Nationwide fix Ending Jan - BMR or Switch?

NICKJENK

Long time reader, first time poster here!

Our 2 year (4.79%) Nationwide fix ends on Jan 31st, so we've been looking into our options through a broker. Best deals offered are Abbey - 2 yr fix at 4.49% (£995 fee) OR C&G 5 yr fix at 4.99% (£495 fee).

We were quite interested in the HSBC boe +0.99% tracker but didn't apply quick enough! (We're <60% LTV).

An option that we hadn't considered until today was switching to the Nationwide's BMR variable rate, which is now at 4.69%. We can switch to this at no charge and we can even switch now as we're in last 90 days of our current deal.

We've had a variable rate before in the form of a A&L tracker so we understand the risks.

We appreciate that we must make this decision based on our own circumstances and feelings, but we're interested to know the thoughts of others??

If boe base rates were to drop again over the next 3-6 months would there be better fixed rate deals around at that stage?

Many thanks.

koexelek

I'd go Nationwide SVR, then you have the best of both worlds.

While you are on it, you benefit from a competitive rate with no tie ins.
If better deals do come along ( either with Nationwide or elsewhere) you can jump straight on to them

FiscalFanny

Hi

Yes, stay on the NW BMR as it's reasonable and see what happens. Personally I wouldn't fix with rates as they are as the likelihood of getting a better fix in the near/medium future is good. However as you say everyone's circumstances are different and if you're on a very tight budget maybe a fix feels secure for you.

We're in same boat, NW 2 yr fix 4.49% ends in January and we're in the midst of HSBC +0.99% tracker application, NW were only offering pants fixed rates but they said they will be launching trackers soon. If you can get a good deal with NW then the £299 fee for current customers is reasonable.

Fanny

Dick_here

NICKJENK wrote: »

An option that we hadn't considered until today was switching to the Nationwide's BMR variable rate, which is now at 4.69%. We can switch to this at no charge and we can even switch now as we're in last 90 days of our current deal.

You can switch to a lower price than your current fix simply because it has less than 90 days to run ? I've not heard of that one.

paulsrich

Yes you can switch at Nationwide. I have been on a 5 year fix at 5.39% which wasnt due to end till the end off Feb 09. Contacted Nationwide so moved it to SVR of 4.69% 90 days before the fix ended. Saved me around £40 a month. The savings will go towards the £299 admin fee for my new deal........ Going to wait and see what the BOE do on Thursday first then perhaps move to the 2 year tracker, +1.99% above BOE.

Cheers

Paul

ian-d

Can anyone with a fixed Nationwide deal within the last 90 days drop out onto the BMR? Just that I'm sure mine has a penalty if you drop early?

Ingsy

ian-d wrote: »

Can anyone with a fixed Nationwide deal within the last 90 days drop out onto the BMR? Just that I'm sure mine has a penalty if you drop early?

I'd be interested in the answer to this too, as my fixed is due to end at the end of Feb, so switching now could be a possibility for me also.

Thanks!

paulsrich

I was certainly under the impression when I spoke to my mortgage advisor that if you have less than 90 days to the end of your fix you can move. I didnt cost me a penny. I also found out that if i move to a tracker and things start to get tight then I can just move it to a Fixed deal. I thought this was very good. Why not just ring them? I always pop into my local branch as rather speak to the advisor face to face.

Ingsy

Thanks for the info! I'll try and phone them later. Our local Nationwide branch is rubbish, if I'm honest.

-macca-_2

I've just called NW this morning as I am in the same situation - 4.88 fixed finishes at end of Jan. It will automatically switch to the SVR (which is currently 4.69) in Feb which is nice. Can't switch to it now as that only applies to "products". I'm going to start overpaying as well - need to get the LTV figure down!

hardlypodd

Hi,

"An option that we hadn't considered until today was switching to the Nationwide's BMR variable rate, which is now at 4.69%. We can switch to this at no charge and we can even switch now as we're in last 90 days of our current deal."

Has anyone actually managed to switch within the 90 days of their Nationwide fix ending and jump onto the BMR of 4.69% essentially "early" ?

Seems too good to be true, my Fix of 5.48% ends in Feb also and was hoping I could jump onto the lower rate early. There seems to be some conflicting information here.

A definitive "yes I did it" would be great...and whether it's best to visit a branch or beg someone in a call centre over the phone?

Thank you,

Hardlypodd