Nationwide rate cuts tomorrow + no fees

manikm

leeloo1 wrote: »

Having thought about it a bit more, the only problem I have is how quickly Nationwide seem to be reducing their rates. Cos I've been keeping an eye on it as I knew I'd have to remortgage soon, I wrote down the rates, so:

16/7 - 5 yr fixed - 6.45% (no fee), 2 yr fixed - 6.98% (no fee)/ 6.58% (£599 fee)
18/7 - 5 yr fixed - 6.18% (no fee), 2 yr fixed - 6.58% (no fee)/ 6.18% (£599 fee)
8/8 - 2,3,5 year fixed - 5.98% (no fee)

So now I'm wondering whether to fix now or wait for another 2-3 weeks for the rates to drop again?!

Does anyone know - If I sign up to 1 of their no fee rates now and get the paperwork sent out but not sign it immediately, then, if the rates do drop in a couple of weeks, could I change to the new rate, or having agreed in principle to a new deal would I be tied to that???

i beleive your not tied, until you're formally accepted - if u have had a mortgage offer, then that rate is valid for something like 14 days....

dolally_2

Manager at Local Nationwide Branch said she hadn't processed any mortgage applications since June as nobody has been applying!!

shell1000

what can you do if you signed the forms on tuesday for a 6.23% that they are now doing for 5.98??? im really annoyed, you just cant win at the moment and that 30 quid a month makes all the difference to me.

Theres my lesson for going with alliance and leicester and paying for a two year fixed rate that was actually a 1 year 10 months and realising i only had a month to get a new mortgage when i thought i had three..

any help gratefully received.

bubblesmoney

see link nationwide is exempting the £599 fees for a short period. this is mentioned only on the media pages of nationwide but not in the mortgages section

Quote:
In addition, the chance to be “mortgage payment free” for a year (up to a maximum of £10,000) remains available - all customers who have a mortgage interview in a branch or on the phone between 28 July and 30 September will be entered into a free prize draw and 10 lucky winners will have their mortgage payments made by Nationwide for a whole year.

bubblesmoney

shell1000 wrote: »

what can you do if you signed the forms on tuesday for a 6.23% that they are now doing for 5.98??? im really annoyed, you just cant win at the moment and that 30 quid a month makes all the difference to me.

Theres my lesson for going with alliance and leicester and paying for a two year fixed rate that was actually a 1 year 10 months and realising i only had a month to get a new mortgage when i thought i had three..

any help gratefully received.

well u have nothing to loose by badgering them to give u the new rate. if it works u win, if it doesnt work then u r no worse off than the rate u signed up for. best of luck

shell1000

thanks bubbleemoney! i guess i would be seen as a switcher, but hopefully they will be reasonable, cross fingers ill let you know later.

This whole re-mortgage situation is a nightmare, i had the house surveyed yesterday and am not feeling very confident i will achieve the ltv ratio with the house prices dropping back to 2006 prices. Especially frustrating after i worked so hard to renovate the house over the past 2 years.

Grr!

Jockthearab

Cheers for the 'heads up' on this Marco_79. I tried applying for the 5.98% 5 year fixed at the end of May (as my 3 year Fixed rate with them ends 31/8/8) to be told to call back in June. Called back in June & the rate had already gone up to 6.18% However I was happy with this rate shortly after, as they went up by 0.2% again approx two weeks later!

Got the offer from them at the end of June, signed the documents & sent them off. It was yesterday (when you posted the new rates) that I finally received confirmation of the 6.18% deal! So I phoned them and spoke to an advisor yesterday evening who suggested I send them a letter cancelling this offer & reapply today for the new offer. I sent the letter last night & tried to reapply today, but I have been told they can't do anything until they receive my cancellation!

I'll call them again Monday, Tuesday, Wednesday next week, whatever it takes to try & get this new rate applied ASAP, as it's going to save me £18 per month over the next 5 years. Worth the hassle in today's economic climate.

JtA

manikm

if there are NO FEEs on the product - does this affect any payment to a broker if you were to go for one of these deals using a mortgage broker?

does he\she get anything from Nationwide - or is this only open to people not going through a broker?

cheers!

lizzie_dripping

Thank you for this - I have been holding off product switching with Nationwide (my .13 below BOE expires at the end of September) but no arrangement fee makes a difference.

Just got decide between the tracker and fixed now.

luckyfool

bubblesmoney wrote: »

see link nationwide is exempting the £599 fees for a short period. this is mentioned only on the media pages of nationwide but not in the mortgages section

Quote:
In addition, the chance to be “mortgage payment free” for a year (up to a maximum of £10,000) remains available - all customers who have a mortgage interview in a branch or on the phone between 28 July and 30 September will be entered into a free prize draw and 10 lucky winners will have their mortgage payments made by Nationwide for a whole year.

The quote doesn't say that. The £599 arrangement fee is only waived for Existing Nationwide Customers switching products.