We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Nationwide mortgage - existing customers get worse deal than new customers.
_NickB_
Posts: 3 Newbie
Hi all
Nationwide are offering better mortgage deals to new customers than to existing loyal customers.
They used to run an advertising campaign making a big deal of how they always gave existing customers the same deal as new customers, instead of making them subsidise new business.
I am an existing customer and I went to renew my about-to-expire mortgage deal with them today. I took base rate minus 0.07% for two years (£499 fee) but they refused to give me the better deal they advertise for new customers - base rate minus 0.27% (£599 fee).
I plan to take this further with Nationwide to try and get the better deal. Does anyone have any experience of having done this with Nationwide already?
Thanks
NickB
Nationwide are offering better mortgage deals to new customers than to existing loyal customers.
They used to run an advertising campaign making a big deal of how they always gave existing customers the same deal as new customers, instead of making them subsidise new business.
I am an existing customer and I went to renew my about-to-expire mortgage deal with them today. I took base rate minus 0.07% for two years (£499 fee) but they refused to give me the better deal they advertise for new customers - base rate minus 0.27% (£599 fee).
I plan to take this further with Nationwide to try and get the better deal. Does anyone have any experience of having done this with Nationwide already?
Thanks
NickB
0
Comments
-
Their stance ( i'm not defending it) is the muinus 0.27 is open to buyers only- so if moving you get same as new customer ( £100 lower fee)
the minus 0.07% rate is open to existing customers renewing (£100 lower fee) , and remortgagers , alike - ie people not moving houseAny posts on here are for information and discussion purposes only and shouldn't be seen as (financial) advice.0 -
Yes. The mortgage is £140k and the deal is for two years, therefore a 0.2% lower interest rate would save me roughly £450 - £500 in interest over the two years.
And as the previous reply pointed out, Nationwide do appear to be offering £100 off the fee if I'm an existing customer buying a new property, just not to an existing customer taking out a new deal with them.
NickB0 -
Yes. The mortgage is £140k and the deal is for two years, therefore a 0.2% lower interest rate would save me roughly £450 - £500 in interest over the two years.
And as the previous reply pointed out, Nationwide do appear to be offering £100 off the fee if I'm an existing customer buying a new property, just not to an existing customer taking out a new deal with them.
NickB
Get a grip
What you are basically saying is everytime they change a products details they should change all existing contracts bull
Nationwide state new customers get the same deal as existing customers so if you approach them now for a change of product etc you get the same one as a newcomer
It doesnt mean that everytime they release or change a product yours automatically changes
Apart from anything I bet if new customers were on a higher rate as is likely for a lot of people you would be happy for them to give you that
Stop trying to be a smart !!!!0 -
knowledgeman wrote: »Get a grip
What you are basically saying is everytime they change a products details they should change all existing contracts bull
Nationwide state new customers get the same deal as existing customers so if you approach them now for a change of product etc you get the same one as a newcomer
It doesnt mean that everytime they release or change a product yours automatically changes
Apart from anything I bet if new customers were on a higher rate as is likely for a lot of people you would be happy for them to give you that
Stop trying to be a smart !!!!
I don't think that's what the OP was saying, ,they weren't suggesting that people in the middle of e.g. a fixed rate should be changed because there is a new fixed rate product available.
IIRC their deal is coming to end, they are currently with Nationwide and want to arrange a new deal but are not allowed access to the same products as new customers.
I am about to be in the same position and given the advertising campaign they were running it is very annoying as they are now not offering the same equal access and are not rewarding loyaltly.
OP: I will interested to hear how you get on as I am planning to take the same angle.
They have been open to negotiation in the past as I managed to save £1300 off our original deal due to Nationwide messing us about sorting out the mortage offer and got them to put us on a lower-rate product for no fee! :beer:The cells are my friends...<img>0 -
Ask them what they will offer to switch back to Nationwide after you've taken a no fee mortgage deal from another lender.0
-
same as offering OP now, but with a higher £100 feeAny posts on here are for information and discussion purposes only and shouldn't be seen as (financial) advice.0
-
To the_geary
You are correct. My original deal was about to end and go onto the SVR. Therefore I was taking out a new deal, not asking for better terms on an existing deal.
The advisor in the Nationwide branch was very helpful and said that she was sick of hearing other existing customers asking why they were getting a worse deal than new customers.
I'll post an update when I hear back from my complaint to Nationwide.
NickB0 -
To the_geary
You are correct. My original deal was about to end and go onto the SVR. Therefore I was taking out a new deal, not asking for better terms on an existing deal.
The advisor in the Nationwide branch was very helpful and said that she was sick of hearing other existing customers asking why they were getting a worse deal than new customers.
I'll post an update when I hear back from my complaint to Nationwide.
NickB
Interesting, I'm off into town tomorrow so will pop into my local branch and see what they have to say, and feedback their response too.
That'll be once I've worked my way past the queues outside Northern Rock removing all the savings as seen on the BBC! <img>
Apparently the queue was still there around 4pm.The cells are my friends...<img>0 -
payless, yes, that's what I expect the answer to be: same offer as to new customers who are changing lender.0
-
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.7K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.1K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards