Nationwide - cannot transfer product

helenjane_2

I am a newbie and have today phoned Nationwide as we took out our mortgage via a broker who blinded us with technical info and we got sucked in and agreed a 5 year fixed with Nationwide at 6.68%. Phoned to see if we could transfer to another product (obviously incorporating the ERC) but they said they would not be able to offer another product - why? Not sure what to do - look elsewhere and pay the ERC (estimate 5K) or just stick with it and learn lesson - not to be so trusting and believe everything I am told

unite79

Helenjane, you need to expand your post, in order that people can help you identify why Nationwide wont port it over - It is not to do with you being sucked into something -
What Loan to Value are you looking for!
What are your earings etc.

Radiantsoul

You have the benefits of a fixed rate and have not really been conned. The clear benefit is you know what your repayments are going to be. It would be daft if they allowed you to remortgage simply because rates have fallen....If they did they would clearly lose money on fixed rate mortgages.

unite79

Sorry just re-read - You want to change products!

Nationwide stopped allowing this, ie adding penaly etc, about 8 months ago - Not really your brokers fault.

_Andy_

helenjane wrote: »

I am a newbie and have today phoned Nationwide as we took out our mortgage via a broker who blinded us with technical info and we got sucked in and agreed a 5 year fixed with Nationwide at 6.68%. Phoned to see if we could transfer to another product (obviously incorporating the ERC) but they said they would not be able to offer another product - why? Not sure what to do - look elsewhere and pay the ERC (estimate 5K) or just stick with it and learn lesson - not to be so trusting and believe everything I am told

I fail to see how you were 'sucked in' - you're only saying that now as the rates are higher than what is now on the market.
You were not forced into taking any product and would have received an industry standard quote - a 'KFI' clearly stating the facts about what you were accepting.
You state you shouldn't 'believe everything I am told' - not sure what you mean by this - you wanted a fixed rate, you accepted a fixed rate and got one.
Your lender has no obligation to release you from the rate and put you on another product.
If you so wish, depending on your circumstances you could change to another lender, but at a cost of £5k + new lender fees it may very well not be worth it.

payless

if at 6.68% , I'm guessing it was a high LTV so maybe little choice. - and guess affordability was tight so maybe long term fix aty time was right ??? what other product do you think wopuld suit you better

Can't see any good broker being that bothered about placing a case with NW - unless he was one that uses a panel ( A particular EA chain comes to mind - but then you said you where blinded with Technical info- so thats them, out !! )

happybroker

I'm guessing your loan to value was probably quite high when you took this fixed rate which probably means it is still high (if not higher than before) unless you've paid off a considerable amount in the intererim.

If so you're probably still on a fairly competetive rate and are very unlikely to save money by switching and paying your erc's I'm afraid...sorry.

belfastgirl23

You employed the broker so at the end of the day this is your responsibility. On the bright side you're with a reputable lender who isn't going down the tubes anytime soon. yes you're paying a bit over the odds but that's the risk with a fixed rate. The balancing positive is that you know exactly what your payments will be. I'm afraid you'll just have to live with it.

Passing the buck doesn't help anyone, least of all yourself!