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Switching to Nationwide fixed rate on shared ownership flat?
Bargain_Rzl
Posts: 6,254 Forumite
I would appreciate some views on my situation.
I have a shared-ownership flat, 40% owned/60% rented, bought in November 2006 (valuation was done in August 2006). I came off a Nationwide fixed rate in December and am currently on SVR (paying 3.5%, dropping to 3% next month). I have recently made substantial overpayments resulting - I THINK - in bringing my LTV down below 75%, and am planning to continue to overpay small amounts. My LTV based on Nationwide's house price calculator is currently 68% BUT the calculator does not take into account the fact that it is a newbuild, so I am prepared for the value to be deemed to have fallen further.
First question is - are Nationwide still offering deals up to 75% LTV on shared ownership? A couple of months ago they were going up to 75% while other lenders were going up to 90%.
They currently have a 5-year fixed rate at 4.68% onto which I could switch for £299.
Obviously I need to check with Nationwide to see if my LTV is sufficient, but - second question - does this fixed rate look like an attractive deal?
Thanks in advance for any thoughts.
I have a shared-ownership flat, 40% owned/60% rented, bought in November 2006 (valuation was done in August 2006). I came off a Nationwide fixed rate in December and am currently on SVR (paying 3.5%, dropping to 3% next month). I have recently made substantial overpayments resulting - I THINK - in bringing my LTV down below 75%, and am planning to continue to overpay small amounts. My LTV based on Nationwide's house price calculator is currently 68% BUT the calculator does not take into account the fact that it is a newbuild, so I am prepared for the value to be deemed to have fallen further.
First question is - are Nationwide still offering deals up to 75% LTV on shared ownership? A couple of months ago they were going up to 75% while other lenders were going up to 90%.
They currently have a 5-year fixed rate at 4.68% onto which I could switch for £299.
Obviously I need to check with Nationwide to see if my LTV is sufficient, but - second question - does this fixed rate look like an attractive deal?
Thanks in advance for any thoughts.
Operation Get in Shape
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