ALL the same paperwork you would need to provide if we were taking out a mortgage for the first time.
Is it normal procedure for C&G (or any remortgage provider) to request; pay slips 2007, 2007 P60,Child Tax credits assesment, Child benefit assesment, and passports for proof of ID on a remortgage?
We also have over 65% equity in our property (so only borrowing 35% the value of our house) so its not like they are loaning us 100% mortgage.
any insight appreciated
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Quite normal, I’m afraid……
Yep! A mortgage is a mortgage (purchase or refinance). I wouldn’t be surprised if they ask for more documentation, due to all of the foreclosures now.
Either stay with the company you have or go thru all the fees assessments — thousands of dollars) and property assessment submitting paper work just as if it is a first time loan. If you are remortgaging you should be reducing your percentage rate of at least 1% to 1 1/2%. No point in refy if the morgage rate is higher than what your paying now..
The proportion of the house value is irrelevant these days.
It’s all about them covering their corporate backsides on money-laundering legislation…..
Depending on your state you should be able to qualify without showing the docs – and get charged a higher rate… But was take a higher rate when you have the docs to provide? It might be tedious but DONT GO with the reduced documentation if you have the docs!!!
Passport does seem a little strange. Maybe they are verifying residency? But that is usually done with your social security card.
Only other option would be to get a quote with the current mortgage company. FYI they may ask for the docs also but be able to provide lesser fees/lower rate. Client retention is pretty aggressive these days.
Whatever you do PLEASE make sure you are going through a reputable company.