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mortgage rate cuts - Nationwide existing customers
chucky
Posts: 15,170 Forumite
many people are expecting rates to rise but the Nationwide are now reducing rates for existing customer. 3.79% for a two year and 3.89% for a three year look like good rates even with the fees.
i'd expect the market to follow suit and expand it to new customers too.
i'd expect the market to follow suit and expand it to new customers too.
Nationwide - the UK's largest building society - has significantly cut the cost of its mortgage deals for existing customers, even for those with little equity in their home.
Unusually the building society is not "tiering" the rate on offer - so customers looking to borrow 60pc of their property's value, and those looking to borrow 95pc will get the same rate.
http://www.telegraph.co.uk/finance/personalfinance/borrowing/mortgages/5778404/Nationwide-cuts-mortgage-rates-for-customers.htmlNew Nationwide customers will only be offer a mortgage deal if they are borrowing up to 85pc of their property's value.
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Not much use when you dont have a job to pay the mortgage.0
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Weird that they don't tier it, 95% mortgage at 3.89 is quite frankly an awesome deal.This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0
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Well these rates look fairly good, however if they are expanded to new customers (I doubt it, remember there is only about a third to a half of the moey available from peak), then I would hope those customers factor in the normal 'can I afford 8-10% rates'. Of course many won't and we all know what will happen in 2-3 years when the deal ends.
TBH, although in the short term fixing at low rates is good, when purchasing property everyone should factor in these kind of rates (8% ish), failure to do so is a big risk over 25 years.0 -
many people are expecting rates to rise but the Nationwide are now reducing rates for existing customer. 3.79% for a two year and 3.89% for a three year look like good rates even with the fees.
i'd expect the market to follow suit and expand it to new customers too.
http://www.telegraph.co.uk/finance/personalfinance/borrowing/mortgages/5778404/Nationwide-cuts-mortgage-rates-for-customers.html
this is a good deal
about time too
i'm still happy on nationwide's BMR though
Please take the time to have a look around my Daughter's website www.daisypalmertrust.co.uk
(MSE Andrea says ok!)0
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