arab_joe Posted August 12 Share Posted August 12 Quick query for those with more experience than me... When one's fixed period comes to an end (which for me is August 2025) do you again have to supply pay slips, salary proof etc. - or are you automatically offered terms on whatever rates are available? And you only have to supply pay slips, salary proof etc. if you are wanting to either borrow more or extend the term? 0 Quote Link to comment Share on other sites More sharing options...
Bairnardo Posted August 12 Share Posted August 12 16 minutes ago, arab_joe said: Quick query for those with more experience than me... When one's fixed period comes to an end (which for me is August 2025) do you again have to supply pay slips, salary proof etc. - or are you automatically offered terms on whatever rates are available? And you only have to supply pay slips, salary proof etc. if you are wanting to either borrow more or extend the term? You will go onto the standard variable rate of your current provider. Assuming you shop around and end up getting a new deal likely with a new provider, you will need all that shite again 0 Quote Link to comment Share on other sites More sharing options...
arab_joe Posted August 12 Share Posted August 12 16 minutes ago, Bairnardo said: You will go onto the standard variable rate of your current provider. Assuming you shop around and end up getting a new deal likely with a new provider, you will need all that shite again But if I stay with HSBC and neither want to increase my mortgage nor extend the time, are they going to ask for all of this stuff to simply get another 2-year fixed term? With a lot of my documentation coming from the Middle East, it requires verification, translation, supporting letters etc. it took them about 3 or 4 months to even allow me a mortgage in the first place... 0 Quote Link to comment Share on other sites More sharing options...
Bairnardo Posted August 12 Share Posted August 12 2 hours ago, arab_joe said: But if I stay with HSBC and neither want to increase my mortgage nor extend the time, are they going to ask for all of this stuff to simply get another 2-year fixed term? With a lot of my documentation coming from the Middle East, it requires verification, translation, supporting letters etc. it took them about 3 or 4 months to even allow me a mortgage in the first place... I wouldn't imagine HSBC would need it all again. I've never stayed with the same provider for consecutive deals tho. 0 Quote Link to comment Share on other sites More sharing options...
die hard doonhamer Posted August 12 Share Posted August 12 4 hours ago, arab_joe said: But if I stay with HSBC and neither want to increase my mortgage nor extend the time, are they going to ask for all of this stuff to simply get another 2-year fixed term? With a lot of my documentation coming from the Middle East, it requires verification, translation, supporting letters etc. it took them about 3 or 4 months to even allow me a mortgage in the first place... I stayed with the same provider (NatWest) last time and did not have to provide anything for a simple new term. 0 Quote Link to comment Share on other sites More sharing options...
Todd_is_God Posted August 12 Share Posted August 12 6 hours ago, arab_joe said: But if I stay with HSBC and neither want to increase my mortgage nor extend the time, are they going to ask for all of this stuff to simply get another 2-year fixed term? With a lot of my documentation coming from the Middle East, it requires verification, translation, supporting letters etc. it took them about 3 or 4 months to even allow me a mortgage in the first place... 4 hours ago, Bairnardo said: I wouldn't imagine HSBC would need it all again. I've never stayed with the same provider for consecutive deals tho. I suspect they might actually, to ensure circumstances haven't changed and/or you still meet their criteria for a mortgage. 0 Quote Link to comment Share on other sites More sharing options...
Bairnardo Posted August 12 Share Posted August 12 7 minutes ago, Todd_is_God said: I suspect they might actually, to ensure circumstances haven't changed and/or you still meet their criteria for a mortgage. But you still have a mortgage with them having defaulted onto their standard variable or whatever they default you to. The account is still open and the balance is the balance owed to them. I could be wrong but a lot of the time they are shoving new products at you at the end of a deal. 0 Quote Link to comment Share on other sites More sharing options...
Todd_is_God Posted August 12 Share Posted August 12 (edited) 7 minutes ago, Bairnardo said: But you still have a mortgage with them having defaulted onto their standard variable or whatever they default you to. The account is still open and the balance is the balance owed to them. I could be wrong but a lot of the time they are shoving new products at you at the end of a deal. You do, but those don't have any affordability checks attached to them (you already had them at the start of that agreement) whereas a new fixed-term almost certainly would as it's effectively a new loan. I remember hearing about a lot of people being trapped on SVR in 2022 when their old fixed term ran out and they couldn't "afford" a new fixed term. Edited August 12 by Todd_is_God 0 Quote Link to comment Share on other sites More sharing options...
Bairnardo Posted August 12 Share Posted August 12 (edited) 3 minutes ago, Todd_is_God said: You do, but those don't have any affordability checks attached to them whereas a new fixed-term almost certainly would. I remember hearing about a lot of people being trapped on SVR in 2022 when their old fixed term ran out and they couldn't "afford" a new fixed term. Ah yeah I guess there's a possibility of you overreaching on a new deal. Hadnt thought of the affordability side I was more going down the route of your already a customer so no security checks and all that shite required Edited August 12 by Bairnardo 0 Quote Link to comment Share on other sites More sharing options...
Loonytoons Posted August 12 Share Posted August 12 7 hours ago, arab_joe said: But if I stay with HSBC and neither want to increase my mortgage nor extend the time, are they going to ask for all of this stuff to simply get another 2-year fixed term? With a lot of my documentation coming from the Middle East, it requires verification, translation, supporting letters etc. it took them about 3 or 4 months to even allow me a mortgage in the first place... Just went through a remortgage using a financial advisor. He stated that if we stayed with the same provider we wouldn't require all the documentation. We went elsewhere shop can't verify that, but that's what he said. 1 Quote Link to comment Share on other sites More sharing options...
Am Featha Taigh Nan Clach Posted August 12 Share Posted August 12 When I moved onto a new fixed term rate with the same lender I didn't need supply anything else. 1 Quote Link to comment Share on other sites More sharing options...
PB1994 Posted August 12 Share Posted August 12 Yeah, I didn’t need to supply any of that information again when I moved onto a new fixed rate with the same lender. 0 Quote Link to comment Share on other sites More sharing options...
Hedgecutter Posted August 13 Share Posted August 13 23 hours ago, arab_joe said: Quick query for those with more experience than me... When one's fixed period comes to an end (which for me is August 2025) do you again have to supply pay slips, salary proof etc. - or are you automatically offered terms on whatever rates are available? And you only have to supply pay slips, salary proof etc. if you are wanting to either borrow more or extend the term? I renewed with Nationwide through it's app. No need for anything other clicking a few buttons, to the point that booking a train ticket is more hassle. This was the main driver for staying with the same lender as I'm self employed and explaining the irregular incomes into my personal account (to keep a rainy day fund etc) would probably have been more hassle than worth. 0 Quote Link to comment Share on other sites More sharing options...
Granny Danger Posted August 22 Share Posted August 22 The average first-time buyer deposit in London is currently £145,400, more than double the national average of £60,100. London first-time buyers who got help from their parents received £91,356, on average. https://www.standard.co.uk/homesandproperty/buying-mortgages/london-firsttime-buyer-my-parents-sold-their-home-to-pay-the-deposit-for-my-whitechapel-flat-b1177751.html 0 Quote Link to comment Share on other sites More sharing options...
Lex Posted August 22 Share Posted August 22 On 12/08/2024 at 11:36, arab_joe said: But if I stay with HSBC and neither want to increase my mortgage nor extend the time, are they going to ask for all of this stuff to simply get another 2-year fixed term? With a lot of my documentation coming from the Middle East, it requires verification, translation, supporting letters etc. it took them about 3 or 4 months to even allow me a mortgage in the first place... No if you are not changing anything they won't need to see anything else. Just call them up and ask them to put you on the lowest fixed rate available for either two or five years - avoid the standard variable rate at all costs. 1 Quote Link to comment Share on other sites More sharing options...
lubo_blaha Posted August 22 Share Posted August 22 14 hours ago, Granny Danger said: The average first-time buyer deposit in London is currently £145,400, more than double the national average of £60,100. London first-time buyers who got help from their parents received £91,356, on average. https://www.standard.co.uk/homesandproperty/buying-mortgages/london-firsttime-buyer-my-parents-sold-their-home-to-pay-the-deposit-for-my-whitechapel-flat-b1177751.html Genuinely astounded to read that. I’m going through this process as a first time buyer and my deposit is less than 10% of that. The perks of living up here. 0 Quote Link to comment Share on other sites More sharing options...
parsforlife Posted August 22 Share Posted August 22 53 minutes ago, lubo_blaha said: Genuinely astounded to read that. I’m going through this process as a first time buyer and my deposit is less than 10% of that. The perks of living up here. Yep, the London premium has always been about for as long as I remember, but when you can own outright a house in a reasonable area for less than a deposit which I suspect won't be particularly nice is a f**king wild situation. 0 Quote Link to comment Share on other sites More sharing options...
Bert Raccoon Posted September 6 Share Posted September 6 Took out a mortgage on my one bedroom flat in 2022 at 3.02%, renewed this year for a further two years at 4.15% meaning a less than £40 increase per month. Expected a lot worse but seem to have hit a reasonable sweet spot for renewal although prices will drop further 0 Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.