you need if for (e.g. builders quote and proof of planning permission)

Martynt74 · 20 Dec 2016 at 16:38

Bugger, was kind of hoping that wouldnt be the case given it's with the same provider.

Maybe we're best being moved onto the SVR an then looking to change once i have been employed for a few months and can produce documentation of it.

CapitalOne · 20 Dec 2016 at 16:46

Do yourself a favour and speak to your current lender - you don't need to say who you are just ask the questions you have and take it from there.

Just for completeness, I know the above from experience with Nationwide and a broker.

Martynt74 · 20 Dec 2016 at 17:21

Cheers, i called and went through it, seems that disability payments are but the working tax credits aren't. With First Direct anyway.

Means we will need to add my income in to the calculation as otherwise it'll only show her income at around £850 a month which i wouldn't expect to be enough to be accepted.

Will just go onto the standard rate and then when i've landed a job i'll look to update it.

FluffySheep · 20 Dec 2016 at 22:15

I remortgaged with RBS a few months ago, an it wasn't all that stressful - 1 phone call that lasted about 45 mins...

Credit scores probably behind the scenes
Liabilities (other debt) only over the phone - no proof requested
Income (P60) over the phone, but I am a teacher so a straight salary, no overtime, etc.
General outgoings (e.g. 3 or 6 months bank statements) discussed over the phone
Identity checks nope

Only other thing they were interested in was my ability to take a knock financially, such as illness or death. Pretty straight forward really

FluffySheep

Miguél · 21 Dec 2016 at 13:43

I remortgaged to a fixed rate recently with the same provider (Nationwide) and there were no checks done. Possibly a credit check but it was all done online within a few minutes.

ChrisD. · 21 Dec 2016 at 15:23

Miguél said:
I remortgaged to a fixed rate recently with the same provider (Nationwide) and there were no checks done. Possibly a credit check but it was all done online within a few minutes.

I was about to suggest this, unless it involves borrowing more or adjusting the term, most lenders have an online facility which isn't that difficult to run through.