New Nationwide 'member only' - 5.34% fixed for 5 years

KTF · 27 February 2007 at 4:04PM

From 1 March 2007 the Society will introduce:

* a member exclusive mortgage – a great value five year fixed rate deal, now with the reservation fee removed, for those with at least three years’ membership, saving up to £499
* increased loyalty reservation fee discount (£200 off compared to new borrowers) for existing mortgage borrowers
* a more competitive range of fixed rate and tracker mortgages – rates to decrease across fixed rate and tracker product range

Mortgages - it pays to have your mortgage with a mutual

A new mortgage deal is being launched exclusively for Nationwide members of three years and longer. It will have a very competitive rate from 5.34% fixed for five years, with no reservation fee, saving loyal members £499 compared to the fee for new Nationwide borrowers. Like other Nationwide mortgages, the member exclusive mortgage is also portable, so members planning to move home can take the mortgage with them.

Nationwide is also increasing its reservation fee loyalty discount for existing borrowers. The discount, which is available to existing mortgage borrowers taking out a new product, will increase from £100 to £200 (compared to new borrowers), making Nationwide deals even more competitive.

In addition, Nationwide is also decreasing rates across its range of fixed rate and tracker mortgages. The new rates make Nationwide’s mortgage deals some of the most competitive in the market place.

Notes:
Mortgages: The member exclusive mortgage and increased loyalty reservation fee discount are a limited offer.

Qualifying members for the member exclusive mortgage offer must have at least three years’ membership of the Society. There are two types of Society member: Investing members – those who hold a FlexAccount or a savings account and borrowing members – those who have a Society mortgage.

The following accounts do not carry membership rights: Personal Loans, Credit Cards, Insurance products and products offered by subsidiaries of the Society, such as Nationwide International, or UCB Home Loans.

Rates are here:
http://www.nationwide.co.uk/mediacentre/PressRelease_this.asp?ID=958
I doubt it will cut and paste very well.

UK007BullDog · 27 February 2007 at 4:59PM

Cool....... lets hope it is still available in a few years time when my now 5 yr fixed will come to an end.

southern_chick · 27 February 2007 at 8:59PM

Hi KTF
that sounds really good thanks for the info, i just hope it is still around next March when my current fixed rate runs out!

kingsblue00 · 27 February 2007 at 11:10PM

Same here, I hope they still have this incentive when our deal runs out with nationwide next Febuary.

docmarty · 28 February 2007 at 5:53PM

Thanks KTF for spotting this.

One thing though, I see from the small print that the 5.34% fix is
only for house purchases; if you just want to remortgage your
existing property the 5 yr fix rate is actually 5.44%.

Still pretty attractive though.

taxiphil · 28 February 2007 at 6:00PM

SORRY if this is a dumb question and has already been answered in another thread, but:

If you've already got a mortgage with them and want to take advantage of this deal, do you have to go through that arduous application process all over again: property survey, credit application/checks, proof of income, etc.?

duputydugg · 14 March 2007 at 4:06PM

Taxiphil,
To answer your question, No.
I've got mortgage with them, just been discussing changing to this 5 year fixed members deal and there are no fees at all; no arrangement fee, no solicitors, no survey, nothing. Just need to fill in the paperwork and job done. I'm told they need 10 days to process it, then my mortgage rate changes.

Still not convinced that mortgage rates will not drop over the next 5 years, but certainty of knowing your outgoings has a lot to be said for it nowadays.

New Nationwide 'member only' - 5.34% fixed for 5 years

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