Getting the timing correct on a remortgage on your home is really important. Leave it too late and you could be put on the standard variable rate which could prove very expensive. The average time for a Nationwide remortgage is 10 weeks.
In this guide, we will look at Nationwide remortgages and also mortgages in general. We will give you the perfect Nationwide mortgage timeline and also how you can speed the process up. We will also show you how you can get the lowest rates possible and make sure you get a great Nationwide mortgage deal.
How to Remortgage with the Nationwide Building Society
If you are an existing Nationwide mortgage client the best time to get the Nationwide mortgage application underway is 4 months before your tie-in period finishes. This will give you plenty of time in case there are any hold-ups on their services.
It is really important to get the remortgage remortgages done in the correct timeframe. You will get the Nationwide mortgage application underway as soon as is allowed and get your Nationwide mortgage offer to secure your mortgage deal. If the remortgage takes too long you are at risk of being put onto the standard variable rate (SVR) and this could cost you several hundred pounds on monthly payments
If you are not wanting to change anything about your Nationwide mortgage; for example, you want to keep the same mortgage term and same mortgage amount. The nationwide remortgages process for this is usually quite straight forward and in most cases, Nationwide mortgages are unlikely to want any new proof of income or want to look at your outgoings and debts.
When can I remortgage with Nationwide?
If you are wanting to remortgage to raise funds for home improvements or want to increase or decrease the mortgage term then Nationwide will look at you as a new Nationwide customer.
Are you looking at consolidating debts as part of your Nationwide remortgaging? You may have a loan secured against your property or possibly other debts like credit cards you want to consolidate. This can be a way of reducing your monthly payments however you need to be aware that over the term of the mortgage it may cost you more. Get sound advice on this subject from a mortgage advisor.
Remortgaging with Nationwide?
Nationwide will want evidence of income and to look at your outgoings and debts to check if the mortgage is affordable. Your mortgage will be underwritten therefore this can take longer and we would advise you to start your remortgage 16 weeks before your existing Nationwide mortgage deal ends.
Remortgage with Nationwide at the right time to avoid fees
If you decide to change mortgages early, it is highly likely that you will have to pay the early repayment charge (ERC) of your current lender. However, if you leave your remortgage too late, you will fall onto your lender’s standard variable rate (SVR) at the end of your mortgage product term. Your monthly payments will also be much higher on the SVR.
As such, it is wise to get some mortgage advice and start your remortgage journey around 3 months – 5 months before your existing Nationwide mortgage deal is up. This way, you should be able to move onto your new mortgage just as your current Nationwide mortgage fixed rate comes to an end.
Nationwide Early Repayment Charge
Below is a table which lists Nationwides early repayment charge amounts over the term.
| Fixed Rate Deal Period - (Early Repayment Charges) | |||||
|---|---|---|---|---|---|
| 2 years | 3 years | 5 years | 10 years | ||
| Year 1 | 2.5% | 3.5% | 5% | 11% | |
| Year 2 | 1.5% | 2.5% | 4% | 7% | |
| Year 3 | 1.5% | 3.5% | 7% | ||
| Year 4 | 2.5% | 7% | |||
| Year 5 | 1.5% | 6% | |||
| Year 6 | 5% | ||||
| Year 7 | 4% | ||||
| Year 8 | 3.5% | ||||
| Year 9 | 2.5% | ||||
| Year 10 | 1.5% | ||||
“For products reserved on or after the 1 December 2021, the percentage charge payable will reduce year on year during the product deal period, as detailed in the Early Repayment Charge table. ERC’s do not currently apply to tracker rate products. For products reserved prior to this date, please refer to the client’s mortgage offer. A maximum overpayment allowance is only applicable if an ERC applies to the product. Where a product has no ERC, there is no maximum overpayment allowance. A redemption fee is charged if your client repays their main mortgage in full more than 10 years before the natural term ends, unless they are taking a new Nationwide mortgage at the same time. ERCs aren’t applied when on BMR/SMR. ” – Nationwide
It has been our observation that with the recent interest rate increases, sometimes it can make financial sense to pay the early repayment charge. In situations where it makes sense to pay the ERC, it is usually to grab a great fixed rate before it rises further. Sometimes the ERC will cost you less than waiting and end up with a rate that is higher and costs more in the long run. – Grant Humphries (Mortgage Adviser)
How do I know when my existing Nationwide mortgage deal ends?
There are two places to find the exact date that your existing Nationwide mortgage deal ends. The first place will be on your existing mortgage offer where it should state clearly when your existing deal finishes and when you no longer have an early redemption charge.
The second place you can find when your existing deal ends is on your annual mortgage statement. Again it will have the date that you will no longer be charged an early repayment charge.
Ideally, you want to start your Nationwide switch mortgage as soon as allowed.
How long before my fixed rate ends can I remortgage Nationwide?
If you are an existing mortgage customer of the Nationwide Building Society and asking when can I remortgage with Nationwide. The earliest you can start a Nationwide mortgage renewal is 3 months before your existing deal ends. If your mortgage case is slightly complicated it may be worth seeking advice from a mortgage advisor previous to the 3 months.
Does Nationwide use mortgage affordability calculators?
Nationwide decide on how much they will lend on mortgages by using a mortgage affordability calculator.
All lenders use affordability calculators on their mortgages however the amount they lend you can differ therefore if you find that Nationwide is not willing to lend you the amount you need it might be worth finding out what other Banks and Building Societies are willing to lend you and the services they offer.
Does Nationwide have the best Interest rate?
There are over 90 different mortgage lenders in the UK. These banks and building societies offer over 14,000 different interest rates and deals. That’s a lot of mortgages! It might be worth having a shop around as the chance of Nationwide mortgages having the very best interest rate and deal for you is very slim.
Is there an easy way to remortgage?
There is an easy way to remortgage. There is a way you can get mortgage specialists to search the whole market to find you the very best interest rate and mortgage deals and lowest monthly payments on your home.
On top of this once they have found you the right mortgage lender they will get the mortgage application submitted for you and see it through to completion. In the next section, you will find out who these mortgage experts are.
Introducing the Fee-Free mortgage broker
A mortgage broker’s sole job is to search the whole mortgage market to find you the very best deal to minimise your monthly mortgage payments. They will remove all the hard work and stress from remortgaging. Also, every mortgage lender has its own lending criteria. A broker’s services include knowing which mortgage lender is most likely to accept you for your mortgages. A mortgage broker will be able to arrange a Nationwide switch and submit your Nationwide mortgage application for you as well as check the whole mortgage market to make sure you have the best mortgage deals.
Search for an Independent Fee-Free Mortgage Broker
The best way to find a broker is to carry out a Google search –“Fee Free Mortgage Broker” (Because why would you ever choose to pay for a broker?)
This will give you a list of mortgage brokers that will be able to help. You may have spotted that we included fee-free in our search! Yes, it’s true. It is possible to get a broker to carry out the whole remortgage for you taking away all the stress and worry without having to a penny for the service.
All mortgage brokers get paid the same by the different mortgage lenders. Some charge their mortgage customers an additional fee on top and some don’t! (we don’t).
Make sure you get a highly rated mortgage broker
The best way to make sure you get a really good mortgage broker is by checking out their services and reviews. Have a look at the Trust Pilot, Facebook reviews, and Google reviews.
- Firstly there should be hundreds of reviews as this means they help a lot of new mortgage customers.
- Secondly, they should all be 5-star reviews. This means they not only help a lot of people but those people are content and love the service and help they have received.
Nationwide Mortgage Advisor – YesCanDo Money
One of the UK’s leading fee-free, independent & highest-rated mortgage broker
YesCanDo Money is a family-run independent fee-free mortgage broker. They have an amazing team of experienced mortgage advisers that arrange remortgage nationwide on a daily basis. Our friendly team is at hand to help you and add value through every step of your remortgage. We always put you first whether it’s a Nationwide new deal or a mortgage lender that is better suited to you with a lower interest rate.
A mortgage adviser will spend the time to really understand what you are wanting to achieve and to give you the very best value, advice, and interest to keep those monthly payments as low as possible.
Get The Best Nationwide Remortgage Deal
YesCanDo Money does multiple searches and research the whole UK mortgage market and reports back to you with the very best interest rate and deal for your situation whether it’s for mortgages on your home or Nationwide buy to let mortgage on your investment property we will get you the best new mortgage deal.
We Organise The Mortgage Application
Once you are content with the deal and the monthly payments the mortgage adviser services include submitting your Nationwide mortgage application for you and completing all the paperwork.
YesCanDo Money will talk to your property conveyancer or solicitor and any other parties seeing your mortgage application through firstly to receiving your Nationwide mortgage offer and then through to completion. They are on hand to help.
If you are moving home we have a team of advisors nationwide here to help by speaking to your estate agent selling your home and also the estate agent from who you are buying your new home. Our services include making sure your conveyancer has sent off for the local authority searches on your new home and arranging any home insurance.
The art of a smooth remortgage is communication. The team at YesCanDo Money not only uses email and phone but also uses WhatsApp with their mortgage customers to make getting updates and any questions you may have an easy process. This all adds value and leads to content customers which can be seen in our Trust pilot reviews. also have a look at our reviews on external websites and social links like Facebook and Twitter.
You can YesCanDo Money Monday to Friday 8 am- 5 pm and 8 am to 6 pm Saturday. we are closed Sundays and bank holidays, therefore, please contact us on WhatsApp
YesCanDo Money is authorised and regulated by the financial conduct authority. Nationwide Building Society is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority.
