Mortgage finishing but need extension

ToyotaNige

Hi All, 
Little disappointed with Nationwide as they know my situation, provided two responses earlier in the year but now at crunch point refuses to accept either.
So I am in the current position. Mortgage finishes at end of june with outstanding amount of £27,000 on house value of £200,000. We intend on moving as soon as house sorted and we find new place - prob about three or four months.
My question is how do I speak to nationwide, I do not want to make a choice now that will impact when I know how much I want later (will most likely be max I can borrow). Is there something I should steer clear off?
Nigel

Thrugelmir

What options are available to you? Reducing the debt owed is something that you have direct control over. 

ToyotaNige

I have been overpaying knowing endowment was short. The amount I owe isn't a problem as such. It's just that I don't want to make a decision now that prevents or makes it difficult/expensive to borrow lots more later in the year. I am assuming dropping into SVR for a period of time ok. 

MovingForwards

https://forums.moneysavingexpert.com/discussion/6250139/mortgage-finishing-but-wanting-to-borrow-more-later-in-year#latest

Have NW agreed some form of extension with you to clear the outstanding mortgage?
If not, then get that sorted out first.

When you are ready to move, double check you can borrow enough, find a new property, sell your property and repay the outstanding mortgage, use what's left as the deposit for your new house, taking out a mortgage for the difference with whatever lender you meet criteria for and can obtain a mortgage from.

kingstreet

Are we talking about the mortgage having to be repaid, or simply the expiry of the mortgage product?

ToyotaNige

Their letter says mortgage to be repaid. I was sent letter saying due to covid they were extending by six months interest only mortgages,  when I phoned and said yes they refused me. At that point NW said if buying a house 4 to 6 months after end of mortgage it could be extended as it's quite common. 
Thanks moving movingforward,  that's what I planned but worried in case I agree to something that creates trouble down the line. I have lost faith in what banks say and do.
A few years ago I had flyer from bank offering interest free borrowing on card. I called three times so to get three different people from bank who all agreed what I wanted to do could be done. One month later after being charged interest bank said what I was doing not allowed! Argued like mad and took ages for them to accept they misled me - ended up with three credit cards to get me back into interest free!