2 yr fixed has finished

TAF

My 2 yr fixed has finished and am now on nationwides svr i think it is 3.99%. My circumstances have changed since my original application big pay reduction but i have never missed any repayments..
am i right in thinking to re-mortgage with another provider, there maybe fees to pay and i will have to provide proof of earnings as i did when i first took the mortgage??
And a question on my other option.. if i get another fixed rate with nationwide, are there fees for the deal? do they require proof of earnings??
I dont want to ring and ask them just yet, want to get some advice first to see where i stand.

ACG

If you change provider, most will ask for a fee - some will allow you to add it to loan.

As for what retention products Nationwide have you would need to speak to them.

If you change lenders you will most likely have to provide proof of income, i dont think nationwide would need anything.

musketter

You could just look on the Nationwide web site. They have a section for people at the end of their deal or on Nationwide's BMR or SMR. Both fee'd and fee free

I got a £300 cash back for switching to a new deal, which as I only have a a £15,000 mortgage made it a great deal. They are now advertising £400 if you do it online.

You will have to work out if it is cheaper to pay a fee and get a better rate, or get a slightly worse rate without the fee. I don't remember having to give them any details about my income.

Dr_Eye

I have just done exactly this. My 2 year fixed ends in July and I reserved my new deal online. 5 year fixed at 3.89 percent. Best 5 yr fixed I could find (apart from post office but that came with a 1500 pound fee :eek: ). Because I am already with nationwide I was able to switch online in minutes. I have to say the process was extremely simple. A pleasure almost.

They haven't asked for any details e.g. change in circumstances etc. There is a fee of 499 but you get 300 cash back for switching and an extra 100 for doing it online.

So effectively 99 pound fee. I am very happy with the deal, and the simplicity of the switch.

lippy1923

Dr_Eye wrote: »

I have just done exactly this. My 2 year fixed ends in July and I reserved my new deal online. 5 year fixed at 3.89 percent. Best 5 yr fixed I could find (apart from post office but that came with a 1500 pound fee :eek: ). Because I am already with nationwide I was able to switch online in minutes. I have to say the process was extremely simple. A pleasure almost.

They haven't asked for any details e.g. change in circumstances etc. There is a fee of 499 but you get 300 cash back for switching and an extra 100 for doing it online.

So effectively 99 pound fee. I am very happy with the deal, and the simplicity of the switch.

I have done the exact same as you Dr Eye. Just reserved the 5 year 3.89% fixed online and it took minutes. It was so easy I am actually questioning myself now as to if I have done it correctly I presume I will get some sort of confirmation in the post to check?

OP if your income has dropped and you are uncertain of being accepted for other providers, maybe you could stick with Nationwide and switch to a better deal online. You will get the cash back and you can certainly find better rates that 3.99%
There are fees, but with the cash back you get, it helps
You can always add the fee to the loan if you can't afford it upfront. I was not asked for proof of income either, so I doubt you will be.

Dr_Eye

lippy1923 I received an email (I think I requested it during the switch process) simply stating the details of the deal and that it had gone through.

I have yet to receive anything in the post but I only switched on Wednesday. The simplicity of the switch does make you think "is that it." I suppose we are used to protracted painful processes hence the doubt.

liubeliu

I switched with the Britannia over the phone, they sent me a KFI and a form for us to sign. As soon as they got it back I was switched over. Not sure if its Britannia procedures or whether all product switches need a KFI issuing but maybe that will come through the post (unless that was in the email).

lippy1923

Dr_Eye wrote: »

lippy1923 I received an email (I think I requested it during the switch process) simply stating the details of the deal and that it had gone through.

I have yet to receive anything in the post but I only switched on Wednesday. The simplicity of the switch does make you think "is that it." I suppose we are used to protracted painful processes hence the doubt.

Yes you are correct. I remember putting my email address in now. Just looked and seen the confirmation.
Very easy indeed. Now we don't have to think about mortgages for another 5 years

liubeliu

lippy1923 wrote: »

Yes you are correct. I remember putting my email address in now. Just looked and seen the confirmation.
Very easy indeed. Now we don't have to think about mortgages for another 5 years

Yep me too, glad I product switeched to Britannia's 3.39% 5 Year before they pulled the rate