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

Stormy

Official statement.....

http://www.nationwide.co.uk/mediacentre/PressRelease_this.asp?ID=1311

nick1977

I have to say, I am surprised that they have not enforced this collar. Believe me, I am grateful, but I can't see people with Nationwide savings and no mortgage being so pleased!
To me the collar at 2.75% was not any different to a fix at x%, and you don't see the fixed rates being ignored!

Question now is, with further rate cuts a possibility, will they keep ignoring the collar?

Nick

timmo44

Merry Christmas Nationwide - you rock! Bless them, they didn't have to do it and I was already well happy with the rate I was paying.

And to think my wife and I argued back in July over the 6.35% 2 year fixed that she wanted and the then 5.74% (base +0.74%) 3 year tracker that I wanted. Thank God I won that discussion...

Snow_Man_UK

Xmas has come early in our household my +0.29% lifetime tracker with NW is looking even better :beer:
TBH I wouldn't have been upset with them invoking the collar. I understood the clause when signing up, even though I never thought that the rate would drop so quick.
Just hope that they pay up on my 6% bond, lol.

big5

timmo44 wrote: »

And to think my wife and I argued back in July over the 6.35% 2 year fixed that she wanted and the then 5.74% (base +0.74%) 3 year tracker that I wanted. Thank God I won that discussion...

Our fixed rate deal ended in August and we moved to that same 3 year tracker - it's working out well!

sportbeth

I am soon to kiss the feet of my mortgage broker. Since we remortgaged in August our mortgage will have come down by £500 a month (or a big fat quarter of the monthly figure)

Part of this money will go to Savings, part to overpaying and the rest will bounce around happily in the good old UK economy to perk it up a bit.

Never thought I would say this but God bless Gordon Brown!! :T :T :T

ashcarrot

OMG!!! That is mega good news (Im trying hard not to use rude language) BRING ON THE TRUMPETS!!! Looks like i was right to pick my tracker

freebo_2

Thing is, I don't expect these massively low rates to last forever - the Nationwide tracker allows you to switch to one of their fixed rates at any time during the tracking period, I'll be keeping a very close eye on the fixed rates on offer next year.

Just my twopenneth...

sportbeth

Me too and according to my documents there's no fees for switching. Think it will take a while for this to filter through to the fixed rate market though. Well worth switching for a once in a lifetime opportunity to nab a low rate deal though

epiminides

Unfortunately NW hasn't seen fit to pass on the entire 1% to their SVR (only 0.69) - ah well it will still be one of the cheapest SVRs on the market - I am going onto the SVR from a fixed in January and should save a few quid.