nationwide remortgage with extra borrowing

miss_moody12

For info we are already current nationwide lenders, our fixed term has finished so we are re-mortgaging with them and want to borrow extra for renovations. we have just had our DIP accepted for the extra borrowing, and are going to complete the full application next week. I'm wondering what the process is going to be like and if they will do a valuation?

Would love to here any similar experiences so i can get an idea on the possible time frame

kingstreet

As an existing borrower, you are transacting a rate switch and a further advance. The two are separate transactions. The Rate Switch is a simple choice from the new products on offer. A further advance is fully status checked with credit and income checks and possibly an automated or physical valuation depending on the loan to value before and after the increase in your borrowing.

miss_moody12

kingstreet said:

As an existing borrower, you are transacting a rate switch and a further advance. The two are separate transactions. The Rate Switch is a simple choice from the new products on offer. A further advance is fully status checked with credit and income checks and possibly an automated or physical valuation depending on the loan to value before and after the increase in your borrowing.

Thank you! Weve already had a thorough check due to self employment for less than 2 years so hopefully things will be smooth from now🙄 

Croftys

We did the same using Nationwide recently. For us, with the further advance still kept us below the total LTV to get the best rate- hence I felt like they stress tested us for the total amount as a single mortgage for affordability. To keep it simple we chose to match our existing term. Zero physical checks (to the best of my knowledge) Had we borrowed more to effect LTV, maybe above 65/70% total against the property it may have been harder-but it was frightening easy! 

miss_moody12

Croftys said:

We did the same using Nationwide recently. For us, with the further advance still kept us below the total LTV to get the best rate- hence I felt like they stress tested us for the total amount as a single mortgage for affordability. To keep it simple we chose to match our existing term. Zero physical checks (to the best of my knowledge) Had we borrowed more to effect LTV, maybe above 65/70% total against the property it may have been harder-but it was frightening easy! 

Ahh yours sounds easy! we have had it rough from the beginning. Ours has had to go through physical checks and we have also had a valuation. our LTV will be 88% i think so not as low as yours. I rang for an update yesterday and was told said they should contact me by this morning (based on underwriters 3 day time frame of checking documents) but I'm hoping they dont need any other info and the next time they contact me will be with an offer!!