Nationwide: do they do affordability check if just switching from BMR to fix?

FormulaDriven

Following on from another thread, if I want to switch as an existing customer of Nationwide (currently on their BMR) to one of their fixes, is the paperwork straightforward, or do they do the full affordability checks that they would do for a new customer?

The fixed rates are attractive, but if I have to pull together evidence of earnings and answer questions about spending, that makes it a lot more onerous! (And presumably, there is a risk of underwriting declining to make an offer?).

FormulaDriven

Has no-one any experience on this? I guess not, so I'll call Nationwide sometime and I'll try to remember to come back and post the answer myself!

darkcloudi

No they don't do any checks, I have done a number of switches online and cancelled and none of which did eligibility checks.

I'm also currently on the BMR to and have reserved a number of fixed rates then cancelled. In the process of cancelling again and going for one of there new lower rates on offer.

skinnylove

Our fixed deal is ending so we've just switched to the 4 year 2.79% deal online. No questions asked about income or expenditure, and they base your ltv on their house price index. Easiest switch ever!

denise38

Me too deal had ended and i switched to flexclusive tracker took minutes so no checks done.

FormulaDriven

Thanks for the replies. I suspect they are only too glad to get us off the BMR! BMR 2.5%, SMR 3.99% I believe, so the BMR must be quite painful for them.

If I take the 5 year fix, then as economists are talking about interest rates rising very slowly in the next few years, it's plausible that at the end of the fix the BofE rate might only be 3%, so BMR will be 5%, and it's quite likely the SMR will be a bit more than that.