Anyone know how Natiowide deal switching works? (current deal has ended)

MandM_2000

Might be a long shot, but I'm unfortunately already in a 'mortgage trap' with Natiowide having had another child and expecting again since first taking out our current mortgage I can't find any lenders that will allow us to borrow what we need (only looking to cover existing mortgage).
We're on the SVR with Nationwide and was wondering if they do the full affordability questions they do with a new mortgage apps when switching deals.
We have great credit ratings and never missed any payments and can afford our mortgage, but as soon as we put childcare costs into the mix lenders will only offer 1/4 of what we need. I'm keen to book in a fixed rate, but don't want to cause any issues with the mortgage if we try and switch and are declined due to affordability and what impact that might have on our lending position.

Thanks

M

andyfromotley

No you will be fine. Existing customers switching deal (no extra borrowing) is a simple admin process you can do online. No credit check and I'm sure no affordability tests either.
I have recommended this to others on here and they all did it without difficulties. (I will be doing it in July and checked it out that's how I know)

gibby9

My fixed rate of 4.09% with Nationwide is coming to an end and I recently switched to 2.19% on a retention product.

The rate was good, took 10 minutes online with no checks completed or questions about affordability. Also didn't have to pay any survey or legal fees which was a deciding factor when comparing to a remortgage.

MandM_2000

Thanks for your replies , I think I'm in a bit of panic with baby due in June and all this talk of new European rules on lending. I'm also keen to sort out a fixed rate as I suspect rates will go up post genreal election

Thrugelmir

MMR is already in place and has been for over a year. Affordability is the key issue. As borrowers tend to view their own finances over optimistically.

Yorkie1

If you do it online then the lender is not involved in 'advising' you on which product is most suitable, and therefore does not have to go through the affordability assessment.

If you speak to them, then you risk getting into the advice arena.

Switch online and there's no questions asked.