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
Switching mortgage provider before completion
suubedoo
Posts: 1 Newbie
Can't seem to find anything on this, but a bit lost.
We've had an offer accepted on a new house and everything is progressing well. Our current mortgage for our existing house is with NatWest and is on a fixed rate until March 2021. We expect to complete in early Feb 2022, so I potentially have a £2.5k early repayment charge if we get a mortgage with someone else.
In discussing with our mortgage broker, he pressured us to apply to Santander because he said that NatWest wouldn't accept my second job as a salary because I've only been there for 4 months, and he said they'd need 6. Santander have accepted us, and we've signed to say that it's all fine, but more and more I regret not applying to NatWest. I chatted to them at the time and the people I spoke to said they'd accept my second job, but the broker said we'd fail at the underwriting stage.
I'm now a bit stuck. Obviously we can progress with Santander (rates would all be the same), but it feels like I've just had my hand forced to essentially throw £2.5k in the bin.
Is it too late to apply to NatWest? Obviously we have sufficient time that it shouldn't be a risk for our completion.
We've had an offer accepted on a new house and everything is progressing well. Our current mortgage for our existing house is with NatWest and is on a fixed rate until March 2021. We expect to complete in early Feb 2022, so I potentially have a £2.5k early repayment charge if we get a mortgage with someone else.
In discussing with our mortgage broker, he pressured us to apply to Santander because he said that NatWest wouldn't accept my second job as a salary because I've only been there for 4 months, and he said they'd need 6. Santander have accepted us, and we've signed to say that it's all fine, but more and more I regret not applying to NatWest. I chatted to them at the time and the people I spoke to said they'd accept my second job, but the broker said we'd fail at the underwriting stage.
I'm now a bit stuck. Obviously we can progress with Santander (rates would all be the same), but it feels like I've just had my hand forced to essentially throw £2.5k in the bin.
Is it too late to apply to NatWest? Obviously we have sufficient time that it shouldn't be a risk for our completion.
0
Comments
-
I am sure with the slow pace of the housing market and conveyancing, searches, surveys and other housing related problems you can delay for an extra 2/3 weeks to avoid the ERC0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.3K Spending & Discounts
- 247.1K Work, Benefits & Business
- 603.7K Mortgages, Homes & Bills
- 178.3K Life & Family
- 261.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards