Nationwide mortgage

rich1000

Hi all, I was wondering if anyone has had any experience with Nationwide regarding buying a new home and transferring the mortgage over..?

I've tried to do this but I haven't got 2 years accounts to show them as i'm now self employed. Is there any way I can still get this mortgage transferred over to my new house??

Thanks

MarkyMarkD

All lenders re-underwrite you as a new borrower when you move house and take out a new mortgage, whether or not you are porting the existing mortgage rate.

So, if you can't meet their underwriting conditions, you might be unable to port the mortgage and stay with them ... and might incur an early repayment charge (ERC) as a result.

You need to talk to them about the acceptability of your self-employed status.

Jo_anne_2

I don't know if this helps, but when we moved house, we applied for a new mortgage with NW (we were exisiting NW borrowers). My husband was self employed without 2 years accounts (he had 1 yr, if I recall). So when we went in to dicuss our mortgage application, we took in a spreadsheet of our income and outgoings and a projection of what we felt we could afford and how much we wanted to borrow. I am not sure how much it helped but they did offer us a mortgage (over twice what we needed at the time!) - I suppose it showed we had thought carefully about it and had a handle on our finances.

MarkyMarkD

I think that's very useful empirical experience, Jo-anne - thanks. I would also have hoped that they'd be happy with an existing borrower who can demonstrate their income in some sort of way, even if they haven't got 2 years' formal accounts.