Nationwide fix Ending Jan - BMR or Switch?

Maggie_F

Yes, we switched from our fixed rate mortgage with NW which was due to run out at the end of january to the standard variable rate at the beginning of December with no charge, tho' we did have to sign forms, so I'm not sure a phone call alone would be enough. Time to start overpaying again.

Boony2310

Maggie_F wrote: »

Yes, we switched from our fixed rate mortgage with NW which was due to run out at the end of january to the standard variable rate at the beginning of December with no charge, tho' we did have to sign forms, so I'm not sure a phone call alone would be enough. Time to start overpaying again.

I'm baffled how you managed to do this !
I'm currently on nationwides 2 year fixed rate @ 5.48%, which is due to end at the end of January. I spoke to a nationwide advisor over the phone, and he insisted i could not use the 90 day clause without incurring a penalty charge, as moving to the BMR isn't technically switching to a new deal.
Just realised as well that the BMR is gauranteed to be no more than 2% above the bank of England base rate, so looking forward to a nice sub 4%rate, given todays 1% reduction in the base rate !:beer:

Heyman_2

Can we get some clarity as to this Nationwide switch-to-BMR-within-90-days-of-the-end-of-your-deal situation?

I am in that position myself (only 1 month left to run though), but would be nice to claw back a bit in interest (i.e. I'd go from 5.28% fixed to 4.69% variable).

paulsrich

I had no problems switching my deal. As I said previously i was on a 5 year fixed at 5.39% with nationwide which ends 28th Feb. I went in to book an appointment with mortgage advisor the other week to see what was available. The only think she could do is switch me over to the SVR at 4.69%. So thats what i done. No penalties or anything like that. A week later got a letter to say all moved.

Boony2310

Heyman wrote: »

Can we get some clarity as to this Nationwide switch-to-BMR-within-90-days-of-the-end-of-your-deal situation?

I am in that position myself (only 1 month left to run though), but would be nice to claw back a bit in interest (i.e. I'd go from 5.28% fixed to 4.69% variable).

Just come off the phone again, this time to quite a clued up advisor at nationwide head office, and she also insists that the system wouldn't allow her to change from my fixed rate to the BMR, i could only change to another fixed rate, or tracker in the last 90 days of my deal. Looks like i'll just have to sit it out a couple more months for my deal to naturally come to an end before seeing any monetary benefit of the BMR !:mad:

Boony2310

paulsrich wrote: »

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

Personally i wouldn't bother switching to the tracker, as the SVR is guaranteed to be no more than 2% above the BofE rate anyway. (What's 0.01% difference between friends)? Save you forking out £299 for the fee as well.:j
Edit: Just read an article that says the trackers will come down by the full 1%, however the BMR will only come down 0.69% to 4%, inline with their "no more than 2% above BofE rate policy". I'm a bit dissapointed they didn't pass on the full 1% for the BMR though:mad:

spirit

I've just spoken to the Nationwide as my fixed ends on 28th Feb - therefore within this 90 day period and she said that the facilty to move to their BMR for existing customers was withdrawn a month ago due to the volatile nature of the mortgage market.

ah well, not too long to wait I suppose!

Ingsy

I phoned up the night before last and was told that I couldn't move from my fixed rate - 2 years @ 4.97% until the end of Feb '09

spirit

Is that when your fixed rate ends too Ingsy?

Ingsy

Yup, Feb 28th. Current LTV is about 92%. That's a guess though. Who actually KNOWS how much their property is worth right now?

Flipping over to a 4% SVR sounds alright to me. Will start overpaying like !!!!!!y (hopefully!) as well. Got married only 2 months ago, so in the new year we're going to sit down and have a damn good sort out of our finances. Need to rebuild savings, and would also like to get the LTV on our flat a little nicer!