Switching Nationwide mortgage

wooster007

Hi

I have a fixed rate mortgage with the Nationwide (sadly its at 5.44%) and called them yesterday about the possibility of buying out of it and switching to their base rate (2.5% from 1st April) - unbelievably they told me that if I paid my way out of the fixed rate then the Nationwide would not offer me another product - i.e. I would have to go elsewhere with my business. They said this would be their stance for the foreseeable future.

I was so taken aback I didn't know what to say. Is it just me or does that sound ludicrous?

scousethife

Then go somewhere else!

nick1977

This has been posted loads of times now on this board. Simple fact is unfortunately you have two choices:
1) Stick with what you're on
2) Pay the ERC and move to another mortgage provider

Surely the point of taking out a fixed mortgage is the security of knowing what your payments are going to be? You can't have your cake and eat it!

Nick

wooster007

"You can't have your cake and eat it!" - Evidently!

But could they not take their ERC and switch me to a new mortgage - then they could have their cake and eat it *and the customer would be happy too)

koexelek

wooster007 wrote: »

"You can't have your cake and eat it!" - Evidently!

But could they not take their ERC and switch me to a new mortgage - then they could have their cake and eat it *and the customer would be happy too)

It's obviously some financial decision they have chosen to make.

Other lenders will let you go on to another of their products, as long as you pay the current eraly repayment charge and the product fee on the new deal, but I don't know of anyone who will just let you buy out and go onto their SVR.