Fixed Term coming to an end, remortgage help please!

creditchanger

Looking for some advice please 
I brought my first home five years ago and took a fixed rate mortgage out which is due to expire next April. 
Since taking this mortgage Iv got married and I’m currently on maternity leave. I’m due to return to work in January next year. 
When I took the mortgage out I was single and my commission/bonus was taken into account as this buffers up a large proportion of my wages. 
I’m with nationwide and they are currently saying on their website that they will not take bonus/commission into consideration when calculating their offers.
I’m just wondering what will happen when it comes to my fixed rate ending next year. 
Factors that worry me 
1) my partner works in hospitality and with covid we are not confident he will still be employed 
2) as I’m on maternity leave I will be back to basic pay when I return plus they may still not take bonus into consideration 
I can with savings and my basic pay comfortably pay my mortgage off each month and Iv never missed a payment or ever been in debt I also have no other credit outstanding however I’m concerned that if they do another affordability check they wouldn’t offer me the same amount if they exclude my bonus.
I don’t want to run the risk of losing my home what would my options be? 
When the term ends could I avoid an affordability check by just accepting either their renewal (which would they want to do another check to firm up the offer?) or could I just go on to their standard tariff until I’ve built up a few months of commission and look to remortgage with someone else when ready? 
I know going on the standard base rate could be more expensive but would it be a safer option to avoid losing our home
It is not a priority for us to have my husband come onto the mortgage but I understand the bank prefer this
I appreciate it is a long way off and lots can change but I just want to better understand the potential options many thanks in advance.

K_S

@creditchanger At the end of current fix, you could consider staying with Nationwide and doing a product switch. No income checks, credit checks or affordability assessment required. Being Nationwide, you should have access to competitive rates so you are unlikely to be losing out much by not being able to access the whole market.

getmore4less

Currently retention deal are no check and will probably stay that way.

nationwide are a decent lender for retention deals so will probably be ok next year as a default option.

bamgbost

I agree with both responses above.

We similarly found ourselves in a different situation at point or remortgage than at start, and we stayed with same lender (halifax) and got a better rate, with no need for checks or product fees to pay.

So hopefully this will be the same with Nationwide.

[Deleted User]

I was in a similar situation a few years back. I was with Nationwide, but literally it was just pressing a button online and picking my new deal all in 5 minutes. You’ll be fine! I always end up sticking with Nationwide as they do have good deals to pick from 

dimbo61

As you are currently with child maybe another 5 year fix will give you and your family long term security in the current climate !
If the property is big enough for your needs for the next couple of years by taking a 5 year term your child will have started school by the time you need to remortgage.

Suseka97

All great advice and I'm another who is with Nationwide and found switching very easy online, in minutes (as has been said).  No affordability checks, no credit checks (which was important because we had adverse credit at the time) and the rates were favourable.

So please try not to worry and enjoy this time with your new family member and if you switch with NW you'll have plenty of time, when your employment situations settle, to consider your options with regards to a remortgage if you want to test the whole market in the future.

fewcloudy

creditchanger said:

I don’t want to run the risk of losing my home what would my options be? 
When the term ends could I avoid an affordability check by just accepting either their renewal (which would they want to do another check to firm up the offer?) or could I just go on to their standard tariff until I’ve built up a few months of commission and look to remortgage with someone else when ready? 
I know going on the standard base rate could be more expensive but would it be a safer option to avoid losing our home

@creditchanger
All of the above are possible. Probably just accepting their renewal online would be best, as standard rate may well be a higher interest rate. No risk of losing your home as long as you pay the mortgage.