Nationwide Extend Main Loan & Borrow More

dc1pop

Hi all,

Not sure if someone here knows this as Nationwide call center is closed today.

I have a mortgage and have been fortunate to make overpayments which were set to reduce the term. I'd now like to move home and would ideally like to port my mortgage due to it being on the SVR with the bonus of having the payment holiday and allowing overpayment borrow back.

It seems Nationwide will not allow the 'borrow more' mortgage term to be longer than the remaining term of the original mortgage I'd like to port.

I'm aware you can apply to increase/reduce the term of the mortgage so has anyone done this and then successfully then applied to borrow more?

I can see Nationwide may possibly try and get us to take one of the newer mortgage products out losing the borrow back and payment holidays and being on the SMR.

Thanks.

Thrugelmir

Are you merely porting your existing mortgage, i.e. not taking on any further borrowings.

dc1pop

We would be looking to add more (borrow more in Nationwide terms).

This being the problem as Nationwide state the additional borrowing cannot be for longer than original that the term remaining (so the ported aspect). This is where it becomes a little problematic as the overpayments wiped circa 12 years off the original term.

Thrugelmir

Only Nationwide would know the answer. My thoughts are would NW allow a payment holiday at the same time as granting additional borrowing. As totally contradictory as a lending policy.

dc1pop

Thanks for your help and figured i may need to speak to them.

I don't actually want a payment holiday. Would just like I keep access to the overpayment borrow back if ever needed and the BMR being cheaper than the SVR on offer these days

TrickyDicky101

When we moved in 2011 (so things may have changed in the intervening 3 years please note), we were able to reset our ported rate with Nationwide to full 25 year term (from 14ish) and borrow an additional amount as per one of their new products for 25 years. We had a significant overpayment reserve too.

dc1pop

That's great, sounds like what I'd like to be able to do if as you say they haven't changed their processes in the last 3 years. Thanks for taking the time to respond. Appreciated.

Mrs_Soup

Same as Trickydicky- we moved 2009 and ported our BMR rate over but weren't allowed any more borrowing on that rate so have a second sub account for the extra we needed. We also reset to 21 years I think from about 12. We had to draw down the overpayment first and then pay it back off the new property via the solicitor- if they still require that then it might be trickier as they are being more picky about allowing drawdowns of overpayments now are they not?

dimbo61

This was all before MMR and the world of lending has changed a lot since the 26th of April 2014
Speak to NW on Monday

dc1pop

Mrs_Soup wrote: »

as they are being more picky about allowing drawdowns of overpayments now are they not?

They are, the facility got removed from their mortgages in 2010, I'm keen to keep the facility hence this question

Thanks dimbo61 - will certainly be chatting with them tomorrow.