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

sammyjammy

sportbeth wrote: »

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

I cannot believe you have fallen for his tricks!

The worst worst worst is yet to come, make hay whilst the sun shines because Gordon Brown is playing the "lets get reelected" game in before the trouble really starts. All this "spend or way out of recession" is all well and good but it ignores the trillions of personal debt that people are in.

humfer

I guess when compared to other big banks who have no collars they would have looked a big bad, but like the statement says they were fully justified if they had enforced the collar and I wouldn't have complained as its clearly on all my documentation. Merry christmas Nationwide:beer:

Thats me down to 1.93% then!!!

sammyjammy

malcolmcoles I believe the tracker on Nationwide's new deals have a floor of 1% not the 2.75%

steamrunner_2

Just so I'm clear on this:

Nationwide cuts a whole 1% off for people on trackers and in order to do it has to bend a "minimum threshold" rule (which, I presume, all the tracker holders knew was there when they signed up) because they want to "help people" in these difficult times. (ooo look, good press coverage!!)

Meanwhile, people on the BMR (who DON'T have any "minimum" threshold rule at all) get shafted with just a 0.69% reduction?!? In fact, it's the opposite - BMR users are actually now at their "maximum" threshold of 2% above base.

!!!!!!?!?! Am I the only one missing the supposed logic here??! Aside from the fact the measly BMR cut got drowned in the 'good' news about trackers?!

Nationwide - what's that all about then!?

Discuss.

(OK, so I know being on the BMR isn't ideal. I have my reasons right now... :-)

S.

freebo_2

steamrunner wrote: »

Just so I'm clear on this:

Nationwide cuts a whole 1% off for people on trackers and in order to do it has to bend a "minimum threshold" rule (which, I presume, all the tracker holders knew was there when they signed up) because they want to "help people" in these difficult times. (ooo look, good press coverage!!)

Meanwhile, people on the BMR (who DON'T have any "minimum" threshold rule at all) get shafted with just a 0.69% reduction?!? In fact, it's the opposite - BMR users are actually now at their "maximum" threshold of 2% above base.

!!!!!!?!?! Am I the only one missing the supposed logic here??! Aside from the fact the measly BMR cut got drowned in the 'good' news about trackers?!

Nationwide - what's that all about then!?

Discuss.

(OK, so I know being on the BMR isn't ideal. I have my reasons right now... :-)

S.

I understand and agree, I can only point to what the FSA said, which was largely about the fact that the tracker collar was not in the KFI document which went with the mortgage (i checked mine & it wasn't). I was aware of the floor, as would most people who read this forum, but as for the "man on the street" who knows?

The BMR is actually a lot lower than lots of folks fixed rates right now, you pays your money & takes your choice I suppose

1618

sorry i have been away for a couple of days,just read the news makes my tracker .18% above base fantastic

cosyc

Checked my paper work and looks like I'm on NW tracker -0.01% but the bad news it finishs jan 09 and just checked there web site and the best tracker is is now +1.99%.

So do I chance that or wait another month? it looks like everytime rate comes down their tracker part goes up. Any views?

humfer

Does anyone know what the lowest their trackers will now go down too? From looking at others without collars I think there is a minimum of 0.001% or something similar to obviously ensure that no one can go negative!

I'm on a tracker at 0.07% below the BR so just wondering what mine could end up with is rates do go all the way down, which according to some reports looks likely at some point next year

Have also been thinking about another reason Nationwide may have decided to not enforce the collars, apart from the publicity vs Halifax, etc. As they have their variable rate of 2% above base rate, if rates were to go down to zero then I suppose they could have had all their customers not yet on a deal paying less interest than a substantial number of customers who paid to take out a new deal.

Richardcardiff

cosyc wrote: »

Checked my paper work and looks like I'm on NW tracker -0.01% but the bad news it finishs jan 09 and just checked there web site and the best tracker is is now +1.99%.

So do I chance that or wait another month? it looks like everytime rate comes down their tracker part goes up. Any views?

I think anyone who is coming to the end of their tracker period with NW should just switch to their BMR (existing customers get 4% in January). It's a no brainer when the best fixed rate at NW is 4.98% (and £300 fee). At 4% it is extremely competitive, allows unlimited overpayments and you can switch n'fix at any time.

That's what I'll be doing in Sept 09.

insight101

Yippppeeeeeeeeeeeeeeeeeeeeeeeee.... 2.34% = £76 per month for me.