Do you need proof of income & payslips for remortgaging?
Get a personalised mortgage renewal through Changemymortgage and up to £500 in cashback
If you're thinking about remortgaging your home, you might be wondering if you'll need to provide proof of income and payslips. The answer depends largely on whether you're switching to a new lender or staying with your current one. Here’s a straightforward guide to help you understand what to expect.
Switching to a New Lender or Borrowing More
If the best deal is to remortgage with a new lender, they will typically require detailed information about your financial situation. This includes proof of income and recent payslips. Lenders use this information to assess your ability to repay the mortgage, lenders typically ask for:
Proof of Income: This shows the lender that you have a stable income, which is crucial for them to ensure you can meet the monthly mortgage payments.
Payslips: Usually last 3 months payslips to provide a snapshot of your current earnings, helping the lender verify your income level including any additional earnings and employment status.
If you’re looking to borrow additional funds even with your existing lender, you will also need to provide proof of income and payslips. The lender needs to ensure that you can handle the increased financial responsibility and required affordability checks.
Staying with Your Current Lender
The process is much simpler if the best deal is to stay with your current lender and just switch to a new mortgage deal they offer known as a Product Transfer. Generally, if you are not borrowing any additional money, your existing lender will not require you to provide new proof of income or payslips. Also if staying with your existing lender is the best deal there are additional benefits:
No Proof of Income Needed: Because your lender already has your financial history and payment record, they often won’t ask for updated proof of income or payslips if you're just switching deals if you have maintained your regular monthly payments.
No New Property Survey: Remortgaging with a new lender usually requires a new property survey to assess the current value of your home. However, your current lender may waive this requirement since they already have an approximate current valuation available.
No New Legal Process: Remortgaging with a new lender involves legal paperwork and fees, which can be both time-consuming and costly. If you stay with your existing lender with no additional borrowing, you will not need to go through this process again.
Simplifying Your Remortgage Process
Staying with your current lender can save you both time and money. The process is more streamlined because:
Less Documentation: You won't need to gather and submit new financial documents.
Lower Costs: Avoiding a new property survey and legal fees can make the remortgage process more affordable.
Quick Transition: The switch to a new mortgage deal can happen faster since your lender already has most of the necessary information and will switch you to your new deal once the old one expires, this can be arranged up to 6 months in advance.
Final Thoughts
Staying with your existing lender is quicker, cheaper and more convenient, however there may be cases in which the deal offered by new lenders far outweighs these conveniences.
At ChangeMyMortgage, the UK's first automated mortgage platform for existing mortgage holders, we've made the process a breeze. In just 15 minutes*, Our unique technology will provide a personal mortgage rate from your existing mortgage lender and also from the next best lender and recommend if it’s best to stay with your existing lender or move. We are at hand to provide free mortgage advice and also up to £500 in cashback, making the decision even sweeter.
You can begin your application here fill in a few details and the end of the 15 minutes* you will have a unique mortgage recommendation generated for you from your existing and next best lender.
*15 minutes is based on average completion time. Cashback is subject to completion of a mortgage through Changemymortgage.
