First Time Remortgage

Cuddlybearman

Hi All

Just coming up to the end of my first time fixed rate product and I want to move to Nationwide - got some questions for you though cos I dont trust banks.. (!)

1. My wife works for the NHS and she changed roles in December so she had two payslips that month - one for the old role and one for the new one. Because she changed Trusts they also gave her a new employee number. Is it worth waiting until I have 3 months normal payslips to submit an application? Worried that although she clearly still works for the NHS the bank may show this as a new job because of the payslips and put a spanner to everything.

2. If the Nationwide house price calculator values my property at £310,000 what will the bank realistically value it at for a remortgage

3. Even though I have only owned the house for 2 years - the value has gone up by about 40K - based on the fact that our income is well over what is required for borrowing, I dont want to increase the years on the mortgage and the monthly payment will be almost the same as my current deal - is there anything anyone can forsee the bank havingan issue with taking the 40K out of the house (need new heating/windows/etc)

Thanks all!

Cuddlybearman

Anyone have any ideas on this please? Am seeing them on Thursday.

amnblog

1. probably not
2. you wont know until they value it
3. depends on the loan to value


I suspect you will have to 'trust' NWS to look after you.

lonestarfan

Why do you want to move to Nationwide? Aren't there remortage costs involved?
Have you asked your current lender what new products they have for you when your current one ends?

Cuddlybearman

lonestarfan wrote: »

Why do you want to move to Nationwide? Aren't there remortage costs involved?
Have you asked your current lender what new products they have for you when your current one ends?

My current lender is Kensington finance - I need to get away quickly!! They haven't done anything wrong but their interest rate goes up to 5.2% from next month and they refuse to look at anyones lending at the moment. They were useful when it was needed but they are basically crooks

£150 exit fee and £45 deed release - Nationwide paying all their own fees

Cuddlybearman

Anyway - I called them today (branch appt was a waste of time) and they were very helpful and went through everything on the phone with them all nice and honest nothing the underwriters should query

I do have a question for you guys though from experience - the Nwide guy didn't really know.

My wife has a 4 year old default that is all done and dusted ages ago but was for about £1200. I told the guy about it all and he said that they fact the DIP has come back agreed then that must mean that Nwide is ok about it. Does anyone agree with this? Is it true that the credit check on a DIP is final or do they have another set of criteria once it gets to HQ?

DIP approved £252,000 borrowing - 3 payslips from me (bonuses checks) and only one payslip from the wife

Got to speak to another advisor on Thursday about products etc but otherwise seems a lot easier than I expected so far