No. In most cases, people will not be required to go through a credit check for a rate switch.
Switching is very simple. Most lenders typically have your information on file, so a credit check is usually unnecessary. You also do not need a solicitor or licensed conveyancer.
Example of reasons lenders may run checks again is…
- Missed mortgage payments/arrears
- Lending past retirement age
- An element of lending on interest only
How we work:
- We will use the information you provide to access your mortgage account (e.g. your mortgage account number)
- We’ll find the best offers that suit you and send you a few quotes by email for your review.
- Once you have reviewed the quotes and are happy to accept one of the rates, you will let us know which one to accept
- We will accept the rate and send off the rate switch application
- After acceptance, we will monitor the rates until your current fixed rate expires. If the rates decrease, we will accept the lower rate to make sure you receive the best deal available.
- Once the application has completed, we will send you 10% of the commission we receive from the lender
