Can't decide which mortgage to go for

huwy123

hi there,

I can't decide which (re)mortgage to go for and was looking for advice.

Its either a 2.99% 5 year fix through an IFA, or 2.39% 4 year fix direct with nationwide.

The monthly cost difference is about £50 between the 2.
We're applying for about £170k which is about 2.8x my wife and I's joint income and works out at about 40-45% of the house's value.

It sounds like an easy decision but I'm a bit worried because when we got the last mortgage I was rejected from the first mortgage we applied for as I get paid via dividends.

Is the nationwide mortgage likely to be a problem? Reading a few threads it sounds like nationwide's speed and customer service is not good.

Thanks in advance for any advice.

-H

ecraig

You mentioned a deal through your IFA...
What has your advisor advised you to do!?

mrginge

Just off the top of my head a .6% increase (over 5 years) for the added fix of 1 extra year seems like a waste of money to me.

I'm not working it out though as i'm sat in the bath. Lol.

huwy123

Thanks for replying
The nationwide deal is direct. I.e. Not through the IFA

getmore4less

Who are you currently with?

what's your follow on rate

Any fees on those deals?

huwy123

Who are you currently with?
The mortgage works

what's your follow on rate
According to their switch guide a 5 year residential fix is 4.39%.

Any fees on those deals?
Both about a grand. There is £250 cash back with nationwide and free legals with the other (abbey).

Cheers,
H

Pete9501

Nationwide's service via the branch was superb and all sorted in 7 days for a middle aged couple looking for 50% LTV. Though I can see them being more stringent with high LTV applicants as you would expect.

The 4 yr Flex deal looks good and your LTV is low so why not go and have a chat with them. The worst they can say is no (unlikely) and if they do, there are plenty of other lenders.

huwy123 wrote: »

According to their switch guide a 5 year residential fix is 4.39%.

Just seen this, for £1000 product fee you should be able to get a 5yr fix for 2.99% with Nationwide.

Pete

kingstreet

What was the property previously that made you use TMW, that no longer applies allowing you to use Nationwide itself?

For example, was it a BTL and now you live in it?

Is the nationwide mortgage likely to be a problem? Reading a few threads it sounds like nationwide's speed and customer service is not good

I submitted a 19% LTV remortgage app on Monday and it was offered on Tuesday.

huwy123

The house has always been my main residence. It was never a BTL

huwy123

I'm thinking that the nationwide deal is by far better £2400 cheaper over 4 years.

I guess I'm just a bit worried that my unusual payment method (i.e. dividends as opposed to paye) might be a problem.

Maybe I'll call nationwide on monday and see what they've got to say.

H

getmore4less

To do the comparisons and give some guidance people need all the info.

Current deal(rate and followon), loan size( ok 170 ish), term you want and the potential deals you are looking at with fees and followon rates.