Extending Nationwide Mortgage

lonestarfan

When you say "we" earn £82000 who is the we?
It's not clear who is going to own the property after the t of e.
I can't see why you (the "we" whoever that is) can't just apply to the nationwide for a 30 year mortgage of £x (to include the extra borrowing you will pay your brother) and do the t of e at the same time.
What's the significance of the "in 9 months"? Why are you planning in 9 months to take your brother off ? Are you waiting on a pay rise or is it the date your product with them comes to an end?

pollyanna24

lonestarfan wrote: »

When you say "we" earn £82000 who is the we?
It's not clear who is going to own the property after the t of e.
I can't see why you (the "we" whoever that is) can't just apply to the nationwide for a 30 year mortgage of £x (to include the extra borrowing you will pay your brother) and do the t of e at the same time.
What's the significance of the "in 9 months"? Why are you planning in 9 months to take your brother off ? Are you waiting on a pay rise or is it the date your product with them comes to an end?

£82,000 is £50,000 my brother and £32,000 me. At the moment (when I am going to extend the mortgage), we are both on the mortgage.

What's the t of e?

The significance of 9 months' time is that is when my brother wishes to move out. He is getting married and his fiancee has a flat and can't sell (fixed rate) until January, so we were going to start the ball rolling in January for me to buy him out.

Another significant factor is my wages. I don't earn enough at the moment, but am going back to work full time in September when my youngest starts full time school and I think I need three months' payslips of this wage before I can apply for the mortgage.

pollyanna24

The consensus seems to be that I should let things lie until I come to actually buy my brother out next January rather than stirring things up now.

I just wanted to have the 30 years in place before then so that in January I just have to get the transfer of equity, i.e. everything in my name and the additional borrowing which I would give to my brother to pay for his equity.

I have ascertained from Nationwide that the additional borrowing cannot be for a term longer than the original mortgage, again why I just wanted to have this in place for 9 months before I start applying to do everything in my name.

pollyanna24

I suppose another question could be (as I think I have decided to go for the 30 year term now for ease of mind):-

Will the fact that I have extended the term of the mortgage in any way affect my chances of being accepted for a mortgage on my own for my present property (given that the calculators have said I can borrow the amount)?

pollyanna24

So I've had the form through from Nationwide to extend my mortgage, but all I have to do is fill in a few details and sign the form. There is no mention of doing the affordability checks again and no request for payslips or bank statements. Will this be done in a further letter? Has anyone any experience of this?

Thrugelmir

pollyanna24 wrote: »

£32,000 me.

Are you looking for a new mortgage of £208k?

bigheadxx

You don't need to stay with Nationwide, you can apply for a whole new mortgage and arrange the transfer of title deed yourself. My ex used Enact to buy me out, I have just had the cash today. She remortgaged with a different lender I just had a few forms to sign.


You can then dictate the terms of your new mortgage, extra borrowing and affordability.

pollyanna24

Thrugelmir wrote: »

Are you looking for a new mortgage of £208k?

It will be £205k by the time I buy him out - or £195k as I am madly saving and hope to have £10k in the bank by the end of the year.

My wage will be £40k as I am going back to work full time and nationwide take account of child maintenance and child benefit which I have included in the calculators.