Remortgaging with the same lender

nightmanyeah

Hi there

I seem to be getting conflicting advice and would appreciate any help you guys could offer...

I am about to get a mortgage with my partner, probably with either Barclays or INGdirect. We are both self employed and have relied on some help from my partner's father. We want to pick the the best deal possible but know that any discount we receive will go up after two years.

As the help from partner's father will prove much more difficult in two years time, how would we go about remortgaging when the deal comes to an end?

Is it possible to get a new deal with the same lender without showing proof of income? Or will they require all that information anyway?

This is something that we want to be aware of, as we feel it will affect the type of mortgage and mortgage amount that we get now.

I hope this makes some sense, and would appreciate any help you can offer.

Many thanks

holly_hobby

If you just want to switch to a new mortgage product (fixed, discount, etc) with the same lender, then no status checks are made.

If however you want a further advance, obviously affordability must be assessed.

Hope this helps

Holly

nightmanyeah

Thank you Holly. This does help!

liubeliu

Just done this with my lender, fortunately the desktop valuation estimate was well within the LTV for the product. I did everything by phone with the call centre and just had to read the KFI and sign the product switch form that they sent and everything has now switched over. At 3.39% fixed for 5 Years I felt I had no need to remortgage elesewhere so a very happy bunny.

macca789456

Hi my wife and i are 5 years into a 10 year fixed rate mortgage with the nationwide we have had fixed rate deals in the past and often changed mid way through with no problems but when we have tried to change to another mortgage product with the nationwide now even though they have lots of deals on offer online and in branch they have told us we cannot have any deal even if we pay the earlyrepayment charge to exit the fixed rate we are on because there is no products available the only thing they will allow us to do is pay the early repayment charge and go elsewhere. I always understood thats what the early repayment charge was for. We have taken this through the complaints process and head office have said the same. The only option left is the ombudsman. Our terms and conditions state we can pay the charges and transfer to another product but they say there is no products available for people like ourselfs so now the Nationwide would appear to be joining the NEW CUSTOMERS ONLY BRIGADE. So beware if anyone is looking for a fixed rate with them.We would appreciate any comments or advice from anyone.

elantan

i had the same issue with nationwide ... i'm stuck with them for another 4.5 years ... hopefully by then i will have paid it off ... it not i shouldnt be far from it

Wh05apk

Macca, if you come off the fixed rate you will drop onto their SVR which is 2.5%, you will be unlikely to find a better deal than that elsewhere, unless you wanted another long term fixed rate, and were prepared to pay the extra for the security.

macca789456

WHO5apk We tried to come off the fixed rate and they said we would have to go elsewhere and get a mortgage

Wh05apk

macca789456 wrote: »

WHO5apk We tried to come off the fixed rate and they said we would have to go elsewhere and get a mortgage

Interesting, might be worth speaking to someone else at Nationwide, referring upwards if necessary, I'm sure if you paid the penalty they would allow you to go on the SVR?

Wh05apk

Wh05apk wrote: »

Interesting, might be worth speaking to someone else at Nationwide, referring upwards if necessary, I'm sure if you paid the penalty they would allow you to go on the SVR?

By coincidence, I have just spoken to a Nationwide manager about a similar case, and they confirmed that Nationwide will NOT allow borrowers to buy themselves out of deals, they would rather you went elsewhere, seems a peculiar stance!

Meeper

Not really. If someone was on a fixed rate of about 7% (not out of the question as it was a 10-year fixed 5 years ago) why would you want them to start paying you 2.5% instead, even if they did have an ERC to pay? Nationwide's ERC's have traditionally been among the lowest, so let's say they were 3% to buy out. Why would you, as the lender, allow your customer to pay a 3% one-off amount and then make payments that were 4.5% lower every year for the next 5 years?

Are you crazy? That's not good business.