Getting the timing correct on a remortgage 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 to remortgage with Nationwide is 10 weeks. The timescale will be dependable on how straight forward your mortgage and financial situation is.
In this guide, we will look at remortgaging with Nationwide Building Society. We will give you the perfect timing and also a few pointers that can speed up the mortgage process.
How to remortgage with the Nationwide Building Society
If you are an existing mortgage client of Nationwide the best time to get the ball rolling on your remortgage is 4 months before your tie in period finishes. This will give you plenty of time in case there are any hold-ups. It is really important to get the remortgage done in the correct timeframe. 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 a month.
If you are not wanting to change anything about your mortgage; for example, you want to keep the same mortgage term and same mortgage amount. The process for this is usually quite straight forward and in n most cases, Nationwide will not want any new proof of income or want to look at your outgoings.
If you are wanting additional funds or wanting to increase or decrease the term then Nationwide Building Society will look at you as a new mortgage. They will want evidence of income and will also want to look at your outgoings to check the mortgage is affordable. Your mortgage will be re underwritten therefore this can take longer and we would advise you start your remortgage 16 weeks before your existing mortgage deal ends.
How do I know when my existing Nationwide deal ends?
There are two places to find the exact date that your existing 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.
How early can I remortgage with Nationwide?
If you are an existing customer of the Nationwide Building Society the earliest you can start a mortgage with Nationwide 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.
Do Nationwide use mortgage affordability calculators?
Nationwide decide on what size mortgage you can have by using a mortgage affordability calculator. All mortgage lenders use affordability calculators 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.
Do Nationwide have the best Interest rates?
There are over 90 different mortgage lenders in the UK. These banks and building societies offer over 14,000 different interest rates and deals. It might be worth having a shop around as the chance of Nationwide having the very best rate and deal for you is very slim.
It all sounds a little complicated. 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 rate and deal. On top of this once they have found you the right mortgage they will get the application submitted for you and see it through to completion. In the next section, you will find out who these mortgage experts are.
Want to achieve your best mortgage?
Introducing the free mortgage broker
Mortgage brokers sole job is to search the whole mortgage market to find you the very best deal. They will remove all the hard work and stress from remortgaging. Also ever mortgage lender has its own lending criteria. A mortgage broker will know which lender is most likely to accept you for a mortgage.
The best way to find a mortgage broker is to carry out a Google search –
“Independent Fee Free Mortgage Broker” (Because why would you ever choose to pay for a mortgage 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 mortgage 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 great mortgage broker
The best way to make sure you get a really good mortgage broker is by checking out their reviews. Have a look at the mortgage 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 love the service they have received.
Or use 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 advisors that are at hand to help you through every step of your remortgage.
A mortgage adviser will spend the time to really understand what you are wanting to achieve. They will then research the whole mortgage market and report back to you the very best rate and deal for your situation. Once you are happy YesCanDo Money will submit your mortgage application for you and complete all the paperwork.
YesCanDo Money will talk to your solicitor and any other parties seeing your mortgage application through to completion.
The art in a smooth remortgage is communication. The team at YesCanDo Money not only use email and phone but also use Whatsapp and Facebook messenger with their mortgage customers to make getting updates and any questions you may have an easy process.
Related Article: Can you remortgage for free?