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Nationwide Rate Changes
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That 5.18% 2 year fix looks very expensive.
To think, 12 months ago you could get a comparable 2yr fix for 4.19%.0 -
thankfully sorted out my fixed rate last week (5.18 for 10yrs). Just two months ago the fixed rates were much better than I got
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The thing I 'love' most about this is the fact that their Standard Variable Rate (SVR) is increasing from 5.89% to 6.24% - an increase of 0.35%. Now I may be wrong, but I am sure that the BBR only increased by 0.25%!!!
Now I have to be fair and assume that they will be applying this increase to all their customers - not just 'new customers only'.
I will have to remember that the next time I am trying to illustrate the benefit of a tracker rate over an SVR based discount. Up until now I have been using the fact that, when rates reached their low in 2003/4, the biggest drop in a lender's SVR was the Halifax's 0.19% rather than the full 0.25%.
I know I am being unfair to the Nationwide as they will not be the only ones who will claw back some of their lost margins through this latest rise, but it is always a much more potent point when it is a lender known for their low SVR and who portrays themselves as being on the side of the customer.
Let's just hope that the next time rates drop (let's not argue about that tho!! lol), the Nationwide remember to drop their SVR by 0.10% more than the Bank of England!!!I am an IFA (and boss o' t'swings idst)You should note that this site doesn't check my status as an IFA, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Isn't this really all about perception of the 'cheapness' of short term deals against long term deal. We are / have been going through an unusual time recently with the inversion of the yeild curve (there or thereabouts) which has obviosuly affected the rates offered on short / long term deals, and we are now in a period of rising interest rates.
I think the picture you can draw from this is that in the short term rates are likely to go up again, and longer term they are likely to be higher than they have been recently, i.e. not sure how much they will drop after the rises are done. I think a lot of people with large borrowings are going to have a shock when they come off current deals.
Obviously, this is all my opinion, and I'm no expert and I don't (unfotunately) have a magic box - if only...............
cloud_dogPersonal Responsibility - Sad but True
Sometimes.... I am like a dog with a bone0 -
Ouch. All of a sudden decent fixed rate deals are coming hard to find. With the Bank of England supposedly looking at another rate rise before the end of the year, its only going to get worse...0
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there are still some good ones if you look properly/ Cambridge building society are quite competitive at the moment, royal bank of scotland - both on two year fixeds.I am a Mortgage Adviser
You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Is it me or do the reservation fees seem to be getting a bit much these days?0
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Yep, its the TCO over the period that you need to work out. You may find a slightly higher rate that is actually more cost effective over the period.
cloud_dogPersonal Responsibility - Sad but True
Sometimes.... I am like a dog with a bone0 -
MortgageMamma wrote:there are still some good ones if you look properly/ Cambridge building society are quite competitive at the moment, royal bank of scotland - both on two year fixeds.
Really? RBoS are advertising a 2 yr fix at a pricey 5.29%.0 -
They have a 2 year 4.89% fixed with a 699 reservation fee.I am a Mortgage Adviser
You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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