nationwide tracker mistake

doolie

same here, got the letter today saying they've passed on the cut to me with my new rate at 1.84% (BR + 0.34%)

eeyorerules

Like Damo1176 we got a letter to say that our interest rate will remain the same until the base rate rises back above 2% :sad: .

We have a 2 yr tracker +0.98% due to expire July 2010.

doublee

I also got a letter saying the new rate will be 2.14% (BR+0.64%) should be a collar of 2.75%. I had only taken out this tracker from Dec08. I will be paying the saving of the balance anyway, hopefully though it is not a mistake

grazer

Got a letter stating new rate will be (1.68%) on our Nationwide Tracker (taken out Sep 2006).

We were not expecting this due to the statement released at the start of January enforcing the collar for older trackers.

This must be a mistake as Andy15959 suggests, and I'm now awaiting the letter explaining the mistake!!

morrisoscar

Richardcardiff wrote: »

Me too. I'm on +0.24% tracker due to expire Sept 09. I wasn't expecting to get the tracker rate cut but received a letter this morning saying I'd be on 1.74% on Feb 1st. Well done Nationwide! Mutuals rule!

Sounds like your on the same deal as me, it would seem that Nationwide trackers that predate 1 November 2004 have no collar. As for the reduction on trackers after this date it may or may not be a mistake. When I enquired about my deal I was told the no collar tracker cut off date was 31 October 2004 the day before the FSA introduced KFI's.

sivito

Also got the letter about cut being passed on No mention of collar I am on 0.34% above taken out in August 2007. fingers crossed ..

Grolsch30

Hi,

I'm currently on a 2 year base rate tracker from Nationwide.

I received a letter stating that they are passing it even though my documentation states that I have a collar @ 2.60%

I am now on 1.38% interest rate.

My deal finishes in July so thinking what to do, don't suppose one can somehow extend the deal???

Do you think further down the line hyper inflation will be a possibility and a fixed deal may now be better???

Cheers now :beer:

AHAR

andy15959 wrote: »

I got a nice suprise this morning, a letter from Nationwide saying thet were passing on the 0.5% rate cut from this month. Iam on a liftime +.44% tracker with a 2.75% collar. Is this a mistake or as anybody else had 1 ? No metion of the collar in the letter either.

That's the deal I've been on since Sept '07.
I received a letter about a week ago explaining that they hadn't enforced the 2.75% collar but that 2% would be the effective collar as long as rates were <2%.
Strange indeed.

spmc

my mortgage with the Nationwide is split into 3, the smallest part is on a 2 year tracker of +0.48 which I took out in about August 2007. The remaining two parts are on three year trackers of 0.64 which I took out in Sept/Oct 08. Earlier in the week I had a letter about the 07 tracker saying it wouldn't reduce as they were imposing a 2% collar. Yesterday I have a letter mentioning the 0.5% BOE cut and saying the enclosed statement indicates how this effects your mortgage payments. The statement shows that for the 08 trackers the rate has gone down to 2.14% but for the 07 tracker the rate stays on 2.48% - very strange but I'm not complaining!

JonnieR

cloud_dog wrote: »

Are you sure it said they were passing on the reduction. I think you;ll find that it explains that whilst they did pas on the previous reduction below the collar they will not be passing on the latest cut for mortgages with collars above the rate.

I think you will find that the man is right. I got one yesterday too...my two rates are down to 2.14 (+0.64%) and 1.69 (+0.19%)...with the total payments coming down by about 30 quid. Result:beer: (if it's not an admin error anyway). I'm now going on a payment holiday and sticking the money in a savings account.