Avoid remortgage due to change of circumstances

K_S

alienuk said:

K_S said:

alienuk said:

Hi ya - My remortgage is due in 2 months and I am in a dilemma to sell off my property and move to a new property.  
For this reason, I don't like to go for another 2 years of fixed rate mortgage with a lender and want to keep my options open. 
Is there an efficient way to do this so that I will have some time to decide before putting through my remortgage application? 
Note - The mortgage per month increases by 400£ after I finish the current mortgage period.

@alienuk Well, as a Nationwide customer, you're in luck! You should have access to a product switch to Nationwide's no-fee no-ERC 2 year tracker. Once you're on that you can decide what to do and exit the mortgage when needed.

For a product switch, there should be no underwriting, assessment or credit checks. Just 5 minutes of your time and a few clicks or a short phone call.

Glad to know there are options, cant wait for them to speak tomorrow. 
What is the liability for nofee, no erc product? Will i pay more interest? currently i am doing 1.99% 

@alienuk It's impossible to say for certain whether you'll be eligible for these rates but you can see what Nationwide offers for product switchers here https://www.nationwide.co.uk/products/mortgages/our-mortgages/mortgage-rates

The rate will depend on the LTV band that you fall in.

alienuk

K_S said:

alienuk said:

K_S said:

alienuk said:

Hi ya - My remortgage is due in 2 months and I am in a dilemma to sell off my property and move to a new property.  
For this reason, I don't like to go for another 2 years of fixed rate mortgage with a lender and want to keep my options open. 
Is there an efficient way to do this so that I will have some time to decide before putting through my remortgage application? 
Note - The mortgage per month increases by 400£ after I finish the current mortgage period.

@alienuk Well, as a Nationwide customer, you're in luck! You should have access to a product switch to Nationwide's no-fee no-ERC 2 year tracker. Once you're on that you can decide what to do and exit the mortgage when needed.

For a product switch, there should be no underwriting, assessment or credit checks. Just 5 minutes of your time and a few clicks or a short phone call.

Glad to know there are options, cant wait for them to speak tomorrow. 
What is the liability for nofee, no erc product? Will i pay more interest? currently i am doing 1.99% 

@alienuk It's impossible to say for certain whether you'll be eligible for these rates but you can see what Nationwide offers for product switchers here https://www.nationwide.co.uk/products/mortgages/our-mortgages/mortgage-rates

The rate will depend on the LTV band that you fall in.

To keep the LTV band favourable is it possible for me to put in additional money into the loan ? 

K_S

alienuk said:

K_S said:

alienuk said:

K_S said:

alienuk said:

Hi ya - My remortgage is due in 2 months and I am in a dilemma to sell off my property and move to a new property.  
For this reason, I don't like to go for another 2 years of fixed rate mortgage with a lender and want to keep my options open. 
Is there an efficient way to do this so that I will have some time to decide before putting through my remortgage application? 
Note - The mortgage per month increases by 400£ after I finish the current mortgage period.

@alienuk Well, as a Nationwide customer, you're in luck! You should have access to a product switch to Nationwide's no-fee no-ERC 2 year tracker. Once you're on that you can decide what to do and exit the mortgage when needed.

For a product switch, there should be no underwriting, assessment or credit checks. Just 5 minutes of your time and a few clicks or a short phone call.

Glad to know there are options, cant wait for them to speak tomorrow. 
What is the liability for nofee, no erc product? Will i pay more interest? currently i am doing 1.99% 

@alienuk It's impossible to say for certain whether you'll be eligible for these rates but you can see what Nationwide offers for product switchers here https://www.nationwide.co.uk/products/mortgages/our-mortgages/mortgage-rates

The rate will depend on the LTV band that you fall in.

To keep the LTV band favourable is it possible for me to put in additional money into the loan ? 

@alienuk Nationwide usually has a 10% (of initial loan amount) fee free overpayment allowance every year. If you haven't used yours up yet, you could overpay and bring it down an LTV band before checking new product switch options.

alienuk

@K_S Thanks for your suggestion

Thrugelmir

You can let the current product expire. Immediately make an unlimited overpayment. Then select a new product.

alienuk

@Thrugelmir  let me run past my understand if this is right, when the current product expire, I will be placed on a higher APR product by the bank as agreed at the time of entering the contract. So this higher APR product do not have overpayment restrictions which should allow me to put through more overpayment. 
Am i right? 

Thrugelmir

Correct. By default you will move onto either the lenders SVR or rate as specified in your current product terms.