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MMR - Nationwide Switch
beefturnmail
Posts: 930 Forumite
Hi,
Does anyone know/have any experience of whether switching mortgages with Nationwide, requires going through the full (post-MMR) application process.
My fixed rate deal is coming to an end end of February and I know exactly which of their products I want to switch to. I'm financially literate and don't want\need to be 'advised'
Does anyone know/have any experience of whether switching mortgages with Nationwide, requires going through the full (post-MMR) application process.
My fixed rate deal is coming to an end end of February and I know exactly which of their products I want to switch to. I'm financially literate and don't want\need to be 'advised'
0
Comments
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Are you planing on changing the term of your mortgage or the amount of borrowing?I am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
No - keeping term and amount the same0
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If Nationwide has a system to do it online, you should be able to do it "execution only" but if there is any interaction on the phone or face to face, it would have to be an advised process and some status checks may then be required.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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Kingstreet beat me to it!
If no changes to term or balance, just a new product, then you do it on line.
As soon as you want to speak to someone then they will have to go through the advised process.I am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Thanks,
I found the below on Nationwide's website. I meet the criteria, so it seems like I should be able to do this from 1 December.
Switch your deal online and you'll be able to:
Compare your current mortgage with our latest offer
Shortlist the mortgages you are interested in and compare rates, features and monthly payments
Check you are eligible to switch
You can switch if your current Nationwide mortgage deal is ending in the next 3 months or you are currently on either our Base Mortgage Rate (BMR) or Standard Mortgage Rate (SMR) AND you meet the following eligibility criteria:
If you want to switch to a tracker product
You have a LTV of 70% or less
You have a remaining balance of £5,000 or above
You have 2 or more years left on your mortgage term
Your mortgage is not in arrears
Your property is not being let out
If you want to switch to a fixed product
You have a loan to value (LTV) of 95% or less
You have a remaining balance of £5,000 or above
You have 2 or more years left on your mortgage term
Your mortgage is not in arrears
Your property is not being let out
You are on a Tracker product with no associated early repayment charges (ERCs)0 -
If you meet the criteria then you should be able to do it.I am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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