Remortgage questions

TwentySomethingGirl

Hi


My initial 2 year fix comes to an end in December and I'm starting to look at re-mortgage deals and I have a few questions about it.
1) We're with Nationwide who say you can move to a new deal within 3 months of your deal ending. If we chose a new deal (with them) in September, is the new rate effective from then or does it not kick in til the original deal has ended?
2) I think the value of our property has increased, as have our incomes. If we stay with N/Wide, do they take that into account?
3) If we went with a new lender do we have to pay for the valuation, surveys and other costs we paid when we originally bought the property?


I've been having a look at the deals and think I'll get N/Wide to list their options as they give better rates for existing customers, and talk to a broker to see if there is anything better out there.


Thanks for any help with this. I appreciate they are probably pretty basic questions but I'd like to have an understanding of the process before starting rather than going in blind.

The_Oaks_Mortgages

I think you have answered your own questions.

Speak with a whole of market broker to get all the options available to you.

If you remain with Nationwide without any additional borrowing, your increase in earnings will not matter, however the increase in value will help potentially.

If you change lenders, they will check your affordability to ensure the mortgage is affordable.

Good Luck

Mortgage_724433

All valid points you've raised. I would suggest speaking with your mortgage broker, as they'll be able to assess your needs & preferences, and from this recommend what best suits you.

There are potential costs involved in remortgaging, however you will have the option to source for deals with a free valuation and free legals, whilst the broker can show you the comparison versus not only the Nationwide proposition but also deals with fees.

You'll also find when remortgaging they'll potentially be a lenders arrangement fee (which can be added to the loan if desired), but again your broker will assess for your what the most beneficial solution is based upon your objectives.

Hope this helps!