Confused with Nationwide

mambo69

I am just approaching the end of my fixed deal, will have around 40,000 to pay off and 10 years on it so will go from 5.5% to 2.5%.

I wanted some additional funds so we can extend, but they said as I wanted less than 25,000 it would have a reservation fee. They will not put together my mortgage and the additional lending so I can get the fee free.


Can I get the additioanal funding from another lender, or should I look to simply remortgage to another lender for the whole lot (same 4.29% 2 year fix with no fee).

Second question is when I fill in the HSBC online form it says with my loan that I will not pay off they would only lend me 34,000 which is 30% of the value of my house, but if I take it off they would lend me 77,000. is the only way around this to go and speak to a real live human, as I have no issues paying as it would be less per month than I pay now


cheers all

koexelek

Depends what rate the new lending is offered at with Nationwide.
The 2.5% SVR is fantastic, but no doubt the new bit will be a lot dearer.

You need to work out if it is best to have half cheap, and half expensive, or all of it on an average rate somewhere else.

If you go HSBC, you will be paying the Nationwide one off, as they don't do second mortgages

mambo69

its being offerred at 4.29%, but for 10,000 the 500 arrangement fee is nearly 7 months mortgage, based on taking it over 15 years.

staying with the nationwide on the SVR existing mortgage is then 380, down from 430, over 10 years plus around 75 or the additonal would mean 455 per month

HSBC for the lot over 15 years would be 380 per month, so in effect that additional would cost me no more per month, but would over the extra 5 years