advice please for first time mortgage renewal

advice_please_2

coming to the end of our 5 year fixed!

circumstances have changed since we applied with nationwide, such as i'm earning more than i was, wife is now part time, due to go on maternity leave

what's the best route or things to consider, and what happens when wife is on maternity and will be on statutory maternity pay when we need to renew?

we had a deal through an estate agent with mortgage advisor last time and they want to meet up again, to go through options and want to see pay slips, bank statements etc. However we've been having more spend as of late (but still have enough money for normal payment), so it looks like outgoing is more than incoming, I assume this will look bad? so rather than looking at other options should we just go on the automatic out of contract option?

BoGoF

What rate was your fix?
What rate will you revert to?
What is your LTV?

advice_please_2

BoGoF wrote: »

What rate was your fix?
What rate will you revert to?
What is your LTV?

need to read the T&Cs

fixed at 5.44% I believe

shop-to-drop

I'm guessing you'll be just as well to stick to SVR with Nationwide at least until your income is more settled again. I imagine your payments will reduce on SVR so with your wife on maternity pay this may help you out.

Yorkie1

As you've been with NW for 5 years you're likely to go onto the SVR of 2.5%. That's a pretty good variable rate. Unless you've got lots of equity you're unlikely to match that rate.

advice_please_2

thanks

a friend mentioned something similar above

how do i work out what the monthly cost would be?

shop-to-drop

I would say your best bet to see exactly where you stand is to contact Nationwide and ask them for details, although they should be writing to you soon if your deal is about to end. Otherwise you could play around with a mortgage payment calculator, there is one on this site or you can google for one. However, you will need to know the balance of your mortgage, how many years left and the interest rate. I'd give Nationwide a call if I were you so you ca be sure of the figures. I really don't think you should go for an appointment with the previous mortgage advisor certainly not until you know the follow on deal with Nationwide.