nationwide tracker mistake

cloud_dog

cloud_dog wrote: »

Jonnie - Nice post

I merely responded to the OP’s post with the info at hand. We are on a tracker with 2.75% collar, +0.29% over BR and the letter we received stated that whilst they had passed on the cut previously, bellow the collar, they were not going to pass it on this time.

Will be interested to see what happens on 1st Feb.

Checked - no payment reduction.

Was ok with Nationwide stating that they were not going to pass on additional rate cuts on trackers below their collar but, am somewhat confussed as to why some people with the same collar (2.75%) have received the latest reduction whilst we haven't.

I feel a telphone call comming on..........

GeorgeL

So how did the phone call go? Nationwide are yet to write to me confessing their mistake. I'm not sure how I stand with this though. Should they realise further down the line are the able to take a back dated interest payment from me?

poet123

Well,I contacted NW to ask about keeping our payment to the pre rate cut amount,and during the conversation I mentioned the collar,and how it seemed not to be being imposed despite a letter stating it would previously.

The CSA said it depended on your date of mortgage, and that for some it had been waived and not others. Seeing as I was one of those for whom it has been waived I didnt enquire further!!:rotfl:

GeorgeL

Well it looks like my 2.75% collar has been waived further. I am officially paying 1.94% above base according to the letter I recieved today. Surely they won't get it wrong next month?!...

tartanterra

GeorgeL wrote: »

Well it looks like my 2.75% collar has been waived further. I am officially paying 1.94% above base according to the letter I recieved today. Surely they won't get it wrong next month?!...

If I was you, I wouldn't worry too much. If you really, really feel you should be paying more, then simply overpay your mortgage by the amount (you suspect) you are being undercharged. If they ever chase you for underpayment, simply get them to take your "overpayments" into account.
In the meantime,.................just keep your fingers crossed that they never notice!:rolleyes: :rolleyes: :rolleyes:

GeorgeL

I'm going to save the money in another account and wait to see how they approach my accounts with the next interest rate change. Thanks for the advice though.

poet123

I will be overpaying too,but not for that reason. If they have informed you of the change by letter,I don't think there is too much they can do about it. My account was checked by the CSA agent and I was told it was in order,so I didnt ask again!!I have made a note of the date and time of my call and the name of the CSA though!

Grolsch30

Just received my letter today I'm with the Nationwide.

I've got a collar @ 2.65% but it's always been waived and as from March Ill be effectively on a monthly mortgage rate of 0.88%.

Well gutted though that my deal ends in July

I'll probably be looking at a 10 year fix now hopefully by July the fix rates will have also come down a wee bit more!

grazer

Yes - letter for February received yesterday and we are down again to 1.16%!

I don't know whats going on, as we should have the collar, but I'll take it while its going.


Nationwide really need to get their story straight though.

brixham

Letter today brought me down to 1.34%
Not really sure what is going on but it seems to depend on when the mortgage was taken out.
I was told about the collar when I took it out and Oh how we laughed as rates would never be that low !