Close to new mortgage deal offer but ZERO INCOME

OpolE

My nationwide mortgage is up for renewal by the end of October this year

Apparently they give the new mortgage deals 3-4 months in advance so this month or next.

At the moment I have NO INCOME. I do not want to spook the process of searching for a new deal stating that I have no income as I feel that it would go against me on a quote. Also chasing it up with nationwide feels like a bad idea.

Also if I got a job soon with income being paid into the nationwide account then the fuss is for nothing.

However this IRAN stuff is looming. What are the MoneySavingExperters here thinking about when to lock in a mortgage. Sooner better than later? IMO things could heat up further and % on mortgages raise.

I am currently on 1.24% fixed. Owing the bank roughly 1/3 (74k) of the 245k property left. Is it likely going to stay low as I have a lot of equity?

Generally I could fall back on savings/family help

I sort of need to know whether to just lock in as soon as I get my quote and can't find anything else better from a comparison site.

la531983

Just take a new rate with your lender at the same level of borrowing and same term

They dont credit check you or even speak to you. Or at least that us how it normally works. So no need to blab.

By the way, you wont be getting anywhere near 1.24%. But I am sure you know that.

Maegi

Income is only really relevant if you plan to move providers i.e. a full re-mortgage or are in arrears.

If you are simply booking a new two year product - you are looking at around 4.69% for a tracker and 5.11% for a fix with no fees.

I'd look at the cheapest now with no fees, lock in and if something is cheaper before (you usually have a couple of weeks before the new product kicks in to exit) cancel and opt for that instead.

ACG

If you choose a new product, there is no underwriting.

However, if you tie in to a new product there could be early repayment charges if you are unable to pay and have to sell up.

ohit

You should be able to login to your Nationwide mortgage account and do a product switch now. I could previously within 6 months of renewal