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  • FIRST POST
    • Kwaker_Knacker
    • By Kwaker_Knacker 13th Oct 18, 1:29 PM
    • 96Posts
    • 384Thanks
    Kwaker_Knacker
    Any Point in Looking to Remortgage?
    • #1
    • 13th Oct 18, 1:29 PM
    Any Point in Looking to Remortgage? 13th Oct 18 at 1:29 PM
    Hi,


    Our 5 year fixed rate Nationwide mortgage (3.29%) is due to end in June. My wife is 4 months into an 8 and a half year DMP for 6.5k credit card debt.


    Is there any point in looking for a remortgage deal, or do I resign myself to being on the Natonwide BMR for ever? My MSE Credit club score is 988, my wife's is 390.


    I think I know the answer



    Thanks.
    Mortgage Paid Off 5th October 2013
    Back on with 71,000 July 2014
    Current Balance 58402
Page 1
    • enthusiasticsaver
    • By enthusiasticsaver 13th Oct 18, 2:09 PM
    • 7,363 Posts
    • 16,263 Thanks
    enthusiasticsaver
    • #2
    • 13th Oct 18, 2:09 PM
    • #2
    • 13th Oct 18, 2:09 PM
    Go for a remortgage deal with nationwide. If you are already with them They should not credit score you.
    Debt free and mortgage free and early retiree. Living the dream

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages and Endowments, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
    • litepay
    • By litepay 13th Oct 18, 3:13 PM
    • 44 Posts
    • 45 Thanks
    litepay
    • #3
    • 13th Oct 18, 3:13 PM
    • #3
    • 13th Oct 18, 3:13 PM
    You mean to switch to a new deal / product transfer with Nationwide? If OP stays with the same lender it's not called remortgage...

    OP, you can switch to a new fixed deal online, there are no credit checks if you switch online and if you don't increase the amount borrowed and you keep the same term.

    Be careful with the timing when you switch though, so that you don't pay ERC.

    "Is your existing mortgage deal ending soon? You can apply to switch and reserve a new rate up to 5 months before the end of your fixed or tracker deal."

    nationwide.co.uk/products/mortgages/existing-customer-switching/apply
    • Kwaker_Knacker
    • By Kwaker_Knacker 13th Oct 18, 3:26 PM
    • 96 Posts
    • 384 Thanks
    Kwaker_Knacker
    • #4
    • 13th Oct 18, 3:26 PM
    • #4
    • 13th Oct 18, 3:26 PM
    Thanks for the replies.


    I know I'm a bit early to be looking with my current deal not ending until June, but HSBC (who I have my current account with) have a 5 year no fee fixed rate for 2.09%, with Nationwide having one at 2.14% (these are the only ones I've looked at so far with me having ties with both). So if we can just take a new Nationwide deal without getting credit checked, then that'll be great. In reality, the lack of hassle for 0.05% difference would have me going for the Nationwide deal anyway.


    Just goes to show there's no point in assuming anything before checking with the MSE crowd, thanks for that.
    Mortgage Paid Off 5th October 2013
    Back on with 71,000 July 2014
    Current Balance 58402
    • Thrugelmir
    • By Thrugelmir 13th Oct 18, 4:13 PM
    • 61,270 Posts
    • 54,505 Thanks
    Thrugelmir
    • #5
    • 13th Oct 18, 4:13 PM
    • #5
    • 13th Oct 18, 4:13 PM
    I know I'm a bit early to be looking with my current deal not ending until June, but HSBC (who I have my current account with) have a 5 year no fee fixed rate for 2.09%, with Nationwide having one at 2.14%
    Originally posted by Kwaker_Knacker
    You'll need to factor in the costs of switching lender. Mortgage exit fee, valuation fee and legal costs for example. Money that might be better spent clearing your wife's DMP quicker.

    Will affordability be an issue? 102 months to clear a 6.5k debt. Suggests it might be. Treating the DMP as an interest free loan won't be viewed favourably either.
    Last edited by Thrugelmir; 13-10-2018 at 4:17 PM.
    Financial disasters happen when the last person who can remember what went wrong last time has left the building.
    • Kwaker_Knacker
    • By Kwaker_Knacker 14th Oct 18, 10:19 AM
    • 96 Posts
    • 384 Thanks
    Kwaker_Knacker
    • #6
    • 14th Oct 18, 10:19 AM
    • #6
    • 14th Oct 18, 10:19 AM
    I see what you're saying, but because it's her debt, she sorts it. Bar making sure it's getting paid, I don't get involved. It's a very touchy subject at the best of times.
    Mortgage Paid Off 5th October 2013
    Back on with 71,000 July 2014
    Current Balance 58402
    • Dandytf
    • By Dandytf 14th Oct 18, 5:52 PM
    • 1,668 Posts
    • 451 Thanks
    Dandytf
    • #7
    • 14th Oct 18, 5:52 PM
    • #7
    • 14th Oct 18, 5:52 PM
    You mean to switch to a new deal / product transfer with Nationwide? If OP stays with the same lender it's not called remortgage...

    OP, you can switch to a new fixed deal online, there are no credit checks if you switch online and if you don't increase the amount borrowed and you keep the same term.

    Be careful with the timing when you switch though, so that you don't pay ERC.

    "Is your existing mortgage deal ending soon? You can apply to switch and reserve a new rate up to 5 months before the end of your fixed or tracker deal."

    nationwide.co.uk/products/mortgages/existing-customer-switching/apply
    Originally posted by litepay
    Interesting indeed, when did Natwide change to up to 5 monthis from up to 3 months.
    I'll need to remember that for mid 20019.

    OP -choose a deal online with Natwide -I've done that twice during SC DMP -though sometimes I have wished I could have lowered term to 10yrs, though no complaints from me.
    Last edited by Dandytf; 15-10-2018 at 11:58 AM.
    sc dmp 2012 13k Jan 2018 8840 paid. 60% approx.
    Mid 2018 Help2save 50 uk pounds per month
    Mid 2018-Virgin Money E-saver V11 -250+50 uk pounds per month
    • Dandytf
    • By Dandytf 17th Oct 18, 9:18 PM
    • 1,668 Posts
    • 451 Thanks
    Dandytf
    • #8
    • 17th Oct 18, 9:18 PM
    • #8
    • 17th Oct 18, 9:18 PM
    You mean to switch to a new deal / product transfer with Nationwide? If OP stays with the same lender it's not called remortgage...

    OP, you can switch to a new fixed deal online, there are no credit checks if you switch online and if you don't increase the amount borrowed and you keep the same term.

    Be careful with the timing when you switch though, so that you don't pay ERC.

    "Is your existing mortgage deal ending soon? You can apply to switch and reserve a new rate up to 5 months before the end of your fixed or tracker deal."



    nationwide.co.uk/products/mortgages/existing-customer-switching/apply
    Originally posted by litepay
    I'm still reading....your current deal is ending in the next 3 months

    Edited
    @litepay, my error you could have posted the most important info of my mtg.
    I since reviewed existing Natwide Customers deal coming to end and it is as you had advised.
    You can apply to switch and reserve a new rate up to 5 months before the end of your fixed or tracker deal.

    Amazing I'll take 5 months from Aug' 2019
    Maybe I'll choose a new deal from April 2019
    That could be amazing, only of course if interest rates don't fly upwards next few months.
    I'm very happy with the chance of a decent deal once again.
    Thanks!
    Last edited by Dandytf; 17-10-2018 at 9:23 PM.
    sc dmp 2012 13k Jan 2018 8840 paid. 60% approx.
    Mid 2018 Help2save 50 uk pounds per month
    Mid 2018-Virgin Money E-saver V11 -250+50 uk pounds per month
    • Thrugelmir
    • By Thrugelmir 17th Oct 18, 11:07 PM
    • 61,270 Posts
    • 54,505 Thanks
    Thrugelmir
    • #9
    • 17th Oct 18, 11:07 PM
    • #9
    • 17th Oct 18, 11:07 PM
    I see what you're saying, but because it's her debt, she sorts it. Bar making sure it's getting paid, I don't get involved. It's a very touchy subject at the best of times.
    Originally posted by Kwaker_Knacker
    However it's your joint mortgage. Lenders aren't going to distinguish liability. When assets can be passly freely between husband and wife.
    Financial disasters happen when the last person who can remember what went wrong last time has left the building.
    • Dandytf
    • By Dandytf 18th Oct 18, 8:08 AM
    • 1,668 Posts
    • 451 Thanks
    Dandytf
    Secure Natwide message received today, their still quoting upto 3 not 5 months when switching to a new mortgage deal,. Whereas their website clearly states upto 5 months.
    Follow up secure message sent.
    I'll post once I get the correct answer.
    Not the 1st time info from Natwide website can be taken us useable as such.
    sc dmp 2012 13k Jan 2018 8840 paid. 60% approx.
    Mid 2018 Help2save 50 uk pounds per month
    Mid 2018-Virgin Money E-saver V11 -250+50 uk pounds per month
    • Zero Sum
    • By Zero Sum 18th Oct 18, 8:28 AM
    • 590 Posts
    • 484 Thanks
    Zero Sum
    Thanks for the replies.


    I know I'm a bit early to be looking with my current deal not ending until June, but HSBC (who I have my current account with) have a 5 year no fee fixed rate for 2.09%, with Nationwide having one at 2.14% (these are the only ones I've looked at so far with me having ties with both). So if we can just take a new Nationwide deal without getting credit checked, then that'll be great. In reality, the lack of hassle for 0.05% difference would have me going for the Nationwide deal anyway.


    Just goes to show there's no point in assuming anything before checking with the MSE crowd, thanks for that.
    Originally posted by Kwaker_Knacker
    And Nationwide pay 100 retention (or at least they did with me 6 months back) which eats into their rate. Although despite rates going up, theyve dropped it by 0.05% so they might not.
    • kingstreet
    • By kingstreet 18th Oct 18, 9:32 AM
    • 34,448 Posts
    • 18,709 Thanks
    kingstreet
    I have wished I could have lowered term to 10yrs
    Originally posted by Dandytf
    You don't have to. Overpay the difference voluntarily and you'll repay the mortgage within the ten years you want.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
    • Lungboy
    • By Lungboy 18th Oct 18, 9:39 AM
    • 1,601 Posts
    • 1,611 Thanks
    Lungboy
    Secure Natwide message received today, their still quoting upto 3 not 5 months when switching to a new mortgage deal,. Whereas their website clearly states upto 5 months.
    Follow up secure message sent.
    I'll post once I get the correct answer.
    Not the 1st time info from Natwide website can be taken us useable as such.
    Originally posted by Dandytf
    Are you looking at retention deals rather than a remortgage? Could that make a difference?
    • Thrugelmir
    • By Thrugelmir 18th Oct 18, 10:17 AM
    • 61,270 Posts
    • 54,505 Thanks
    Thrugelmir
    Secure Natwide message received today, their still quoting upto 3 not 5 months when switching to a new mortgage deal,. Whereas their website clearly states upto 5 months.
    Follow up secure message sent.
    I'll post once I get the correct answer.
    Not the 1st time info from Natwide website can be taken us useable as such.
    Originally posted by Dandytf
    Could revert back to 3 months at any time. 5 months could simply be the current marketing ploy. With a slowdown in new mortgage business.
    Financial disasters happen when the last person who can remember what went wrong last time has left the building.
    • Dandytf
    • By Dandytf 18th Oct 18, 8:08 PM
    • 1,668 Posts
    • 451 Thanks
    Dandytf
    Could revert back to 3 months at any time. 5 months could simply be the current marketing ploy. With a slowdown in new mortgage business.
    Originally posted by Thrugelmir
    Natwide owned up to the website 'error'

    I have raised this as a matter of urgency to get it corrected as you can apply to switch and reserve your new rate up to 3 months before the end of your current fixed deal.

    Thanks mser's I'm edging towards Thrugelmir -Possible marketing ploy.
    I'm not having much luck -1st unusable HPI
    2nd Incorrect re mortgage from date
    What's next.....
    sc dmp 2012 13k Jan 2018 8840 paid. 60% approx.
    Mid 2018 Help2save 50 uk pounds per month
    Mid 2018-Virgin Money E-saver V11 -250+50 uk pounds per month
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