We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Nationwide mortgage offer expiring soon, should I apply for a new product at better rates?
bannanna
Posts: 54 Forumite
Hello all
I applied to Nationwide for a 90% LTV mortgage back in November. The offer was accepted (hard credit check done end of November) and expires at the end of May 2021.
The purchase is likely still a couple months from completing due to outstanding issues at the vendor's side. I feel it will be touch and go as to whether the issues are smoothed out before the mortgage offer expires. According to Nationwide's website, they only do offer extensions for new builds - which does not apply to the property I am purchasing.
I have done a search on MSE mortgages today and the products at 90% LTV have miles better rates than before Christmas. £55 cheaper per month and over £20k less in terms of overall payment over the 25 year lifetime. Is there any reason why I should not apply for a new product? Will I be penalised in any way? If I do apply, should I wait another month to see if any better products appear?
Grateful for any words of wisdom.
I applied to Nationwide for a 90% LTV mortgage back in November. The offer was accepted (hard credit check done end of November) and expires at the end of May 2021.
The purchase is likely still a couple months from completing due to outstanding issues at the vendor's side. I feel it will be touch and go as to whether the issues are smoothed out before the mortgage offer expires. According to Nationwide's website, they only do offer extensions for new builds - which does not apply to the property I am purchasing.
I have done a search on MSE mortgages today and the products at 90% LTV have miles better rates than before Christmas. £55 cheaper per month and over £20k less in terms of overall payment over the 25 year lifetime. Is there any reason why I should not apply for a new product? Will I be penalised in any way? If I do apply, should I wait another month to see if any better products appear?
Grateful for any words of wisdom.
0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.6K Banking & Borrowing
- 254.5K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.5K Work, Benefits & Business
- 604.4K Mortgages, Homes & Bills
- 178.5K Life & Family
- 261.6K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards