They won't let me come off my Nationwide Fixed Rate Mortgage!

feisty1

Aletank wrote: »

My Nationwide 5 year fixed rate of 5.2% expires May 2010 I have £63500 and about 16 years outstanding. My early redemption charge is £850, swopping over to the Nationwide SVR of 3% would reduced my payments by about £100 a month. I was going to enquire next week about paying the £850 charge to move onto the 3% SVR . I currently overpay £125 a month and I would use the extra £100 to overpay £225. After reading this thread would I be right in thinking Nationwide would not allow me to move to the SVR ?

You can ask but I can tell you now they wont allow it.......

Joe_Bloggs

@Aletank there have been many posts where it seems that the Nationwide BMR (SVR in other lenders terms) is now a forbidden product for those who try to force their way on to it. There was a time when the BMR was a choice offered to new and existing borrowers. You can get the BMR once your discounted fixed or tracker mortgage deal eventually reverts to this.
It appears that if you have early repayment charges then you cannot switch your deal, even if you were on a tracker.

J_B.

Dan_1976

Well you can move to another lender and pay there SVR, but what if they go up, how long do you have left on your fixed rate again?

Also NAtionwide are a buildong society and one of the most secure and safe lenders in the UK. May be worth sticking it out, that way Mr Brown will not own your mortgage. All the banks that have lost £££'s will be looking to make more profit in the future. You may gain short term but if you join the wrong lende ry ou may lose long term.

Also this is something a lot of lenders are and will do, SVR's are not pushed and are not good for the lender.

MarkyMarkD

I think there needs to be some general recognition that, just because your mortgage says "3 years fixed at 5.99% followed by the lender's standard variable rate" doesn't mean that you have any right to switch EARLY to the standard variable rate. The Early Repayment Charge would be levied if the lender CHOSE to allow you to switch, but they are not OBLIGED to do so, and very few are likely to do so in the present climate.

Nationwide have made a policy decision to withdraw BMR for new borrowers, and therefore it's no longer a choice available for those seeking to exit their products early. That's not inconsistent with anything they've previously done - they will presumably allow you to exit and take up a deal which IS available to new borrowers? (Although I haven't seen anyone say that).

tartanterra

betmunch wrote: »

I think he should respect the terms of the contract that was entered into by both parties in good faith.

He asked, fair play. He was told no. He then comes here for a loophole to get out of his contract. Thats where I have a problem.

When you tell people to follow the rules, you would gain far more credibility if you followed them yourself.:rolleyes:

There is a code of conduct within these forums, which states:

"Mortgage Advisers who choose not to use the signature should not indicate they are brokers in any other way within their posts."

If you really are CeMAP qualified (dubious!), your disregard for T&C's is astounding.:rolleyes:

feisty1

Taranterra I said yesterday yr from a different planet!! I am now convinced
quote: When you tell people to follow the rules...........Tell!! That word belongs to 100yrs ago

As for yr remarks re betmunch, if u had taken the time to read you would have seen an apology, you have some big chips!!

tartanterra

feisty1 wrote: »

Taranterra I said yesterday yr from a different planet!! I am now convinced
quote: When you tell people to follow the rules...........Tell!! That word belongs to 100yrs ago

As for yr remarks re betmunch, if u had taken the time to read you would have seen an apology, you have some big chips!!

There are many comebacks I could use, but frankly, your not bright enough for me to warrant the effort............:rotfl: :rotfl: :rotfl:

ghostbusters

I too am on a fixed rate , in my case for another 7 years.. but it does state on their website paying ERC will not get me onto the BMR..

http://www.nationwide.co.uk/mortgage/existingcustomer-switchingmortgage/productsandrates/variableinterest-rates.htm

Swings and roundabouts .. at the end of the day..

I suspect if interest rates rose 2-3% next year , I would be one of the lucky ones.. perhaps