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    • Brighty
    • By Brighty 19th Apr 17, 12:06 PM
    • 651Posts
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    Brighty
    Nationwide - Switch deal online - valuation?
    • #1
    • 19th Apr 17, 12:06 PM
    Nationwide - Switch deal online - valuation? 19th Apr 17 at 12:06 PM
    Hi all

    Our 4yr fix with nationwide at 2.99% is coming to an end at the end of July and as of this month i can switch deal online with no early repayment fee and benefit from the new lower rate from next payment.

    I've shopped around and nationwide's no fee 5yr fix looks about as good as i can get for our relatively small £85k balance. There's better rates out there, but £1k fees wipe out any saving and some, so happy to stick with nationwide.

    I was hoping we were now under 60% LTV, which gives up a rate of 1.99%, but when going through the online switching website, it is offering 2.24%, i.e over 60%LTV

    Anyone know what the online switching service uses for it's valuation?

    House was £136k when we bought it in 2010 and we put down the same when we remortgaged to nationwide in 2013 as prices hadn't changed. They still using that you think?

    To get under the 60% this month i need the valuation to be £141.5k or above.

    According to nationwide's own house price index calculator, a property worth £136k in 2010 & 2013 is currently coming in at £145k

    Cheers

    Brighty
Page 1
    • kingstreet
    • By kingstreet 19th Apr 17, 12:23 PM
    • 31,573 Posts
    • 16,865 Thanks
    kingstreet
    • #2
    • 19th Apr 17, 12:23 PM
    • #2
    • 19th Apr 17, 12:23 PM
    Anyone know what the online switching service uses for it's valuation?
    Nationwide indexed valuation.

    If you think it's worth more, the lender may allow you to pay for a valuation.
    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.
    • Brighty
    • By Brighty 19th Apr 17, 12:37 PM
    • 651 Posts
    • 325 Thanks
    Brighty
    • #3
    • 19th Apr 17, 12:37 PM
    • #3
    • 19th Apr 17, 12:37 PM
    Thanks for that
    So they should be applying their index to the 2013 valuation? In that case it should be up around £145k, so i should be seeing 60% rates, which i'm not. I only need value to be £141.5 to get below 60%, so i wonder what they've done?
    Guess i need to ring them and see what value they're giving it
    • Brighty
    • By Brighty 20th Apr 17, 8:53 AM
    • 651 Posts
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    Brighty
    • #4
    • 20th Apr 17, 8:53 AM
    • #4
    • 20th Apr 17, 8:53 AM
    Just to update this in case it helps someone in the future

    Rang NW last night and spoke to a very helpful lady

    Their online index calculator works by region, 'the North' in my case, whereas for valuations, they use a new more localised calculator.

    Their valuation was £134k, £2k down on the 2010 & 2013 value, which i thought bizarre

    She asked if i'd made any improvements etc, then said the most she could authorise was a valuation increase of the lesser of £10k or 5%, getting me up to £140.7k, any more and it needed to go off to the appeals dept, which she did for me, should hear in 2 days. She mentioned that she'd not seen an appeal denied since they started this new system.

    Even if appeal is denied, the 5% increase puts me just £800 short of where i need to be, but not the end of the world as i can put in an overpayment to get to 60%, so £480 to switch this month, or just £240 next month after next regular payment.

    Either way, if i want to proceed with the new valuation, i need to do the deal switch over the phone, they can't apply the new valuation for an online switch

    Brighty
    Last edited by Brighty; 20-04-2017 at 8:55 AM.
    • kingstreet
    • By kingstreet 20th Apr 17, 9:42 AM
    • 31,573 Posts
    • 16,865 Thanks
    kingstreet
    • #5
    • 20th Apr 17, 9:42 AM
    • #5
    • 20th Apr 17, 9:42 AM
    Either way, if i want to proceed with the new valuation, i need to do the deal switch over the phone, they can't apply the new valuation for an online switch
    Originally posted by Brighty
    Does that mean the process then becomes advised?

    If it does, you may have to jump through hoops to prove affordability, status etc all over again.
    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.
    • Brighty
    • By Brighty 20th Apr 17, 12:05 PM
    • 651 Posts
    • 325 Thanks
    Brighty
    • #6
    • 20th Apr 17, 12:05 PM
    • #6
    • 20th Apr 17, 12:05 PM
    Does that mean the process then becomes advised?

    If it does, you may have to jump through hoops to prove affordability, status etc all over again.
    Originally posted by kingstreet
    She said not, i could still do an un-advised application. Will find out tomorrow i suppose, would be a pain if i had to do all that guff again, was painful last time due to rental property complications
    • bobbly
    • By bobbly 20th Apr 17, 12:41 PM
    • 35 Posts
    • 17 Thanks
    bobbly
    • #7
    • 20th Apr 17, 12:41 PM
    • #7
    • 20th Apr 17, 12:41 PM
    Try this tool to estimate the current value of your house - it's probably not far off what their own internal calculations come to:

    http://www.nationwide.co.uk/about/house-price-index/house-price-calculator
    • bobbly
    • By bobbly 20th Apr 17, 12:42 PM
    • 35 Posts
    • 17 Thanks
    bobbly
    • #8
    • 20th Apr 17, 12:42 PM
    • #8
    • 20th Apr 17, 12:42 PM
    Or ignore me ... probably helps if I read everything properly before I comment
    • PDF
    • By PDF 20th Apr 17, 3:17 PM
    • 176 Posts
    • 60 Thanks
    PDF
    • #9
    • 20th Apr 17, 3:17 PM
    • #9
    • 20th Apr 17, 3:17 PM
    To the OP, my nationwide mortgage (2yr fixed) is finishing at the end of July and I'm looking to get a customer retention product online at the start of May as I thought you had to have less than 3 months left? Also, I assumed the new mortgage and payments would start in August? Is that not the case? Thanks.
    • Brighty
    • By Brighty 20th Apr 17, 3:51 PM
    • 651 Posts
    • 325 Thanks
    Brighty
    To the OP, my nationwide mortgage (2yr fixed) is finishing at the end of July and I'm looking to get a customer retention product online at the start of May as I thought you had to have less than 3 months left? Also, I assumed the new mortgage and payments would start in August? Is that not the case? Thanks.
    Originally posted by PDF
    I looked at the online switch tool, as i wasn't sure when my deal was finishing, beginning or end of July, turns out it's end of July, but it will let me do it online now and choose when i want it to start, 1st May, 1st June or 1st July, no EPC to pay, even if i switch to the new deal beginning of May, so 3 months early.
    Just check the rate you're offered matches up with the LTV you think you are on
    • PDF
    • By PDF 20th Apr 17, 4:16 PM
    • 176 Posts
    • 60 Thanks
    PDF
    Thanks, I'll give it a go!
    • Brighty
    • By Brighty 21st Apr 17, 11:12 AM
    • 651 Posts
    • 325 Thanks
    Brighty
    Appeal valuation of £145k approved, so just need to book a phone appointment to do the switch, happy days

    Brighty
    • PDF
    • By PDF 21st Apr 17, 3:59 PM
    • 176 Posts
    • 60 Thanks
    PDF
    Good news Brighty and a big thank you, due to your post I've switched 3 months earlier and saved over £400 per month for those 3 months.
    • Brighty
    • By Brighty 21st Apr 17, 5:01 PM
    • 651 Posts
    • 325 Thanks
    Brighty
    Good news Brighty and a big thank you, due to your post I've switched 3 months earlier and saved over £400 per month for those 3 months.
    Originally posted by PDF
    £400 a month saving? lordy, glad I don't have a mortgage that size.

    I have a phone appointment booked for Tues to do an unadvised 'execution only' application, so no affordability guff to worry about.
    • Polly05
    • By Polly05 24th Apr 17, 7:24 AM
    • 198 Posts
    • 110 Thanks
    Polly05
    Try this tool to estimate the current value of your house - it's probably not far off what their own internal calculations come to:

    http://www.nationwide.co.uk/about/house-price-index/house-price-calculator
    Originally posted by bobbly
    Ha ha I just tried that. Apparently my house is now worth £0. The change is -100%. Ha ha I must have done something wrong..
    • wlowry
    • By wlowry 24th Apr 17, 8:01 AM
    • 1 Posts
    • 0 Thanks
    wlowry
    It seems that altering the Valuation Year 2 Quarter reduces the value to zero!
    • HATTERS81
    • By HATTERS81 24th Apr 17, 3:41 PM
    • 9 Posts
    • 1 Thanks
    HATTERS81
    Hi, we are only in Q2 now so you won't be able to get a valuation for Q2 until Q3 starts on July 1st
    • Polly05
    • By Polly05 24th Apr 17, 5:25 PM
    • 198 Posts
    • 110 Thanks
    Polly05
    This is probably a very stupid question, but the valuation they use, does it go by how much your house was valued at when you bought it, or how much you actually paid for it?
    I know I'm probably hoping for too much!
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