Repayment Mortgage

sheenachambers

I currently with Nationwide and am wondering if it is worth reducing my term from 18yrs and 7 month to 13yrs. The payments will rise by £80 to £485 a month. I would like to know if it would b possible to change to a cheaper lender as im being charged 5.89% interest. I want to go on a fixed rate for 12 months to 2 yrs without any penaltys is this possible. If i stay with the same lender i will end up paying £80000 back for a £54000 mortgage.

Victorian_Broker

Nationwide can both change your term, and reduce your interest so don't give up on them yet.

Discounts that were previously only available to new customers are now available to all http://www.nationwide.co.uk/mortgage/homebuyers/rates.htm

When my original discount ended after 5 years, I arranged a meeting with Nationwide staff, picked a new discount, and changed my term.

Miserly_Monica

I have had my mortgage with Nationwide for 4 years now and I have been really pleased with them. I am sure that if you speak to them they will be able to move you to a 2yr fixed rate deal, and since you already have a mortgage with them you shouldn't have to pay for a new valuation or solicitor fees which you may have to do if you change your lender. Check one of the mortgage comparison websites for current best deals, N/wide are usually quite competitive.

ScoobyZ

Ive been with Nationwide for 2 years, am staying with them and am trying to move to the a new rate now thay my old has changed as I have been happy with them.

I now see them as one of the most incompetent building societys / banks I have ever dealt with. They has omitted stuff from paper work, not noted my alternative to my endownment shortfall (second proprty more than covers the interest only part) lost a detailed letter that I handed in person and havent got a full time mortgage advisor in my local branch.

They have my £399, im not borrowing anymore I have 45% deposit and been going on for 2 months.