Mortgage product

mort75

I'm on a fixed rate with Nationwide at 6.23% and have to pay over £3000 redemption penalty to get of the product. The BMR (their variable rate) should soon be 3% (if they drop it) but i have been told that even though i am an existing customer as house prices have dropped i don't have enough equity to go on the BMR or choose any other product with nationwide. The BMR is now only available to people coming to the end of their deal and this does not include people paying to get out. if they can not offer me a product can i ask that they make the BMR available to me?

any ideas? many thanks
M

beecher

Yes they can do that and don't have to let you leave your deal. If you have £3000 to spare it'd be more sensible to overpay your mortgage than to throw it away on an ERC. 6.23% isn't really 'crippling' - it is only about 1.5% higher than the fixed rates I've been looking at recently.

feisty1

[quote=mort75;discussion/1475313]

Quote: I'm on a fixed rate with Nationwide at a crippling 6.23%

Did you feel this was crippling when you took the deal?
One would presume you opted for fixed as you wanted the security of yr monthly payments. The downside is your rate doesn't drop......



Quote: The BMR is now only available to people coming to the end of their deal and this does not include people paying to get out.

Correct

Quote: Can they do this to customers?

They are not doing anything to customers, this is simply their criteria regarding their money.

Quote: if they can not offer me a product surely they should make the BMR available to me?

Why should they? It is their money that has been loaned to you, why should it be on yr terms?!!!

mort75

ok- it was just a query as i was unsure about this!