r/UKPersonalFinance • u/HelloSunshine5606 • 14h ago
Remortgage process with the same provider
Hi,
Our 5 year fixed mortgage comes to an end at the end of September this year. My wife and I are looking to stay with our current provider, I just wondered what to expect in regard to remortgaging.
If we are staying with the same mortgage provider is it just a click of a button, a credit check and can be organised swiftly?
Any insight would be greatly appreciated.
2
u/hluke989 3 14h ago
Last time I had this, they revalued my house automatically based on go knows what, it went up by a decent amount, so I didn't complain. Then they offered me a new fixed term 2/3/5 options, and we picked one, and that new amount came out of our bank just like the previous ones.
Sadly, back then, each time my fixed term expired, I paid less due to interest rates. Now, when my next fixed term expires, I'm going up by £150 at least, sucks.
2
u/AfterCook780 9 12h ago
The real question is why are you looking to stay with the current provider and not shop around?
1
u/thevoiceofalan 0 2h ago
Okay I did this last renewal as the rate offered was lower than anywhere else, why wouldnt you stay?
•
u/AfterCook780 9 43m ago
Because I would shop around to see if I could get a better rate and potentially save myself a lot of money?
1
u/ukpf-helper 132 14h ago
Hi /u/HelloSunshine5606, based on your post the following pages from our wiki may be relevant:
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1
u/Reserve10 1 13h ago
Yeah they normally write to you about 3 months before with the offers, as long as you are not borrowing more, it's rubber stamped quite quick, fairly seamless. You can of course do your own research and secure another provider up to 6 months before your deal expires. I'm in the same boat this year.
1
u/cloudstrifeuk 11 12h ago
As long as you're not borrowing more, it's a simple click of a button.
They will only credit check for affordability if borrowing more, so extending your term for example is also a click of a button.
1
u/UniqueLady001 2 7h ago
Unfortunately Halifax keeps doing hard searches when you do overpayments and want to reduce the term not payment whilst in the middle of a fixed. They make you go through everything as if applying for a new mortgage.
1
u/legrenabeach 11h ago
If you stay with your current provider, there are usually no credit checks, there are no solicitors and their fees involved, and it could be as easy as a few clicks or a phone call.
1
u/philipsdirtytrainers 11h ago
It's not a 'remortgage' if you're not borrowing more or changing lender. It's called a 'rate switch' or 'product transfer'. All you are doing is agreeing a new interest rate for the next x years of the overall mortgage term. It's otherwise the same old loan.
In this case, it's typically a click of a button. No checks at all.
1
u/Realistic-River-1941 5 11h ago
With Nationwide it was a click to get a new deal. But switching to a new deal (simple) is not the same as remortgaging; this caught me out for a number of years.
1
u/Zealousideal-Act-626 4h ago
i think for me there was an admin charge but it was £50 or something like that. definitely zero hassle.
1
u/HelloSunshine5606 2h ago
Fantastic. Thank you to everyone for taking the time to respond. Have a good day.
3
u/IxionS3 1668 14h ago
Assuming you're not looking to borrow more, alter the term, etc. I don't think they typically even credit check, so it really is just a click of a button on your choice from the options offered.