Should we go with Nationwide? Is their lending criteria stricter than others?

bigjim1974

Having just got a mortgage offer from them I didn't find the MMR stuff as strict as everyone in the media might have you believe. They asked for 1 months' payslips, 1 months bank statements, evidence of bonus. Was asked about any likely changes to our situation. If you can prove repayments at 7% won't be a problem I imagine you'd be good.

Dealing with them direct may mean you spend a lot of time on the phone chasing your application though!

JoeyEmma

Thanks. We have done our budget including interest at 7% and based on our calculations we can afford it, all that would go would be the holiday find which isn't the end of the world, however it would just tip us over 40% of income going on a mortgage. Not sure how it would work though as half the mortgage will be on 2% above base rate and the rest would be on new terms.

sleepyshell

We ported our first mortgage 7 years ago when we moved and took out additional borrowing. Basically, you end up with two mortgages on different rates/terms.

You would have your original mortgage (the 2% above base rate would not be affected ) and then a second mortgage for £133k at the terms and rate of the product chosen.

The only thing that changed with our ported mortgage was that it was extended to 25 years to match the new one.

I don't think you can do an online application if you want to port a mortgage but I could be wrong. Mortgages have fried my brain over the last few days!

JoeyEmma

That is exactly what we plan to do. We have an appointment with them booked for weds so fingers crossed!