Nationwide pass on the full 1% for trackers (i.e No Collar)

icstm

I too would like further confirmation. Can people please come back here in the first week of Jan
(as they write to us of the 1st working day of each month following a rate change to tell us the new rate).
That way we can check which Nationwide products have had what cut passed on.

It is clear from here that some trackers are below and some above base rate.

catmiaow

Shouldn't Nationwide write to us before the 1st of Jan..mmm might ring up and ask about it.

irvin38aa

@ itscm.... Can't you look on your contract and see if you are on a tracker x.x% above OR below?

@ catmiaow... Yeah, they WILL write to us before 1st January. I normally receive my notice of a cut/rise about 20th of previous month.

No need to phone up. They ARE honouring the full 1% cut on tracker mortgages.

Heyman_2

udydudy wrote: »

:T As abbey passes all interest rate cut to its tracker customers, I go to 1.79%!!! Yippppeeeeeeeeeeeeeeeeeeeeeeeee....

1.79%! That is sick

I'll be on 2.79% from January 2nd, courtesy of a HSBC tracker, so will have to wait for the next cut to get under 2% :beer:

catmiaow

Heyman wrote: »

1.79%! That is sick

I'll be on 2.79% from January 2nd, courtesy of a HSBC tracker, so will have to wait for the next cut to get under 2% :beer:

Wow how did you all get such good rates?

AHAR

catmiaow wrote: »

Wow how did you all get such good rates?

For me I guess it was a combination of timing and loyalty. I sorted out my lifetime +0.44% tracker in July last year. I was on a 2 year fixed deal with Nationwide before that and I think they were offering better rates and/or lower fees to existing customers who were switching deals. I paid no fee. The house prices then gave me a 63% LTV only 4 years after buying the house. They arrived at that valuation by looking at where I lived and typing a number into the computer. I'm sure they're much more thorough on valuations these days and I'd get nowhere near that.

I had no expectation they would drop rates beyond the collar. The 2.75% was clearly pointed out to me when I took out the deal and all the rate-change letters stated the minimum rate possible. Still, thumbs up to Nationwide!

Redbedhead

Well that takes us down to 1.34%:T:j I didn't actually think they would remove the collar so it is great news and means we will be able to overpay more as we still make the same level of payments as when we last changed mortgages a year ago.

roddydogs

As some of their interest rates on savings are less than 1% already, does the 1 % cut mean that you'll have to pay them to keep your savings?

freebo_2

From the top man at Nationwide

"
Graham Beale, Nationwide’s chief executive, said: “This condition on our tracker mortgages has been a feature of them for the past four years. It is clear, fair and reasonable that in the very challenging financial environment that many people are experiencing, waiving the floor in this way is the right and proper thing to do.
“As a mutual organisation, we are able to support our tracker borrowers in times of difficulty. While we were completely confident that the tracker floor was an enforceable condition, we have decided not to enforce it. Borrowers on our BMR are already benefiting from a rate which has been consistently lower than the average SVR on the market and, following the changes we’ve announced today, Nationwide’s standard mortgage rate will continue to be the lowest among high street lenders."



"

Jonny_B_3

I've had a +1.03 tracker lined up for a month to kick in when my fixed ends in Feb. Does the collar removal apply to mine as well I wonder?

I was chuffed with 3.78%, I'll be doing cartwheels with 3.03% !