Have two mortgages and current deals are ending - Nationwide

Bobby_Peel

Hi all,

I remortgaged once so I currently have two mortgages with Nationwide:

Current Deal	3.09%	3.09%
Monthly Amount	£432.43	£141.28
Total Monthly Amount	£573.71
Outstanding Total	£78,089.72	£25,512.12
Total Outstanding	£103,601.84

I let my property out so 1% is applied to my mortgages.

There proposed new deal is:

Proposed Deal	4.59%	4.59%
Monthly Amount	£493.42	£161.20
Total Monthly Amount	£654.62

My house is worth £200,000.

Is there any way I can calculate new deals as most calculators I'm using seem to only give the option of one mortgage etc

Thanks

Bobby_Peel

Just chatted online to a Nationwide employee and noticed it states:

Switch your mortgage deal

Get a new deal that's right for you.

Our records indicate the property is currently let out, which makes it ineligible for switching. 

I just asked could I change to any deal and the employee stated:

Yes, that would be correct. When letting your property it's not possible to change deals

So even though nothing has changed, I can't change deals and will have to pay £80 extra each month?!

Edi81

You have one mortgage with two sub accounts. 

Have you considered remortgaging to another more buy to let friendly lender?

dimbo61

You could speak to a BTL mortgage brokers and see what deals they can find for your circumstances.
Most BTL mortgage deals are broker only.
You can then go Interest only

getmore4less

Bobby_Peel said:

Hi all,

I remortgaged once so I currently have two mortgages with Nationwide:

Current Deal	3.09%	3.09%
Monthly Amount	£432.43	£141.28
Total Monthly Amount	£573.71
Outstanding Total	£78,089.72	£25,512.12
Total Outstanding	£103,601.84

I let my property out so 1% is applied to my mortgages.

There proposed new deal is:

Proposed Deal	4.59%	4.59%
Monthly Amount	£493.42	£161.20
Total Monthly Amount	£654.62

My house is worth £200,000.

Is there any way I can calculate new deals as most calculators I'm using seem to only give the option of one mortgage etc

Thanks

as the rates are the same it will be the same as 1 bit or more than 1 bit.

Should be looking at rates closer to 2%

Bobby_Peel

Edi81 said:

You have one mortgage with two sub accounts. 

Have you considered remortgaging to another more buy to let friendly lender?

I have an appointment tomorrow with a broker so I’ll look for this option. Thanks 

Bobby_Peel

dimbo61 said:

You could speak to a BTL mortgage brokers and see what deals they can find for your circumstances.
Most BTL mortgage deals are broker only.
You can then go Interest only

I have an appointment tomorrow so I’ll look at this.

if I go interest only though, I won’t be paying off my actual mortgage on my house though will I?