Nationwide Screwing Fixed Rate - Banned ditch the fix to make profit

Gorgeous_George

How much is your mortgage?

Nationwide's website states that the ERC's for their fixed deals are:
2% for two year fixes
4% for three year fixes
5% for five year fixes

So, for an ERC of £1,000 your mortgage would need to be:
£50,000 on a two year fix
£25,000 if it's a three year fix
£20,000 if it's a five year fix

FWIW, I think Nationwide are within their rights to refuse a new application but they cannot stop you leaving and finding a new lender. This seems harsh and is poor PR but Nationwide tie their SVR to base rate. I'm surprised that changing to another Nationwide deal is so beneficial.

GG

Anon

Gorgeous_George wrote: »

Nationwide's website states that the ERC's for their fixed deals are:
2% for two year fixes
4% for three year fixes
5% for five year fixes

They may be the current rates - they seem to have changed a few times over recent years - ours is a 5 year fix (currently 1 year in) and the redemption charge is 3%.

Anon