have you tried to get out of deal early?

littlemrtinkle

Has anyone contacted their mortgage provider to see if they would waiver the early repayment fee to take out a new deal with them?

I am thinking about contacting nationwide regarding this.

Robert_Sterling_3

The Nationwide would be on a hiding to nothing.
First you want them to let them off the 3% ERF and then you want to switch to a better mortgage for you which will be even less money for them.
I guess your chances are nil.

_Andy_

Nationwide will not allow you to do so.
However you are able, subject to criteria etc., to move to another provider.

littlemrtinkle

Checked online with nationwide and erf are very high

5 years Fixed 5.0% Percentage Payable or £4425 in my case!!

My thinking was that they would tie me in for a much longer period and have a happy customer. But i can understand the reasoning in not letting me change. Sniff sniff sob sob :-) Got to be worth a phonecall though on monday :-)

beecher

I wouldn't waste your time by phoning them - it isn't going to happen.

Comyface

I'm sure I read somewhere (sorry to be so vague!) that Nationwide will waive the ERCs if you're in the last three months of a deal and let you go on to a new deal.

If you're not in the last three months though, I think they'd say no. :rolleyes:

Foyzone

Nationwide will not let you switch to a new deal. Your only option is to go to another lender but they will still want the ERC

Foyzone

littlemrtinkle wrote: »

Checked online with nationwide and erf are very high

5 years Fixed 5.0% Percentage Payable or £4425 in my case!!

My thinking was that they would tie me in for a much longer period and have a happy customer. But i can understand the reasoning in not letting me change. Sniff sniff sob sob :-) Got to be worth a phonecall though on monday :-)

Dont waste the 10p it will be a no!!

opinions4u

littlemrtinkle wrote: »

Checked online with nationwide and erf are very high 5 years Fixed 5.0% Percentage Payable or £4425 in my case!!

5% is not particularly unusual for a 5 year fixed rate tie in.

Has anyone contacted their mortgage provider to see if they would waiver the early repayment fee to take out a new deal with them?

They are still committed to paying the higher rate to their wholesale funders, even if you pay off early. Hence the reason for penalising you for pulling out.

My thinking was that they would tie me in for a much longer period and have a happy customer.

It would turn you in to a customer they lose money on. Why would they want to do that? Most lenders want to reduce their number of borrowing customers at the moment.

Got to be worth a phonecall though on monday :-)

It absolutely isn't.

Fairwinds

As everyone else says - no chance

I'm just about to leave Nationwide ( and pay the penalties) as they won't even let you move onto another deal if you pay the penalties.

littlemrtinkle

i realise my chances of success are extremely low, but has anyone actually tried?

if you dont ask you dont get :-)