Remortgaging and planning for a baby

lfc321

Mark_d said:

As you get near the end of your fixed rate, Nationwide should write to you.
You should then look on the internet what your best remortgage options are and what Nationwide offer to remortgage customers.  It's likely that Nationwide's deals are amongst the best.
You'd then have a call with Nationwide.  You'd agree to the new deal and pay the booking fee (if applicable to the product) and that's that.  You don't have all the credit checks and other paperwork.  It's really very simple.

If you do decide to stay with Nationwide, there's no need for a call with them (unless you are changing the mortgage end date, in arrears, or some other more complicated case). If it is just a matter of switching to a new product (e.g. a new fix) you can just do that through the mobile app or website. It takes just a few clicks - five  minutes max. They don't ask any questions about your income, employment status etc etc, just which new deal you want. So the issue of your pregnancy would never come up.

As others have said, if you move to a new lender that would require a full application. But Nationwide tend to have fairly competitive rates so you might find you have limited incentive to move.

MWT

Hoenir said:

 But I believe they might want a letter from your work if you are on maternity leave to confirm that you will be returning.

Employees give notice as to whether they intend to return or not. The employer has no input. 

They can provide confirmation if a return date, and the intention to return to full-time employment, has been indicated by the employee though.

They can also confirm the salary etc. as it may differ from previous payslips due to annual increments, or any changes/accommodations requested by the employee.  

Yorkie1

lfc321 said:

Mark_d said:

As you get near the end of your fixed rate, Nationwide should write to you.
You should then look on the internet what your best remortgage options are and what Nationwide offer to remortgage customers.  It's likely that Nationwide's deals are amongst the best.
You'd then have a call with Nationwide.  You'd agree to the new deal and pay the booking fee (if applicable to the product) and that's that.  You don't have all the credit checks and other paperwork.  It's really very simple.

If you do decide to stay with Nationwide, there's no need for a call with them (unless you are changing the mortgage end date, in arrears, or some other more complicated case). If it is just a matter of switching to a new product (e.g. a new fix) you can just do that through the mobile app or website. It takes just a few clicks - five  minutes max. They don't ask any questions about your income, employment status etc etc, just which new deal you want. So the issue of your pregnancy would never come up.

As others have said, if you move to a new lender that would require a full application. But Nationwide tend to have fairly competitive rates so you might find you have limited incentive to move.

Just to endorse whats lfc321 said. It's very straightforward to switch product with Nationwide. I've been with them for 14 years now and they've always had decent rates (not always the very cheapest, but the absence of the hassle factor was high on my list of priorities) so I've stayed with them.

silvercar

I asked the question, of whether pregnancies should be declared, on the mortgage broker thread about a year ago. A couple of brokers replied that the change in circumstances isn’t usually reported until the baby has arrived. 

nakiwala123

Yorkie1 said:

lfc321 said:

Mark_d said:

As you get near the end of your fixed rate, Nationwide should write to you.
You should then look on the internet what your best remortgage options are and what Nationwide offer to remortgage customers.  It's likely that Nationwide's deals are amongst the best.
You'd then have a call with Nationwide.  You'd agree to the new deal and pay the booking fee (if applicable to the product) and that's that.  You don't have all the credit checks and other paperwork.  It's really very simple.

If you do decide to stay with Nationwide, there's no need for a call with them (unless you are changing the mortgage end date, in arrears, or some other more complicated case). If it is just a matter of switching to a new product (e.g. a new fix) you can just do that through the mobile app or website. It takes just a few clicks - five  minutes max. They don't ask any questions about your income, employment status etc etc, just which new deal you want. So the issue of your pregnancy would never come up.

As others have said, if you move to a new lender that would require a full application. But Nationwide tend to have fairly competitive rates so you might find you have limited incentive to move.

Just to endorse whats lfc321 said. It's very straightforward to switch product with Nationwide. I've been with them for 14 years now and they've always had decent rates (not always the very cheapest, but the absence of the hassle factor was high on my list of priorities) so I've stayed with them.

Yup, I agree. I rather liked my time with Nationwide and I remember the switch being easy. We only left as we wouldn't have been able to pass their affordability checks when we wanted to borrow more.