If its that simple great, I haven't looked at nationwide mortgages but I do have a couple of their current accounts. If they have access, maybe they can see that you are fine. I would have thought that there would be some basic checks of affordability or they would come unstuck.
I think if I were to try and reduce the term, and therefore increase payments, they would want to carry out their standard affordability check. Seemingly they are more concerned about the welfare of borrowers who intend to pay off debt faster than those that want to stretch it out.
Will things be the same in two years who knows? I remember when they were giving mortgages away like sweets, pre 2008. Then "new rules" kicked in and it was much harder to "fit the criteria" hence all the "mortgage prisoners" we now have.
Good point
I even found myself on the wrong side of a mortgage application which I just wanted to roll over. Despite being fully offset and having additional savings/property I was told I couldn't afford it. I was working a lot less hours than when I first started it. The decider that made the process ok was saying "if the worst came to the worst I would sell the house!"
Don't get me started on banks
After 10 years as an IT contractor, bouncing from contract to contract, and having saved a 40% deposit, I assumed a reasonable lender would think "this chaps seems to know what he's doing, and he's got a large deposit". In fact, Halifax told me that to have a mortgage, I would need at least a month remaining on my contract. And given that I only ever get 3 month contracts, that means I would have needed to find out a house, and complete, all within a magic 8 week period. They will of course then give me a 30 year mortgage based on having 1 month contract left of work, but wouldn't if I have only 3 weeks left. Banks are seemingly run by morons, or at least people who can't think rationally around slightly unusual cases.
I was told that I didn't seemed concerned enough over how I could afford the monthly payments. I told them that the monthly amount was zero (fully offset) so yes I wasn't concerned if I could afford nothing at all! In the end the computer said yes but small insignificant details really mattered.
But surely the bank would like to see a certain look of terror in your eyes before you signed on the dotted line.
Still if there are no checks Bob's your uncle! better than going through all that rigmarole.
Well exactly, and it's for that reason that I'm highly likely to stay with my current lender, my circumstances are always slightly unusual, and it's just too difficult, or too annoying, trying to go through a real mortgage application. (I've given up with Coventry a couple of times for example)