Advice re nationwide

LisaMarkand_Oliver

We are in the process of purchasing a new property having sold our own

We have our mortgage with nationwide and have agreed to an additional £97K at a fixed rate (2 years) at 6.28% we paid a £999 fee for this.

The mortgage we currently have is carrying on for another 2 years on a lower 4.99% fixed rate

With all the recent announments would i be able to change the rate, we only sent the papers back last week.

I've done a quick calculation (correct me if i am wrong) but the 5.88% 2yr fixed would save me £600 over the 2 years

I understand i still have to pay the £999 fee

Any advice would be great

hethmar

I suppose the people to ask is Nationwide Lisa.

mic200202

Yes, I would try and see if you can get something else - they have a nice 3 year tracker for existing customers moving house. (rate depends on your deposit) with £599 fee. A lot of their deals have the facility to 'switch and fix' into a fixed rate (subject to what is available at that time) during the deal time. You could also ask them about their base rate deal (after the 0.5% has been applied) to see if you could go for that then look at the deals for product switchers later on. As usual you are looking out for fees and tie ins. I think the 6.28% @ £999 fee aint good value.

JayZed

Lisa, if you want to switch to another deal now I strongly suspect you'd have to pay another arrangement fee - so it wouldn't be worth switching unless the new deal can save you more than the arrangement fee, which I should think is pretty unlikely.

mic200202

If you havent recieved an offer yet,then the fee hasnt been charged. If you have asked for the fee to be added to the loan, then you can still ask for a different deal.

LisaMarkand_Oliver

Managed to get a 6.02% deal with them

Thanks for the advice the LTF was 68%

Not sure if it is agood deal but we've not signed the offer yet so can still change hopefully if need be