Nationwide doesn't want to keep me !

robbyo

We have been with Nationwide for 12 years, our latest deal started 2 years ago when we took a 10 year fixed rate @ 5.34%. There is an early redemption charge of approx £7000.

I am looking into remortgaging to a new deal, paying the early redemption fee where I can claw this back in 2 years or less with a lower rate (eg. First Direct Offset Tracker currently at 2.89%).

In contacting Nationwide I am told they are not able to offer me either another of their deals or their Variable rate EVEN if I pay the redemption charge. This seems crazy, even if I take my medicine and pay the charge, they are not prepared to keep my business.

I have also been told there is nobody I can complain to......So as a member of this Mutual..... I have no voice ?

In summary, I would prefer not to move my business elsewhere but Nationwide is forcing my hand.

Any advice gladly taken. Thanks

uzubairu

Why are you even bothered, if your main aim is to save money?

If the First Direct option is financially beneficial to you then it is your choice and not Nationwide forcing your hand.

unite79

You have taken a long term fixed, its 2 years in, Id be sitting remembering why you opted for a long term fixed, ohh and Id be pleasently smug if id managed to book a rate like you have - Things look very nice to the people on low tracker rates, however if anyone thiks Interest rates will be sub 5% in 5 years time, they need a reality check in my opinion......

Peelerfart

It doesn't take many interest hikes before 2.89 % is worse than the rate you're on now .

I think I''m on safe ground predicting that interest rates won't fall much more.
So "the only way is up " as the song goes....!

(and seven grand is a lot of money )

Dan_1976

Lets hope rates dont go shooting up when they are corrected because the BOE over reacted!!

Robert_Sterling_3

The Score so far ( Including me ) is:-

Five :Five : Nil

beecher

Why do you care if you're leaving Nationwide anyway?

Reflect on the fact that interest rates are about as low as they can go, and that trackers can only go up. Can you really judge where they will end up over the next 8 years?

paulfaz

I'd take the above advise on board, you'd be crazy to leave the deal you are on unless it's on a long term fix that's at a lower rate and the maths works so you are guaranteed to save money.

The ERC is huge - unless you have a massive mortgage it just doesn't make sense.

dimbo61

You can also overpay by £500 a month and clear £6000 a year.
You have long term security with 8 years left on your fix and if you overpay and even shortern the term you could be mortgage free in 8 years!!
HSBC are doing a 5 year fix at 3.99% fee £995 but paying over £8000 to move mortgage would have to be a large mortgage to make it pay ( limit £250k I think ) ONLY MY OPINION GOOD LUCK