Nationwide - future earnings

[Wonderbug81]

I was made redundant a year ago and lived off (a healthy) redundancy package for most of this year while looking for a new role. I've secured a job that starts next month and I also have a remortgage coming up. I won't have payslips and/or earnings being paid into my account for this past year.

My broker said I could switch to Nationwide who would accept my contract. The rate is decent and no early repayment fee. But they also want 3 months' bank statements which will obviously show no earnings!

Meanwhile my current provider has a slightly lower rate but high early repayment charges and I'm hoping to move in with my partner in a new home within the next year.

How likely are Nationwide to decline me on the basis of bank statements? I have an excellent credit score if that helps.

And would another option be to stay with my current provider and then port the mortgage to avoid charges in a year?

Any advice welcome!

If Nationwide would accept your contract, they maybe looking at your bank statement to see outgoings?

Why don’t you just wait until you have three months of payslips?

Presumably you are just moved onto a variable rate at the end of your mortgage, which isn’t ideal but tolerable for a few months?

Thank you, yes I did consider it but the mortgage more than doubles and I'd be paying it for at least two months before I can transfer so Nationwide or even staying with my current provider on a new fixed rate (despite early repayment fees) would still be better value.

Yes I'm pretty sure they are and while my spending is normal it's still a risk when you don't really know for sure whether they are going to be fine with it.

Are you borrowing more money or just switching rates on what you already have? If you aren’t borrowing any more your existing lender won’t need to do any affordability checks.

Hi, two months ago I remortgaged with Nationwide. For last year and a half I was on a career break with some very sporadic minimal earning. I was just starting full time job and I did not have a payslip. I was declined by Barclys but approved by Nationwide.

I’d remortgage with my current provider (no checks needed) and when you move either port the mortgage or take the hit on the higher ERC.

Just switching rates. This is my feeling too, easier to stay with them in terms of checks etc. I guess it was just the early repayment charges that were the issue but from advice here, usually solved by porting.

You shouldn't be paying ERC's for staying with the same lender and just doing a product transfer? You can look into a shorter term fix if you are thinking of borrowing, or make sure your mortgage is portable, which would "allow" you to move home with it. Speak to your broker and they can make sure whatever you do now fits in with your future plans.

Have a look at furness, they were great for us as I’m a limited company director with a variable salary and my DH gets low basic and commission, they were the only place that actually understood anything other than bog standard salary’s.

Thanks, no the ERC is for next year when I buy with my partner. So I'm having to compare that to Nationwide, which doesn't have an ERC.