Mortgage trouble

noura_steve

Hi, apologies in advance for my long post.

We bought a house a couple of years ago on a 85% LTV 2 year fix with Nationwide when we started trying for a baby. Both of us were working full time at the time. The deal ends in a couple of months and we should have the option to do a product switch soon.

A lot has changed in the meantime. We have a month old daughter at home who was born with some medical issues that mean I can't go to work for the next 2-3 years at least. That in itself would have been manageable with a little bit of belt tightening and the savings from me having more time at home.

However, my partner who works for a major auto co is being made redundant. He's only been in this job for a little less than 2 years so won't really get much in terms of redundancy. Thankfully, his manager is being as flexible as he can and letting my partner apply for jobs at work, go for interviews without taking leave etc.

Unfortunately there doesn't appear to be any hiring going on in his field of work at the moment so he is looking for jobs overseas. He has got an offer for a manufacturing role in the Middle East which we are considering. It's tax free and the currency is pegged to the dollar, so we're hoping to pay off as much of the mortgage as we can in the next 2 years.

Unfortunately, we won't be able to join him as our daughter needs to be within reach of the NHS due to her ongoing treatment. It'll be practically impossible to get private health cover overseas due to the condition already being known to us.

So, to cut to the question that I'd like some help with - do I need to inform NW about all this? As long as we make our mortgage would they care?

Also, while I'm aware that a remortgage will be practically impossible to do, does a product switch involve any sort of updated assessment at all or is it just a set of tick boxes online?

Thanks in advance for any advice.

Regards,

Noura

Brock_and_Roll

Please be re-assured that as long as you keep paying the mortgage, the lender will not care or know.


When the current fixed rate expires you may be able to get a new fixed rate (with the same lender) without answering awkward questions, alternative you could allow the mortgage to go onto the bank's standard variable rate - obviously rates are at an all time low at the moment.


Good luck!

muhandis

Technically, you are supposed to inform the lender of any financial difficulties, etc. but there is no way for them to know otherwise.

Having said that, if I were in your place I would do everything I need to to make the monthly mortgage payment, do an online product switch as soon as it becomes available and not worry about telling the lender about all this. If informed, they will be obligated to do something about it.

An online product switch is a 5 minute job and does not involve any re assessment. Just make sure you don't speak to anyone from Nationwide on the phone as you might inadvertently end up taking the advised route. It should be fairly straightforward to do it online.

Good luck.

ACG

If you move abroad and let the property out, you should obtain "consent to let" from the lender. In terms of everything else, Nationwide do not need to know.

You can switch products online I bleieve without going through underwriting, however if you have Consent to let I do not think you can switch products.