Ex-Portman mortgage fixed rate ending soon

SalsaDanca

Hi,

I took out a mortgage with Portman building society in September 2004, with a fixed rate of 5.49% until 1st July 2009, when it reverts to Portman's standard variable rate. Portman were taken over by Nationwide, so does anyone know if I will get the Nationwide Base Mortgage Rate (currently 2.5%) when my fixed rate ends, or are they using another rate?

I've phoned them a few times, but it takes them ages to answer, so I haven't spoken to anyone yet.

Thanks,

Rob

theartfullodger

What does it say in the paperwork you were given at the time you took the loan out as regards what the new rate would be...

e.g. "2.5% about Bank of England Base Rate"

That should tell you.

In Sept 2006 Portman SVR (Standard Variable rate) was 6.75%, Nationwide 6.24%, and when the merger happened Portman punters got the Nationwide deal...
See..
http://www.timesonline.co.uk/tol/money/savings/article638979.ece

Cheers!

Lodger

SalsaDanca

Hi Lodger,

I've spoken to a very helpful lady at Nationwide this morning, who managed to find the details about my mortgage. Although ex-Portman mortgages have been moved to the Nationwide computer system, and are now benefiting from daily interest calculations as highlighted in your link, the Portman terms and conditions still apply. This means that ex-Portman customers will not get Nationwide's base mortgage rate (currently 2.5%), and will not benefit from the flexible features of Nationwide mortgages.

My account will revert to an Ex-Portman Discounted Lifetime Tracker, which tracks the Bank of England base rate + 0.75%, so the rate will be 1.25% .

Thanks for your help,

Rob