Switch Vs Remortgage

Chickenman1108

Morning all
I currently have a 2yr fixed mortgage with Nationwide, which is due to end in June next year. Obviously I will have a bit of a shop around before agreeing to stay with Nationwide.
My question is, if I just switch to a new deal with Nationwide, how thorough are they with their checks etc? Obviously if I switch to a new provider I would expect to have to submit bank statements, pay slips, incomings/outgoings etc, as well as being credit checked. But do they all this if I just switch deal?
I've never been in arrears with my mortgage.
I want to buy a new car but will need to do this on credit, so I'll wait until after I've switched/remortgaged if it means I'll have to divulge this debt to them. If that makes sense?
Cheers guy

Monkeysocks42

We switched with Nationwide and did it all online. We literally just picked a new fixed rate/term and it just swapped over. We weren't asked to provide any evidence of anything.

Neutrinno

If you are just switching to a new product you wouldn't be required to be credit checked or go through the normal remortgage application process.

ec9wrr

You wouldn’t need to supply all the details again if you stayed with nationwide. But I really don’t think it’s a good idea to look at it like this. You may miss out on a significantly cheaper mortgage by not considering other providers.

Penelopa.Pitstop

I keep staying with Nationwide for convenience of switching product rather than go through all the hassle of remortgaging. Nationwide is not much more expensive than other banks, and sorting new mortgage in 5 minutes, rather than days/weeks is very convenient. You don't have to worry if your situation changed or whether you will need to jump through hoops to provide more documents.

Difference between lenders can be minimal over mortgage promotional term and I don't think it's worth the hassle to save £200-300.

ec9wrr

Depends on your mortgage @Penelopa.Pitstop, how much you are borrowing and the value of your home etc.
If I had a 5 year fix Nationwide mortgage instead of the 5 year fix I got with Santander I'd be paying an extra £1440 over the next 5 years. £1440!!! That's on borrowing £200'000.

Mandelbaum

HI all, on this topic of remortgaging with your current lender, how many times can you remortgage without them doing affordability checks?

Our situation is that we're perfectly able to continue to pay off current mortgage (£220k, 16 years left) as we have plenty in the bank, however have both "downshifted" to part-time self-employed roles, hence probably no longer earn enough to pass the original affordability checks.

Would Santander continue to offer us remortgages time and time again without these affordability checks? We've already done it once about 18 months ago

Thanks in advance.

penners324

I'm with Accord and have just switched to a new product with them for a 3rd time. I did look around at other mortgages but the savings were minimal and the fees wiped out any saving over the 2 year terms.

calltobala

Monkeysocks42 wrote: »

We switched with Nationwide and did it all online. We literally just picked a new fixed rate/term and it just swapped over. We weren't asked to provide any evidence of anything.

Hello Monkeysocks42,
Thanks to the post. I am about to finish my 2 years fixed term in 4 months. I would like to secure next 2 years fixed term with Nationwide (they reduced interest rate after 1st Nov from 1.75% to 1.54% for 2 yrs fixed so they are only 0.03% more than Barclays ) . So I am going to stay with nationwide.

I also do not want to go through affordability and other checks plus valuation fees for property with other lenders if i change lender.

I have few questions and i would be grateful to you if you could reply me those.
Questions
1. If i fill switch deal form online and pay £999 product fee, do i need to produce bank statements, payslips and other bills to qualify again? Please let me know your experience about switch deal towards end of term with nationwide.

2. How long does it take to get the application accepted to new deal for switch over?
Thanks and i appreciate your time and effort to share your views.

calltobala

Neutrinno wrote: »

If you are just switching to a new product you wouldn't be required to be credit checked or go through the normal remortgage application process.

Hello Neutrinno

I am with Nationwide on 2 yrs fixed term as FTB and now going to remortgage in 4 months time. I found they are cheaper now for 82%LTV mortgage ( between Barclay and Nationwide its only 0.03% interest difference)

If i secure new deal to switch over to new fixed rate towards end of the term. Do i need to produce lot of evidence such as payslips and other affordability and credit checks and generally how long does it take to get approved for new deal.

Thanks for your time to share your views.

penners324

No evidence needed.
The switch of mortgage product will happen when your old deal runs. It's suggested to select your product at least 2 weeks prior to the deal end date