Remortgage Nationwide - auto valuation or not?

ajsexton

Hi,

Currently thinking about switching our mortgage deal with Nationwide, our house just to get back onto a fixed rate (10 year), no change in balance. Basically no change in rate either as we are on 2.75% (base rate +2) and the fix is 2.79% - affordability isn't really an issue on this one.

Currently the house is in a bit of a state between Xmas stuff, old kids stuff that we are in the process of sorting through and some decorating/refurbishment, so my wife doesn't want people coming by until its all done, a few weeks worth of work yet given time constraints.

So, how likely is it that Nationwide would just use auto valuation? We paid 120K a number of year ago, and their own house price index for it says 115K now, we'd still qualify for the same percentage even with it valued at 105K so if we put estimated 110K how likely is it that they send out a valuer?

Also if we applied and said they wanted to send out someone to do a valuation my wife wouldn't be happy and would refuse, so would there be any impact of saying at that point we no longer want to switch deal at this time?

Basically I'd like to get it sorted, or at very least started this side of xmas, but if they need home visit then its out till jan/feb time

Cheers

kingstreet

So you want to do a rate swap with your existing lender?

No physical valuation or other checks are likely.

ajsexton

kingstreet wrote: »

So you want to do a rate swap with your existing lender?

No physical valuation or other checks are likely.

Thanks, yep, that's right, figured it was unlikely, but wondered if anyone had experience of nationwide in particular

LRmortgage

Online like for like rate swap, 99.9% you won’t have a visit.

Ryan1994

Hi, I’ve just switched my nationwide mortgage from a 2 year fix to a 5 year fix this evening, 5 months before the end of the 2 year term.

All done online and they had increased our house value by 7% automatically. It actually reduced an LTV band for us as well :j

Hope this helps
Ryan

somethingcorporate

Sure it's not worth looking around? plenty of rates better than nationwide for the 10 year fix. We are leaving Nationwide to move to the best 10 year fixed rate we can find, which is TSB @2.44% atm (75% LTV).