Moving house and morgage

1skipper

Hi l am trying to sell my house and move to another area where l have a job.
My house is on market for £169,950 (just dropped it £10,000) I have a outstanding mortgage of £59,000 with nationwide fixed rate for 5yrs with 3yrs to go.
l do not want to increase my mortgage just transfer amount owed.
l guess l must be naive ,l thought l could buy another house and just transfer mortgage at the same amount to new house.but it seems l have to apply to nationwide for a mortgage on new house and there is the possibility that application could be turned down due to change of circumstances since taking out original mortgage!
Is this right ? and if so what sort of mortgage should l look for?
Thank you

beecher

You have to fit Nationwide's criteria now, rather than the criteria they had when you first took the mortgage out.

Do you have a change of circumstances which might mean that you wouldn't be eligible for a mortgage of £69,000? You have a good LTV and fairly low mortgage so shouldn't be as big a risk as others.

koexelek

The scheme is transferable, not the mortgage.

You have to go through a whole new application now, as though you are a new customer.

However, as long as your credit file is Ok and your circumstances are no worse than last time, there is no reason whatsoever why Nationwide won't do the new mortgage.

Hopefully, you are worrying unecessarily

1skipper

Thanks for info.just starting new job not sure how this affects rating.
Mortgage outstanding is 59k not 69 as l put in original post
.Did think of selling and pay off mortgage and just buy something with whats left
(A SHED!)

koexelek

1skipper wrote: »

Thanks for info.just starting new job not sure how this affects rating.
Mortgage outstanding is 59k not 69 as l put in original post
.Did think of selling and pay off mortgage and just buy something with whats left
(A SHED!)

Nationwide are good on new jobs.

Unlike most lenders, they will even let you borrow while you are still in the probation period, if there is one

Conrad

If the new job entails a probationary period that could have an adverse effect on thier lending decision.

Radiantsoul

koexelek wrote: »

Nationwide are good on new jobs.

Unlike most lenders, they will even let you borrow while you are still in the probation period, if there is one

They didn't even bother to check my new job out. That was a few years ago though...