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NatWest 5-yr fixed coming to an end: Advice needed
Moonraker71
Posts: 190 Forumite
Hello.
I wonder if any mortgage experts on here can shed some light on this.
I've lived in my property for seven years. I originally had a 2-yr fixed rate with NatWest, and when that came to an end I renewed it online, this time to a 5-yr fixed rate. When I did this, I had no contact at all with the bank, I simply logged into my mortgage account when I was eligible to renew, and did the whole thing in about 10 minutes. Easy.
In December, my 5-yr fixed will end, so at some point in September (three months before the end of the deal) I will be able to renew again. However, since I took out that deal I borrowed an extra £40k for a loft conversion (this was 'additional borrowing' rather than a remortgage) and so now my mortgage is split into two sub-accounts. The fixed-rate deal on the £40k doesn't run out until two months later than the main mortgage, so my plan was always to wait until then (November), and then bundle them together into one amount and renew them both on a new 5-year fixed. However, couple of questions:
a) Does anyone know if taking the two separate sub-accounts and merging them into one would mean that I have to go through a whole new mortgage application process, with an actual person, rather than just clicking a few buttons online? I'm concerned about this because I'm a self-employed contractor in the travel industry and I've lost a lot of work this year. My most recent tax returns (SA302s) are fine and show a steady rise in income over the past 3 tax years, but if they want to look at what I'm earning NOW, eg. the last few months, it's way down. However, I do have savings and have not had to apply for a mortgage holiday.
b) If merging my two sub-accounts meant that I *did* have to actively remortgage (rather than just combine them onto a new fixed rate) - would an alternative be to just keep them separate and switch each one individually, if that meant I could do it all online with minimal hassle?
If anyone knows the answer to this I'd be grateful. Ta!
I wonder if any mortgage experts on here can shed some light on this.
I've lived in my property for seven years. I originally had a 2-yr fixed rate with NatWest, and when that came to an end I renewed it online, this time to a 5-yr fixed rate. When I did this, I had no contact at all with the bank, I simply logged into my mortgage account when I was eligible to renew, and did the whole thing in about 10 minutes. Easy.
In December, my 5-yr fixed will end, so at some point in September (three months before the end of the deal) I will be able to renew again. However, since I took out that deal I borrowed an extra £40k for a loft conversion (this was 'additional borrowing' rather than a remortgage) and so now my mortgage is split into two sub-accounts. The fixed-rate deal on the £40k doesn't run out until two months later than the main mortgage, so my plan was always to wait until then (November), and then bundle them together into one amount and renew them both on a new 5-year fixed. However, couple of questions:
a) Does anyone know if taking the two separate sub-accounts and merging them into one would mean that I have to go through a whole new mortgage application process, with an actual person, rather than just clicking a few buttons online? I'm concerned about this because I'm a self-employed contractor in the travel industry and I've lost a lot of work this year. My most recent tax returns (SA302s) are fine and show a steady rise in income over the past 3 tax years, but if they want to look at what I'm earning NOW, eg. the last few months, it's way down. However, I do have savings and have not had to apply for a mortgage holiday.
b) If merging my two sub-accounts meant that I *did* have to actively remortgage (rather than just combine them onto a new fixed rate) - would an alternative be to just keep them separate and switch each one individually, if that meant I could do it all online with minimal hassle?
If anyone knows the answer to this I'd be grateful. Ta!
0
Comments
-
Give NatWest a call and ask them.
No need to mention what your current work situation is.
All you want to know is can I remortgage with NatWest and add both parts of the mortgage into one new deal.0
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