Mortgage advisor reluctant to advise: help?

dutchcloggie

Hello,

I am due to remortgage in December. I am also changing jobs in October, which annoyingly will be right int he middle of the mortgage application period. Furthermore, my salary will increase from October due to added unsocial hours pay (going from 9-5 nursing to shift work which includes weekends and nights).

I know some lenders allow you to lock in a rate up to 6 months in advance, but my current deal is with Nationwide and they only do up to 4 months in advance, which is still 10 weeks away. I asked my mortgage advisor what to do. She gave me 2 options but did not want to suggest which one she felt is best, saying it is my choice entirely as everyone's situation is different. She can compare mortgages now, but this will then not include Nationwide's rates for existing customers. Considering the job change situation, Nationwide will be the easiest option as they will not ask for income details as I have had my mortgage with them for 2 years so getting a new one with them will be easier. But she can't compare those rates until 10 weeks time. 

So what would be the best thing for me to do? Wait, whilst rates continue to increase, in the knowledge that it will be likely easier, but at perhaps a higher rate, or start the process now, with all the extra paperwork and stuff involved? This year has been a little bit of a financial struggle so I could do without the stress of having to provide and explain all my spending, whilst also trying to write a dissertation.

So what do people think: wait for Nationwide, or do it now? The ERC is not the issue here, BTW since I would not be leaving early, I am just looking to lock a rate in asap.   

K_S

@dutchcloggie If your current income situation is good enough for you to remortgage (change lender) for the amount your require, and you are placed with a lender that is ok with changing jobs (subject to the details ofc) between offer and completion, then it may be worth re-mortgaging and locking in a rate now using a product where there is no risk of losing any upfront costs (eg: you could add lender product-fee (if any) to the loan, valuation will almost certainly be free, and opt for lender free legals).

If the Nationwide product-transfer/product-switch-rate-switch offered to you in a couple of months is better (or pretty much the same) then you can always stay with Nationwide and choose not to complete on the remortgage offer.

[Deleted User]

dutchcloggie said:

This year has been a little bit of a financial struggle so I could do without the stress of having to provide and explain all my spending, whilst also trying to write a dissertation.

Which is more important you? The financial struggle, or the stress of making a new application?

dutchcloggie

K_S said:

If the Nationwide product-transfer/product-switch-rate-switch offered to you in a couple of months is better (or pretty much the same) then you can always stay with Nationwide and choose not to complete on the remortgage offer.

The issue here is that I will not be able to see the Nationwide offers for another 10 weeks as they don't offer to lock in rates for 6 months but only for 4. So I can currently not compare my current lender to any others. 

dutchcloggie

Deleted_User said:

dutchcloggie said:

This year has been a little bit of a financial struggle so I could do without the stress of having to provide and explain all my spending, whilst also trying to write a dissertation.

Which is more important you? The financial struggle, or the stress of making a new application?

Yeah.... I am not sure. I mean, it has been a struggle only really because my income went down as I took a secondment to a 9-5 job for a year, meaning I lost my unsocial hours pay. So I have been supplementing my income with my savings and doing agency shifts (I am a nurse). So to show a consistent income beyond the basic nursing salary will be a faff as it has been quite irregular (doing many extra shifts one month and none the other). 

Although I am sure I will be able to show I have enough money for a mortgage, it is indeed quite a hassle to spend time compiling all the information I will need to submit a new application. Although I suppose all I need to do is provide my pay slips and my mortgage advisor will sort out the rest and put the whole thing together. 

I am having my house valued next week as I have added an en suite so I have added value but no idea how much. This will obviously affect the LTV rate (there is a small chance I will dip below 50% so it is worth doing). So I will see what they say next week and then decide. If the LTV has changed significantly, I will probably get on with the a new application and try to lock in the rates now as they will be bound to be lower.

K_S

dutchcloggie said:

K_S said:

If the Nationwide product-transfer/product-switch-rate-switch offered to you in a couple of months is better (or pretty much the same) then you can always stay with Nationwide and choose not to complete on the remortgage offer.

The issue here is that I will not be able to see the Nationwide offers for another 10 weeks as they don't offer to lock in rates for 6 months but only for 4. So I can currently not compare my current lender to any others. 

@dutchcloggie I understand that, but at that point you'll already have secured a remortgage rate (if you choose to do so now) so it's up to you whether you want to keep the remortgage rate or simply pick the Nationwide product-transfer rate.

dutchcloggie

K_S said:

dutchcloggie said:

K_S said:

If the Nationwide product-transfer/product-switch-rate-switch offered to you in a couple of months is better (or pretty much the same) then you can always stay with Nationwide and choose not to complete on the remortgage offer.

The issue here is that I will not be able to see the Nationwide offers for another 10 weeks as they don't offer to lock in rates for 6 months but only for 4. So I can currently not compare my current lender to any others. 

@dutchcloggie I understand that, but at that point you'll already have secured a remortgage rate (if you choose to do so now) so it's up to you whether you want to keep the remortgage rate or simply pick the Nationwide product-transfer rate.

Ah yes. Of course. I did not quite read your message correctly. I guess I am too nice as well as I would feel a little bad if the advisor did all the work for the application and then I say: Nah, let's not do it right now. 

I kind of feel I want to have a rough idea of what's out there. So I think I will go ahead and gather some quotes now. 

And then decide for 2 or 5 years :-) I thought owning a house was nice but it just forces me to be an adult!

ACG

dutchcloggie said:

Deleted_User said:

dutchcloggie said:

This year has been a little bit of a financial struggle so I could do without the stress of having to provide and explain all my spending, whilst also trying to write a dissertation.

Which is more important you? The financial struggle, or the stress of making a new application?

Yeah.... I am not sure. 

How can the advisor advise if you cant answer that question?

Brokers can talk it through with you but our recommendation is based on your situation AND preferences. 

dutchcloggie

ACG said:

dutchcloggie said:

Deleted_User said:

dutchcloggie said:

This year has been a little bit of a financial struggle so I could do without the stress of having to provide and explain all my spending, whilst also trying to write a dissertation.

Which is more important you? The financial struggle, or the stress of making a new application?

Yeah.... I am not sure. 

How can the advisor advise if you cant answer that question?

Brokers can talk it through with you but our recommendation is based on your situation AND preferences. 

Well yes, I get that. But I kind of thought she might give a little bit more detail about how fast she can see rates rising, if she thinks the 10 week wait won't make much difference, how much extra work is involved if I choose one or the other etc. So I can base my choice on something tangible. 

K_S

dutchcloggie said:

ACG said:

dutchcloggie said:

Deleted_User said:

dutchcloggie said:

This year has been a little bit of a financial struggle so I could do without the stress of having to provide and explain all my spending, whilst also trying to write a dissertation.

Which is more important you? The financial struggle, or the stress of making a new application?

Yeah.... I am not sure. 

How can the advisor advise if you cant answer that question?

Brokers can talk it through with you but our recommendation is based on your situation AND preferences. 

Well yes, I get that. But I kind of thought she might give a little bit more detail about how fast she can see rates rising, if she thinks the 10 week wait won't make much difference, how much extra work is involved if I choose one or the other etc. So I can base my choice on something tangible. 

@dutchcloggie I'm with your broker on that I never advise my clients on which way interest rates will go or how fast. Primarily because I simply don't know. And if I turn out to be wrong and the client ends up in a worse position because they based their actions on my predictions, they may have a legitimate cause for complaint.

dutchcloggie

K_S said: @dutchcloggie I'm with your broker on that I never advise my clients on which way interest rates will go or how fast. Primarily because I simply don't know. And if I turn out to be wrong and the client ends up in a worse position because they based their actions on my predictions, they may have a legitimate cause for complaint.

Good point. I guess I will have to be an adult and make my own decisions. Boooo! Well, I am going to get her to have a little look around. I currently overpay £50 every month so i guess with rate increases, I could easily afford a monthly payment increase of at least £50 but I don't want it to be much more than that so i guess acting quickly is important at the moment.