Nationwide won't let me pay the penalty and change products!

feisty1

[quote=nick1977;17929777]Yep, but I didn't know if it was an option to go onto the default rate if you pay the early redemption charge for the product you are on. As the OP had been refused a new product it may have been another option.



SVR IS NOT A PRODUCT, THERFORE YOU CANNOT CHOOSE TO GO ON IT

feisty1

cj34 wrote: »

I would save £418 per month and my penalty is £1600.

I still not sure that it is ok for nationwide to not allow me to take on other products if I am willing to pay the penalty (when they are available to new customers) they have not informed me in writing, isn't there some loop hole where until they let me know in writing I should be able to change products?

Of course it is ok, they can do what they like with their money & not as u want them to do! This is incredible, do u not choose what to do with yr money?

nick1977

feisty1 wrote: »

SVR IS NOT A PRODUCT, THERFORE YOU CANNOT CHOOSE TO GO ON IT

OK, no need to shout! :rolleyes:

Nick

cj34

Alright Fiesty calm down! I am only asking questions I thought someone might have an idea what to do, no need to be so patronising!

feisty1

nick1977 wrote: »

OK, no need to shout! :rolleyes: Nick

I had already explained it to you

ANDY597

Sorry to revieve this somewhat dead thread. However I have just phoned Nationwide.

I am currently on a fixed rate of 5.63% and I called to see how much the early redemption fees were. I was planning to do the maths and see if I could save.

I was advised that NO other product would be offered to me if I ended the product early and that going onto the standard variable rate was not an option either.

feisty1

ANDY597 wrote: »

and that going onto the standard variable rate was not an option either.

as i kept repeating yesterday

koexelek

Where as , in the past, no one wanted a lender's standard variable rate, now it is a sought after deal.

Unfortunately, these days, you can only earn the right to go on it, by seeing out your existing fixed/discount or tracker deal first.

The lenders don't want you to have it

ANDY597

feisty1 wrote: »

as i kept repeating yesterday

Whats your point exactly fiesty. I was merely respoding to the thread based on my own experiences.

Anon

Calm down and be nice - life is too short .

I was looking into this as well - I am only one year into a five year fix on 5.63% at Nationwide. According to my annual statement, £3383 early repayment penalty, £112000 remaining on repayment mortgage, currently £746 monthly payment. There are some better deals out there, for example, 3.39% at First Direct on an offset tracker (. On my calculations, the monthly payment drops to £563 (though I may continue paying high to pay off early), I would save over £200 a month in interest (therefore after the first 14 months I have recovered the repayment penalty, depending on how the mortgage rates go) and can overpay as much as I want, thus an opportunity to repay early (and because it is offset, it would also come down more by making use of any spare cash rather than putting into a savings account). Does this stack up?

Many thanks

Anon