Mortgage broker - ask me anything

IAMIAM

K_S said:

IAMIAM said:

Can you apply for a new customer nationwide tracker mortgage without fee and then switch to an existing customer fixed two year deal with them in a relatively short period of time? Ive noticed their existing customer mortgage deals are much better than new customer deals....

@IAMIAM If it's the one with no-ERC then yes you can switch your mortgage penalty free at any point. There is no minimum period mentioned in the intermediary product switch conditions but I don't know if it's any different direct.

Great.This seems the way to go to get the very best rates with them.....could they decline this for any reason if I do it after only a month after drawdown? Are nationwide always providing better rates to existing customers, or is this for covid only?

K_S

@IAMIAM As far as I can remember, Nationwide has always had a "loyalty bonus". In truth it probably just reflects the lower admin costs they incur in a product switch vs a remo from another lender.

Whether they could decline a switch request 1 month after drawdown, I don't see anything in the intermediary product switch criteria which suggests that, but I couldn't say for sure.

IAMIAM

Thank you for all your help this week. If I apply to nationwide and want additional 10-15k additional borrowing when I move from HSBC to Nationwide, do Nationwide want the additional borrowing stated separately on the application or can I just ask for the 70 or 75% LTV I want, they pay HSBC and give me difference? Is any cash back paid directly to me? Also, is the additional borrowing and repayment mortgage taken as one full amount with Nationwide when paying by direct debit?

Lastly, my LTV is roughly 70-75%, how do they use desktop valuations, is zoopla a good indication for me, or is it way out compared to what Nationwide use?

K_S

@iamiam With all lenders, a capital raise remo is treated differently from a like-for-like one.

In most cases yes, the lender will pay the raised capital to the client on completion.

If you do a capital raise remo from HSBC to Nationwide, it'll be just one mortgage part with Nationwide so one DD.

I don't know the answer to your question about how Nationwide will value your property - it could be physical, an AVM/desktop val but no idea exactly how is calculated if desktop.

From what I've seen, the Zoopla vals are overstated 7/10 times, I find Mouseprice ones to be a bit closer to what's achieved.

mowgliisaG

Why are platform taking 30 days to look at re uploaded documents? 

K_S

mowgliisaG said:

Why are platform taking 30 days to look at re uploaded documents? 

The already high transaction volumes in the market turbocharged by their recent chart topping rates is stretching their resources to the limit I'd guess.

mowgliisaG

K_S said:

mowgliisaG said:

Why are platform taking 30 days to look at re uploaded documents? 

The already high transaction volumes in the market turbocharged by their recent chart topping rates is stretching their resources to the limit I'd guess.

Anyway to speed things up with them when the potential of sale falling through?

K_S

mowgliisaG said:

K_S said:

mowgliisaG said:

Why are platform taking 30 days to look at re uploaded documents? 

The already high transaction volumes in the market turbocharged by their recent chart topping rates is stretching their resources to the limit I'd guess.

Anyway to speed things up with them when the potential of sale falling through?

@mowgliisaG A broker could speak to the BDM and see but if it's in line with their current service levels then Platform is unlikely to be too bothered. 3 in 10 purchase transactions fall through due to a variety of reasons so that by itself isn't anything out of the ordinary.

IAMIAM

K_S said:

@iamiam With all lenders, a capital raise remo is treated differently from a like-for-like one.

In most cases yes, the lender will pay the raised capital to the client on completion.

If you do a capital raise remo from HSBC to Nationwide, it'll be just one mortgage part with Nationwide so one DD.

I don't know the answer to your question about how Nationwide will value your property - it could be physical, an AVM/desktop val but no idea exactly how is calculated if desktop.

From what I've seen, the Zoopla vals are overstated 7/10 times, I find Mouseprice ones to be a bit closer to what's achieved.

So, before I commit to this, just want to check this isn't illegal! I can do a remortgage with capital raise with Nationwide at say 80% LTV on a tracker deal completing in April and then in May, switch the deal to a fixed deal on their existing customer rate.
Is the product fee allowed to be added onto their fixed rate deals if it takes you over the 80% LTV?
To be fair, having looked at many lenders out there, most of the Big ones (Barclays/Nationwide/Platform/Lloyds) have better deals for existing customers at all LTV rates.

Crap_with_money.com

What is the best way to find a mortgage advisor when we have a slightly complicated case?

I'm in Scotland, used the help to buy scheme when we originally bought, want to remortgage and borrow more, but are still in a fixed rate period. When we searched on our own to re-mortgage previously, we only found Halifax and possibly Natwest that would consider lending to us, because of the help to buy scheme, would that sound right?

I didn't have a great experience with the Financial Advisor we used when we 1st bought, so I'm wary of paying out money etc. without trusting that it's someone who would do a decent job trying to help us.