C.20 Compliance - Topup & Variations
Some clients may make it clear that they do not want to compare other options because they are happy with their current lender and don’t not want to refinance. If this occurs, you do not need to provide a 3 lender comparison as long as this request from the client is noted on your file.
If the variation results in the amortising term of the loan decreasing (ie extending an interest only period). Then you must provide the client with the new anticipated P&I instalment and noted on your file.