nationwide loyalty mortgages

confused31_2

Ive just had a look on the nationwide website and it gives you the option of whether your a new customer, im thinking of moving and had a look at the so called loyalty offers, they state this

Existing customer - mortgages for buying a home

If you're moving home, we can help you every step of the way, from working out what you can afford to finding you a great deal. At Nationwide we like to look after our existing customers by offering great value mortgage rate deals. We'll help keep things simple, hassle-free. That means you can get on with the exciting business of choosing and buying a new home.


But the deals are exactly the same as if you are a new customer, by saying they look after their existing customers by giving them the same deals as new customers, its not a good way to keep custom.

AHAR

Look again. The fees are lower for existing customers - £299 instead of £995 in many cases. I paid no fee at all when I came off my fix with them on to a lifetime tracker. No more fees ever now!

confused31_2

I did have a look, but to be honest their rates are not as good as the the RBS or Natwest who are offering some cracking deals with 299 pound fees.

As i would be moving i would not be entitled to any of nationwides loyalty mortgages, and would have the same choice as anyone else.

Mind you with RBS and Natwest offering good deals maybe Nationwide might match them..

I would have just gone on a svr with nationwide but the only one they are offering is for 995 pound, which works out more than if i go on the fixed rate, but i like the trackers as you can jump onto another product at any time.

Hopefully they will have some new deals soon, as they are not going to compete with the likes of Natwest or RBS with their new deals.

AHAR

My mortgage is fairly small so paying unpredictable fees every 2/3/5 years didn't seem to make much sense (that and the mild hassle of switching deals).
Although my +0.44% tracker is a lifetime deal, I believe I can leave it penalty free after 5 years (I'd have to check that though) or I could jump to a Nationwide fix for the cost of the product fee. I wonder how likely it is that that could ever save a significant amount of money though. Impossible to predict I guess.
Hope you find a good deal.

confused31_2

Nationwide are usually quite good with low fixed rates and are usually very competitive with their competitiors, things change weekly so i will just wait and see, i may even go on the tracker myself and pay the fee, just so i can jump when a good fixed rate comes out.

Your in a very good situation especailly if nationwide do bring out some low fixed rates and the sign is the bank of england rates are going up, you can just jump on one of their fixed products.

I think its still got a good year or 2 before rates start going up.