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  • FIRST POST
    • muhandis
    • By muhandis 22nd Sep 16, 2:57 PM
    • 32Posts
    • 7Thanks
    muhandis
    Nationwide product switch
    • #1
    • 22nd Sep 16, 2:57 PM
    Nationwide product switch 22nd Sep 16 at 2:57 PM
    Hi,

    I have a Nationwide mortgage which is on a fix ending in the next year. I will go on maternity leave in a few months and as a consequence our combined income (based on which we got the mortgage) will go down significantly when the remortgage is up. Unfortunately, my income is primarily commission, so even if NW consider my (small) basic while on maternity leave, this will not change.

    My husband changed jobs recently and the resultant pay rise means that we will be able to comfortably make the monthly payment even if the rate reverted to the SVR. However, we would not be able to pass the affordability checks to get a remortgage.

    Trawling through the internet, I came upon someone commenting in a forum that their bank does not do affordability checks or credit checks if you are switching products at the end of a fix (as long as you aren't looking to increase borrowing).

    Does anyone know if this is true of Nationwide as well? I am hesitant to call them and ask in case this triggers a flag on their system or something.

    Thanks,

    K
Page 1
    • kingstreet
    • By kingstreet 22nd Sep 16, 4:02 PM
    • 29,636 Posts
    • 15,713 Thanks
    kingstreet
    • #2
    • 22nd Sep 16, 4:02 PM
    • #2
    • 22nd Sep 16, 4:02 PM
    Does anyone know if this is true of Nationwide as well?
    Originally posted by muhandis
    Yep. No income or status checks for an unadvised customer retention product switch.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
    • Mogley
    • By Mogley 22nd Sep 16, 4:36 PM
    • 29 Posts
    • 28 Thanks
    Mogley
    • #3
    • 22nd Sep 16, 4:36 PM
    • #3
    • 22nd Sep 16, 4:36 PM
    I re-mortgaged and continued with Nationwide last year and concur with kingstreet.
    You should pay attention to the needs of the moment - otherwise there is no future. But to ignore the future is foolish - living solely for the moment leaves nothing for when the next moment arrives.
    • Glover1862
    • By Glover1862 22nd Sep 16, 7:17 PM
    • 141 Posts
    • 87 Thanks
    Glover1862
    • #4
    • 22nd Sep 16, 7:17 PM
    • #4
    • 22nd Sep 16, 7:17 PM
    Apparently Nationwide are also offering £250 if you go for a retention deal.
    • muhandis
    • By muhandis 22nd Sep 16, 7:40 PM
    • 32 Posts
    • 7 Thanks
    muhandis
    • #5
    • 22nd Sep 16, 7:40 PM
    • #5
    • 22nd Sep 16, 7:40 PM
    Whew, that's great news! Thanks for the responses.
    • densol
    • By densol 22nd Sep 16, 8:42 PM
    • 1,094 Posts
    • 968 Thanks
    densol
    • #6
    • 22nd Sep 16, 8:42 PM
    • #6
    • 22nd Sep 16, 8:42 PM
    Same ! I was in a different position than when I took out my original mortgage. When it came to the end of the product - I just picked a new one online and pressed a few buttons, and got a new fix. With Nationwide you can pick 4 months before the end of switch, which starts 3 months before end of deal ( with no penalty) To switch without new checks you just need to make sure you do it 'online' without advice etc, otherwise I understand that triggers a new check
    • kingstreet
    • By kingstreet 22nd Sep 16, 10:37 PM
    • 29,636 Posts
    • 15,713 Thanks
    kingstreet
    • #7
    • 22nd Sep 16, 10:37 PM
    • #7
    • 22nd Sep 16, 10:37 PM
    I re-mortgaged and continued with Nationwide last year and concur with kingstreet.
    Originally posted by Mogley
    Can't do anything here but sound totally pedantic, so hope Mogley will forgive me for the sake of future readers.

    If you stay with your existing lender, you are taking a customer retention product you are NOT remortgaging.

    A remortgage means a new mortgage from a new lender to repay the old one, so you are looking at products for new borrowers, or products "for those with another lender who are not moving home."

    Technically, the "mortgage" deed which ties the security property to the loan only changes when you change lenders, so that is the "remortgage" not the change from one fixed rate to another etc.

    The loan and the mortgage are two different things...
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
    • Glover1862
    • By Glover1862 22nd Sep 16, 11:46 PM
    • 141 Posts
    • 87 Thanks
    Glover1862
    • #8
    • 22nd Sep 16, 11:46 PM
    • #8
    • 22nd Sep 16, 11:46 PM
    Same ! I was in a different position than when I took out my original mortgage. When it came to the end of the product - I just picked a new one online and pressed a few buttons, and got a new fix. With Nationwide you can pick 4 months before the end of switch, which starts 3 months before end of deal ( with no penalty) To switch without new checks you just need to make sure you do it 'online' without advice etc, otherwise I understand that triggers a new check
    Originally posted by densol
    That's good to know, I'm with the coop who also allows a new product 4 months before but not sure if it kicks in 3 months before, I'll call in the morning.
    • xnoxxnox
    • By xnoxxnox 22nd Sep 16, 11:47 PM
    • 49 Posts
    • 11 Thanks
    xnoxxnox
    • #9
    • 22nd Sep 16, 11:47 PM
    • #9
    • 22nd Sep 16, 11:47 PM
    Switching product online, can be done on execution only basis essentially. If your loan to value is high, and you want tracker they do an assessment over the phone. Otherwise it's click, click, done. Just search the rate you want Existing Customer Deal ending and follow through the online application using their webportal (it has errors from time to time, if it does, just reload/retry).
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