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Advice on NW capped tracker please
hethmar
Posts: 10,678 Forumite
Son had to rent out his flat (with Nationwides approval) when he moved jobs.
He had a fixed rate on it and that comes to an end next month. He has asked me what he should do about the new mortgage. Obviously he doesnt want to change lender and he reckons the flat is not going to sell for at least the next year the way things are.
Im not much help to him but I was looking at Nationwides site. Son not sure whether to go with SVR, fixed or tracker.
This tracker is capped for 2 years and it says you can changed to fixed any time without penalty. The rate seems very good - apart from the set up fee which he wouldnt need with SVR, are there any pitfalls that I am unable to see please?
2 Year Tracker
Minimum deposit 5%
Base rate differential
+2.49%
Reservation fee* £999
Initial rate 2.99%
capped at 3.99%
Followed by the SMR, currently 3.99%
http://www.nationwide.co.uk/mortgages/existingcustomers/switchingdeal/trackerinterestrates.htm
He had a fixed rate on it and that comes to an end next month. He has asked me what he should do about the new mortgage. Obviously he doesnt want to change lender and he reckons the flat is not going to sell for at least the next year the way things are.
Im not much help to him but I was looking at Nationwides site. Son not sure whether to go with SVR, fixed or tracker.
This tracker is capped for 2 years and it says you can changed to fixed any time without penalty. The rate seems very good - apart from the set up fee which he wouldnt need with SVR, are there any pitfalls that I am unable to see please?
2 Year Tracker
Minimum deposit 5%
Base rate differential
+2.49%
Reservation fee* £999
Initial rate 2.99%
capped at 3.99%
Followed by the SMR, currently 3.99%
http://www.nationwide.co.uk/mortgages/existingcustomers/switchingdeal/trackerinterestrates.htm
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