Change Nationwide mortgage mid term?

oxfordmark

Hello

I am looking for a house with my partner, we cannot currently borrow enough to buy a home. So my mother has offered to join me on the mortgage.

I have a few questions about the Nationwide mortgage DURING THE 4 YEAR AGREEMENT:

1) When my partner is earning enough, can she join the mortgage and my mum leave?

2) If we started the mortgage on 21 years, when my partner joins, for example 6 months after getting it, can the mortgage be extended to 30 years mid term?

kingstreet

Why not simply make a three party application? Your partner could be included even if she has no income. Is there no guarantor option for you?

Your mother can leave, via a transfer of equity, once your incomes are sufficient for you to be able to afford the mortgage on your own.

AFAIK you can't extend the term without a hardship issue, but I'm not 100% sure. Normally, in this situation, borrowers look to remortgage to a new product with a new lender when the current deal expires. They include the term change at that point.

oxfordmark

kingstreet wrote: »

Why not simply make a three party application? Your partner could be included even if she has no income. Is there no guarantor option for you?

Your mother can leave, via a transfer of equity, once your incomes are sufficient for you to be able to afford the mortgage on your own.

AFAIK you can't extend the term without a hardship issue, but I'm not 100% sure. Normally, in this situation, borrowers look to remortgage to a new product with a new lender when the current deal expires. They include the term change at that point.

Hello

The trouble is my partner is not working full time at the moment due to Uni, but we would be financially able to pay the mortgage and bills. Nationwide didn't offer this, but perhaps they could if we asked.

Due to my mums age we can only get a 21 year mortgage which means repayments are £1100 a month. What other options could i explore and with what banks?

kingstreet

As I said, even if your partner has no income, there's no reason why she shouldn't be included on the mortgage and the purchase.

As I said, perhaps you should consider your mother as a guarantor rather than a joint borrower? Nationwide has a specialist lending arm called the Mortgage Works and this appears to specifically mention guarantor cases, where I can see no mention of guarantor business on the Nationwide site.

If you wish to explore the mortgage world outside of what one lender will, or won't do, I suggest you contact an independent or whole market broker. Ask friends and relatives for a recommendation. Failing that use https://www.unbiased.co.uk, switching off the "website/email only" option to ensure you get a full list for your area, not just paid-for adverts.

oxfordmark

kingstreet wrote: »

As I said, even if your partner has no income, there's no reason why she shouldn't be included on the mortgage and the purchase.

As I said, perhaps you should consider your mother as a guarantor rather than a joint borrower? Nationwide has a specialist lending arm called the Mortgage Works and this appears to specifically mention guarantor cases, where I can see no mention of guarantor business on the Nationwide site.

If you wish to explore the mortgage world outside of what one lender will, or won't do, I suggest you contact an independent or whole market broker. Ask friends and relatives for a recommendation. Failing that use https://www.unbiased.co.uk, switching off the "website/email only" option to ensure you get a full list for your area, not just paid-for adverts.

Guarentor sounds the best option. We went to a mortgage advisor and the rates we got were pretty high...

I will look into TMW

oxfordmark

Just a question (cant get hold of TMW). But can their 2 year fixed mortgages be taken out over 30 years to make the payments lower?

Thanks