NatWest appointment 6 wks away. Any other way??

kazzyb123

My NatWest mortgage fixed rate ends July next year. Have called to arrange to pay ERC and re-fix. Appointment is 6 weeks away.
i called my broker who said there’s nothing he can do without going through the whole affordability stuff with us again but I have seen someone else saying their broker sorted it today, in one day, so straight away.
Should my broker be able to? Is there anything I can do apart from wait 6 weeks? It’s gone up £43 a month since Friday so I dread to think what it will be in 6 weeks time. Could I do it in branch??

thanks

Moneysavernov

That sounds right. To go with someone else you would have to go through the affordability. I could get much better offers else were however now the rates have gone up I couldn’t pass affordability. 

Only thing you could do is ring up every morning asking for cancellations. Fingers crossed you get lucky.

How long you looking to fix for out of intrest. 

IAMIAM

Do NatWest not do execution only online with no talking lol

ACG

A broker can log on and switch products, but their process may mean they want to re-do the affordability. 

However, Natwest do not allow you to switch products more than 6 months in advance - even if you are happy to pay the ERC - through a broker. I am not sure they will allow you to do it directly either. The broker can not do what you want, they would need to look for a new lender. I think if you go to natwest directly it may be the same with them, so you might want to check that before you get 6 weeks down the line and find they can not do it either. 

kazzyb123

Moneysavernov said:

That sounds right. To go with someone else you would have to go through the affordability. I could get much better offers else were however now the rates have gone up I couldn’t pass affordability. 

Only thing you could do is ring up every morning asking for cancellations. Fingers crossed you get lucky.

How long you looking to fix for out of intrest. 

Hi, I’m was wanting to stay with Natwest, my partner is self employed so we won’t be approved if we go through the affordability checks because of covid. I will try to call for a cancellation but the wait for the calls to be answered is over an hour!

kazzyb123

IAMIAM said:

Do NatWest not do execution only online with no talking lol

Hi, this can only be done if there is less than 6 months to go before the fix ends unfortunately so for us not until Jan 31st

biscan25

kazzyb123 said:

Moneysavernov said:

That sounds right. To go with someone else you would have to go through the affordability. I could get much better offers else were however now the rates have gone up I couldn’t pass affordability. 

Only thing you could do is ring up every morning asking for cancellations. Fingers crossed you get lucky.

How long you looking to fix for out of intrest. 

Hi, I’m was wanting to stay with Natwest, my partner is self employed so we won’t be approved if we go through the affordability checks because of covid. I will try to call for a cancellation but the wait for the calls to be answered is over an hour!

I would try not to worry. Those fixing today, could possibly be fixing at right at the peak of the rates, obviously no guarantees though.
Also, if you're just coming off a fix, you must be paying way less than market interest rates, you should add that difference onto your ERC to determine whether it is worth remortgaging now, or waiting.

kazzyb123

ACG said:

A broker can log on and switch products, but their process may mean they want to re-do the affordability. 

However, Natwest do not allow you to switch products more than 6 months in advance - even if you are happy to pay the ERC - through a broker. I am not sure they will allow you to do it directly either. The broker can not do what you want, they would need to look for a new lender. I think if you go to natwest directly it may be the same with them, so you might want to check that before you get 6 weeks down the line and find they can not do it either. 

Thanks for the reply, I thought that’s what my broker said but then someone else said they had managed to do it somehow all in one day when they were 6 months out of the fix. When I called NatWest she said it could be done through a meeting with their broker so I have made the appointment, if not will have to wait until the end of Jan. I’m surprised it isn’t easier to do considering it’s more business for them, they don’t know that I’m not going to go elsewhere and pay the ERC to leave the deal.

kazzyb123

biscan25 said:

kazzyb123 said:

Moneysavernov said:

That sounds right. To go with someone else you would have to go through the affordability. I could get much better offers else were however now the rates have gone up I couldn’t pass affordability. 

Only thing you could do is ring up every morning asking for cancellations. Fingers crossed you get lucky.

How long you looking to fix for out of intrest. 

Hi, I’m was wanting to stay with Natwest, my partner is self employed so we won’t be approved if we go through the affordability checks because of covid. I will try to call for a cancellation but the wait for the calls to be answered is over an hour!

I would try not to worry. Those fixing today, could possibly be fixing at right at the peak of the rates, obviously no guarantees though.
Also, if you're just coming off a fix, you must be paying way less than market interest rates, you should add that difference onto your ERC to determine whether it is worth remortgaging now, or waiting.

The thinking seems to be that the rates will rise higher so I’d rather know I’m ok, my current rate is 2.16 and on Friday it was 3.69 so not too much higher (£80 a month) the ERC was about 950. So 9 months at an extra 80 plus 950= 1670. If the rates go up to 6 percent I could be paying 1700 a month by august, an increase of over 1000 a month so it was definitely worth fixing. I’ll just have to wait and see what the rate is when the appointment comes around. So frustrating that they done have better systems in place, they must be losing business too!

badmemory

They are so busy they don't care.  They are also trying desperately to work out how many houses they are going to have to avoid repossessing.  Too many and they are going to lose a lot of money.  Remember Northern Rock even they had to stop.  Welcome to NR mark 2.

Moneysavernov

kazzyb123 said:

biscan25 said:

kazzyb123 said:

Moneysavernov said:

That sounds right. To go with someone else you would have to go through the affordability. I could get much better offers else were however now the rates have gone up I couldn’t pass affordability. 

Only thing you could do is ring up every morning asking for cancellations. Fingers crossed you get lucky.

How long you looking to fix for out of intrest. 

Hi, I’m was wanting to stay with Natwest, my partner is self employed so we won’t be approved if we go through the affordability checks because of covid. I will try to call for a cancellation but the wait for the calls to be answered is over an hour!

I would try not to worry. Those fixing today, could possibly be fixing at right at the peak of the rates, obviously no guarantees though.
Also, if you're just coming off a fix, you must be paying way less than market interest rates, you should add that difference onto your ERC to determine whether it is worth remortgaging now, or waiting.

The thinking seems to be that the rates will rise higher so I’d rather know I’m ok, my current rate is 2.16 and on Friday it was 3.69 so not too much higher (£80 a month) the ERC was about 950. So 9 months at an extra 80 plus 950= 1670. If the rates go up to 6 percent I could be paying 1700 a month by august, an increase of over 1000 a month so it was definitely worth fixing. I’ll just have to wait and see what the rate is when the appointment comes around. So frustrating that they done have better systems in place, they must be losing business too!

100% correct. This is my way of thinking 
worth risking overpaying rather than not being able to afford it at all if rates go higher and you don’t have 100s spare.

could drop right down  could shoot right up.