Nationwide remortgaging - multi DD's?

comicmankev

I remortgaged when I moved and stayed with NW, they told me I had to set up a second mortgage as the first was on a fixed rate. Fixed rate is now up and went in to remortgage and was told if I wanted to borrow extra capital (for building work) I would have to have a THIRD mortgage with them.

The fixed rate is up, and I asked why, the lady just said, that is what you have to do if you stay with us, if you move your mortgage to someone else they will consolidate it to one, but we can't do that!

Is that the same for all companies? I can't imagine it is?

(BTW - any suggestions for remortgaging after missing a couple of payments a few months ago due to bank switch?)

bernlyn

just quick question are they charging you some kind of set up fee each time if that is the case then that is probably explains it . of course i could be wrong

comicmankev

No setup fee. I have stipulated each time I want no getout fee after initial periods and no arrangement fees. It is not costing me any different, unless of course I don't get paid and then I have 3 direct debits reversed and 6 fees! (happened once about 3 years ago!)

flea72

NW tend to have better deals for existing customers. they usually have a 'loyalty' rate which can only be used against the value of your existing mortgage. if you want to borrow additional funds, this is normally offered on the same terms as they offer to joe public. it therefore usually makes sense to get the better rate for the bulk of your mortgage and pay a higher rate for the additonal borrowing

Flea

comicmankev

Either way I'm gonna get stung, I'm coming out of a 4.39% fixed rate!

Woby_Tide

I think it's the way they process their mortgages, we've 'two' mortgages with them, our original one and extra borrowing after the last move, both are now on the same fixed rate after the last remortgage middle of last year, but we only paid one arrangement fee to cover moving 'both' mortgages to a single product