Nationwide completion after AIP

sammyjammy

I have an agreement in principle for my remortgage with Nationwide but my current fixed rate doesn't end until 31/10. I know that the AIP only holds for three months so will I be able to complete everything but have a transfer date of 31/10?

I hope so, in hindsight I should have waited a few weeks but was anxious to get something sorted so I could put my mind at rest.

Dave_Ham

Sorry, I actually do not understand the question fully.

If you have an AIP with Nationwide already (valid for 3 months) then all this means is that they will not perform another first stage credit search on you.

This does not hold the rate typically, so therefore you have another AIP and full application done and complete when you come out of your fixed.

Maybe I am having a mad half hour..?

kingstreet

AIP for a remortgage?

Never bother myself. Doesn't hold the product and any increase in the amount needed causes another search either way.

I'd have just done a full application a couple of months before the anticipated completion date.

sammyjammy

Dave_Ham wrote: »

Sorry, I actually do not understand the question fully.

If you have an AIP with Nationwide already (valid for 3 months) then all this means is that they will not perform another first stage credit search on you.

This does not hold the rate typically, so therefore you have another AIP and full application done and complete when you come out of your fixed.

Maybe I am having a mad half hour..?

Sorry, confused myself . If I progress the AIP into a full application after the 1st August I assume it will be ok to complete on 31st Oct as it will be within three months of the actual application? Wasn't bothered about securing a rate just applied online and then realised couldn't put application in until 1st August because of the three month completion rule so stopped at AIP stage.

I think I'm just asking stupid questions

R_P_W

what is the big panic about getting something sorted right now???? I assume you are on a fixed rate deal that ends in October? After than you will likely revert to the lenders SVR (which in a lot of cases is less than the fix). Are you expecting a significant rate increase in the next 3 months?

An AIP doesnt reserve a rate anyway does it? Are you changing lender?

Dave_Ham

Check your SVR first, in case its a good one and then yes proceed to full application at your wish.

Do not have enough time now to check, but would have thought you would have 6 months on the offer. Unless you are an existing NWide client and then you want to check you are not on the BMR at 2.5%...

All the best

sammyjammy

I'm not an existing Nationwide customer and I would go onto Halifax HMR of 3.99%.

There is no rush other than it makes me anxious, I'm not in the best place financially at the moment and need to sort things ASAP so I stop worrying about it, pathetic I know but there you go.

I'm not staying with the Halifax as I want a five yr fix which they can't offer me.

I know the rate isn't secured I just wanted to know if I needed to apply and complete in a three month time frame or not. I've obviously not been clear at all, sorry for confusing people.

Thanks for your time.

Dave_Ham

Its no problem, do not worry..

You can do it now then, as unless Nationwide have changed something recently you should get 6 months to complete

Just beware if things are tight, Nationwide are not as flexible as Halifax although there rates are definitely superior

sammyjammy

Dave_Ham wrote: »

Its no problem, do not worry..

You can do it now then, as unless Nationwide have changed something recently you should get 6 months to complete

Just beware if things are tight, Nationwide are not as flexible as Halifax although there rates are definitely superior

Thanks Dave, you're very patient.

I'm still under 70% LTV and at 2xsalary just a worrier, I'm hoping getting the AIP means it'll be ok.

Thanks again for your help

Thrugelmir

sammyjammy wrote: »

I'm not in the best place financially at the moment and need to sort things ASAP so I stop worrying about it,

Yet later you posted.

I'm still under 70% LTV and at 2xsalary

So is there something else that may affect your application for a remortgage?