Switching mortgage product with Nationwide - help needed

[Jasper]

We've had out mortgage with Nationwide for a few years now and our fixed deal is coming to an end soon. We are currently looking to switch to a tracker deal which we believe would be our best option. We fully understand the differences between mortages and costs involved etc, etc. That's not the problem. The problem is that since taking out our fixed rate mortgage I have been made redundant. Although I've been back at work for a year or so it's now on a self employed basis which means I do not have sufficient accounts to prove my income and also my income is actually a lot less than it was. The mortage payments have all been met and nearly every month we actually make over payments. Both our credit scores are fine and there's no outstanding debts at all. What I'm worried about is that I may now be asked for proof of income when we ask to switch deals which may highlight the fact that our joint income is probably insufficient to gain the mortage that we already have although as I've explained, we are currently managing.

So, my question is... Does anyone know what info Nationwide ask for when switching an existing mortgage customer to another product ? Also, am I better doing this over the phone or in Branch.

Thanks for any help provided.

[Scott Butcher]

If you are staying with Nationwide you will probably not be asked for any income evidence. In fact it is very unlikely that they will ask for any information at all. They should just simply offer you new products.

What I would recommend is for you to see what Nationwide offer you, and then speak to an independent mortgage broker and see what else is available from other mortgage lenders.

Even with your self employment it may be possible to obtain a mortgage elswhere. It will depend on several other factors including the income multiple you are after, what debts you have and the ratio of the loan to the value of your house.

Once you have the offer from Nationwide, speak to a mortgage broker and see if they can find something more competitive. You will not be required to make an immidiate decision on the offer from Nationwide and should ask them to send you a quote on paper and give you a time limit on making a decision. You can then use the Nationwide offer as a benchmark for your mortgage broker to compare any new deals.