Nationwide mortgage

JCR

Hi - we have a NR mortgage finishing in December. We started the process of remortgaging in August with Nationwide - they originally offered us a fixed rate of 6.23%. However, due to the cuts in their SVR and NR's we questioned whether we could go onto their base rate instead as otherwise we would be better off for the timebeing, anyway, staying with NR. The mortgage advisor said she would try and get us on the Nationwide base rate of 4.69%. She rang the other day and said we should be receiving the offer in the post - which we did yesterday but it says 6.19%. Is this just because the new rate hasn't filtered through to their paperwork yet - and we can take it that it will be 4.69% as per the Nationwide Mortgage advisor's confirmation.:rolleyes:

confused31_2

i think you will find you are wrong there the svr is the same for all customers currently its 6.19, but it will drop on the 1st of december to 4.69 for everyone.

check first though, but im sure you can not have one standard variable rate for one customer and a diiferent one for another.

The thing is i didnt think the nationwide where offering svr straight mortgages to any customers, because all there fixed deals have fees and are not as low as the svr rate.

confused

JasonH_3

JCR Nationwide don't update their systems until the month end which means that any paperwork issued before this time will be out of date with regard the initial pay rate.
What you need to do is look in section 4 of your mortgage offer where it will tell you the calculation of your chosen product. This will clear it up for you and remember if it states x% above the Bank of England base rate then you will be able to work it out yourself bearing in mind the current Bank of England base rate is 3%. I think NWide were still offering SVR to direct customers confused31.

JCR

After the answers on here I just thought I'd nip in again to see the lady at Nationwide and she has confirmed what you say JasonH re the paperwork being out of date. Thanks for clarifying for me.

JasonH_3

no worries good news then for you - remember to keep an eye on those fixed rates next year as they will undoubtably reduce and you will be able to jump onto one without penalty!

JCR

Yes, I'll be keeping my eye on their fixed rates - I would be happy with anything under 6% as we were going to be jumping up to 6.23% with an arrangement fee before just a few weeks ago.

confused31_2

JasonH wrote: »

JCR Nationwide don't update their systems until the month end which means that any paperwork issued before this time will be out of date with regard the initial pay rate.
What you need to do is look in section 4 of your mortgage offer where it will tell you the calculation of your chosen product. This will clear it up for you and remember if it states x% above the Bank of England base rate then you will be able to work it out yourself bearing in mind the current Bank of England base rate is 3%. I think NWide were still offering SVR to direct customers confused31.

Yeah your right they are still offering the svr deal at 6.19, i must have missed it last night when i was looking, mind you if your a new custome you still need a big deposit. 25%.:eek:

I suppose its okay if you have a lot of equity, but for a first time buyer thats a big deposit.

JasonH_3

confused31 wrote: »

Yeah your right they are still offering the svr deal at 6.19, i must have missed it last night when i was looking, mind you if your a new custome you still need a big deposit. 25%.:eek:

I suppose its okay if you have a lot of equity, but for a first time buyer thats a big deposit.

Yes thats right who would have thought 12 months ago we would be saying 'you can have the SVR if you have a 25% deposit'