Coming Off Fixed Rate mortgage – What Are My Options with NatWest While Unemployed?

callmedude

Hi all,

Our 2-year fixed rate mortgage with NatWest (currently at 4.99%) is coming to an end soon. I'm currently unemployed, while my partner is working, and we have sufficient savings to comfortably cover our mortgage and living expenses.

We’re keen to avoid moving onto NatWest’s Standard Variable Rate, which will likely be higher than our current fixed rate. I'm trying to understand what options we might have for a product transfer with NatWest or a remortgage, considering my employment status.

Has anyone been through a similar situation or have insights on how NatWest or other lenders assess affordability when one applicant is unemployed but has savings?

Any advice would be greatly appreciated.

Thanks!

kingstreet

A NatWest retention product, otherwise known as a rate switch or product transfer has no status requirements.

Isarulesaretoocomplex

callmedude said:

Hi all,

Our 2-year fixed rate mortgage with NatWest (currently at 4.99%) is coming to an end soon. I'm currently unemployed, while my partner is working, and we have sufficient savings to comfortably cover our mortgage and living expenses.

We’re keen to avoid moving onto NatWest’s Standard Variable Rate, which will likely be higher than our current fixed rate. I'm trying to understand what options we might have for a product transfer with NatWest or a remortgage, considering my employment status.

Has anyone been through a similar situation or have insights on how NatWest or other lenders assess affordability when one applicant is unemployed but has savings?

Any advice would be greatly appreciated.

Thanks!

I've been with Nat west 20 years and currently have another 5 year fix at 1.64 which ends dec 30th. Each time a few months before end date I've received email offering all types of rates. Fortunately my mortgage is paid off then. 

callmedude

kingstreet said:

A NatWest retention product, otherwise known as a rate switch or product transfer has no status requirements.

Does the lender ask for the payslips for an affordability check? What would be the interest rate for a product switch compared to the remortgage rate? Is it closer to the SVR by the lender? or close to the remortgage rate of the lender for similar criteria?

housebuyer143

callmedude said:

kingstreet said:

A NatWest retention product, otherwise known as a rate switch or product transfer has no status requirements.

Does the lender ask for the payslips for an affordability check? What would be the interest rate for a product switch compared to the remortgage rate? Is it closer to the SVR by the lender? or close to the remortgage rate of the lender for similar criteria?

No, no checks. You just pick a rate and it starts at the end of your old one. 
In my experience they are very close to the lenders rates for new customers.

Yorkie1

Switch your existing mortgage deal | Mortgages | NatWest