Remortgage Advice

LauraFoster

This may be a completely daft question but i need a bit of help.

My fixed rate with Nationwide is due to end on 31st October. Ive been down to see them and have an offer letter for a 5 year fixed rate at 5.78%.

Do i have to do anything other than sign and return this? Only rates may change between now and end of october so how long can i realistically leave it before returning the signed documents?

As im staying with Nationwide do i need to get a solicitor?

UK007BullDog

If you are staying with nationwide you do not need a solicitor.

All you really need to do is call the mortgage department on your original paperwork and ask them to offer you their best deal. One to two weeks before your mortgage ends is OK.

They will send you reminders anyway and offer you a deal in writing as well.

lagi

Laura,
Am in exactly the same situation as you, but still unsure about a tracker or fixed. If i am correct there will be another b.o.e. discussion at the beginning of October. If they raise the rates then Nationwide will amend their offers.

What i would like to know is if you have an offer, is it valid for a period of time and if rates do change can you still opt for the cheaper offer or can you kiss goodbye to it?

dimbo61

If you want the security of another fixed rate deal with Nationwide and the savings that you will make by sticking with you existing lender then sign the forms and contact you lender a few weeks before the end of october.
Hope and pray for a cut in the BOE base rate and that Nationwide change there rates ( DOWN !)
Nationwide have just mergered/ taken over 2 smallers building societies so things are still very tough for lenders at the moment and a 5 year fix at less than 6% is a good deal. Your call GOOD LUCK

lagi

Laura,
Spoke to Nationwide yesterday and as an existing customer i asked how long to agree on a a new deal. Because they have all your records and details about 2-3 weeks as they have to send you something out to look at and sign/return.
Also it does state that if you are on a tracker of any kind you can change to a fixed deal at any time.
Myself i am going to wait until Mid October to change, just incase there becomes a better rate. Taking a chance as rates may go up. Other option is to drop onto svr and make a decision later but am sure you have looked at all your options. Also the person on the phone said any adjustments could be agreed also before new one begins, things like changing the term of the mortgage (only asked about shortening it). They made it all sound very simple, so wouldn't waste money on a solicitor. Just think of every question you want to ask, write it down and ask them, just read through new offer when it comes.