re-mortgage concerns recently switched job as contractor

dannyp123

Hi, my re-mortgage is due in june 2015, currently I am with nationwide. About 10 months back I switched my job as contractor as to I was working permanant before that. I learned that there are lot of fuss about high street bank lending to contractors
Preferably, I want to re-mortgage with nationwide as they have good deals for the existing customer. But I am not sure their criteria for the contractors. Does anyone has any such experience? or any opinion, suggestion is welcome. I am open for other lenders too
Thanks in advance

Thrugelmir

Remaining with your current lender is not a remortgage. It's merely a question of what products they will offer you or whether you wish to remain on the SVR rate that you move onto once your product term expires.

dannyp123

Thanks for the response. Do you mean if I want to go ahead with nationwide, they will not go through all process again like mortgage eligibility, employment details.....etc? will they just offer me the other products for re-mortgage?? The SVR is too high, so no way to go for that

cheers

Penelopa.Pitstop

You will be able to choose new product online, no questions asked. Property value will be taken automatically from their records and value change applied as well.

New products will be available 3 months before end of your fix product.

kingstreet

dannyp123 wrote: »

Thanks for the response. Do you mean if I want to go ahead with nationwide, they will not go through all process again like mortgage eligibility, employment details.....etc? will they just offer me the other products for re-mortgage?? The SVR is too high, so no way to go for that

cheers

You aren't remortgaging.

You are simply asking your current lender for a customer retention product and this usually requires no further checks or evidence.

serious_saver

In December I went through the same process with Halifax and we were worried about how my contractor status would impact our application. It really didn't! As we were not borrowing any extra money we were able to simply switch to one of their current deals.

We could have also applied online if we had wanted to with no extra checks. We had over paid on most payments and we were never late, so they couldn't have been less interested in my employment status.

By staying with the same lender we avoided fees. For us, with a fairly small mortgage, it meant it was cheaper than switching to a lender with lower interest but high fees. It's well worth spending some time on the MSE mortgage calculators.

dannyp123

Thanks all. It's really a great platform, and you guys are really helpful as always