Im off to see nationwide in an hour..

cranezoe

Hi,

Our 5year fixed rate at 5.5% finishes in November. We are moving house now and so need to borrow an extra 30k to do this.
I have an appointment today at 230 with nationwide to discuss how to do it.
Any questions I should be asking? things to look out for?

we can port the mortgage - does that mean at the rate it is now? what do we do with the remaining money we want to borrow? what figures will be be looking at?
Should we be signing today?

thanks if anyone has a minute to get back to me on this.

nesssie1702

We moved house half way through a five year fixed rate with the Nationwide around 2 years ago. They let us take up to a 6 month break to find a new property (thankfully, it only took 3) and then we were allowed to pick up where we left off.

We had to ensure that we were borrowing at least the outstanding amount on the mortgage for the same T&Cs to apply, but they were willing to add to that amount.

Will they treat the £30k as an addition to what you've already borrowed? Is there the equity in your new house? Are you in a secure job?

See what the Nationwide suggest and then take it from there

HTH

One_Day_Rodney

Be aware Nationwide are changing their rates as of 1st Feb.

http://www.nationwide.co.uk/mediacentre/PressRelease_this.asp?ID=1331

Check that they offer these rates (which are lower) rather than current rates if you are thinking of changing product.

HTH

cranezoe

Hi, thanks.
we did the online affordability calculator which said based on our earnings we could borrow a total of £148k, wwe currently owe 100k and are looking to be borrowing the extra 30k taking it up to 130k. Not sure how they will work it - I dont know if we will be on two different rates or what is best.

We have people buying our house (FTB) and the house we are buying is no chain. we've had a lowish offer accepted so hopefully it will be ok.
Both have secure jobs - both working in NHS roles permanent contracts, guarenteed income and good sick packages etc.

We just want to try and make the right decisions with how to borrow it and what rate or form.

cranezoe

thanks for the mention of lower rates. will they be able to quote and give them or do we need to hold off til feb?

beecher

I'd print off that link and take it with you - they come into effect from tomorrow so I'd imagine they'd be able to give you quotes. The link compares old with new which is useful.

cranezoe

yeah I just saw on the link that it had all the comparisons - very useful! I have printed it all off, almost time to leave work now.

nesssie1702

How did your meeting go then?

cranezoe

went ok, all sorted! They explained that the rates were changing as of tomorow and that if we wanted a fixed deal we needed to come back then to finalise it. She also explained that the tracker deal was changing too and it was better to do that one today!
we decided to port our main big mortgage as there were no better rates and have gone on the 2 year tracker at 3.5% above base rate. we can switch to have that fixed without a fee at any point.
Seemed to all make sense and she was happy to answer all our questions.

So signed on the dotted lines, parted with the money to have the survey done and fingers crossed the sale will all go through and we can move!

thanks x

debbieallan

Pleased all went well for you. We hope to move this year and are in much the same situation as you ie existing mortgage but want to borrow another £30K, so nice to know mortgages are still being approved.

cranezoe

They didn't even bat an eye at the extra money we wanted, it was much easier than first time round! The advisor seemed to view the extra bit as a very small amount (which of course it didnt feel like for us!)