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Nationwide Mortgage deal ending soon... HELP
caut_1
Posts: 41 Forumite
Hi all I was looking for some advice because I'm not sure that I have this right.
2 years ago we took out our first mortgage with the Nationwide, we took a 2 year fixed deal at 5.88%. (paying £678 a month)
We are now approaching the end of this deal and according to out documentation we should revert to the Nationwide Base Mortgage Rate.
The Nationwide website states that the BMR is 2.5%.
Assuming we do not agree to any new deals and go on the BMR the net result is our monthly payments should go down... is this correct?
It seems too good to be true lol
2 years ago we took out our first mortgage with the Nationwide, we took a 2 year fixed deal at 5.88%. (paying £678 a month)
We are now approaching the end of this deal and according to out documentation we should revert to the Nationwide Base Mortgage Rate.
The Nationwide website states that the BMR is 2.5%.
Assuming we do not agree to any new deals and go on the BMR the net result is our monthly payments should go down... is this correct?
It seems too good to be true lol
0
Comments
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It seems too good to be true lol
It is for you.:beer:
A nightmare for Nationwide though ( hence they have increased the SVR to 3.99% for new borrowers.
You'll be on 2.5% SVR with no tie ins
I am a Mortgage adviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
It's correct. I just got written confirmation that we are going to it when our 5.47 fix ends this month. £300 less to pay per month
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My 5 year fixed rate mortgage is due to finish in April 2010 then we go to the banks BMR which is 2.5% at the minute which i guess is best to stay with? can you make over payments when we go over to the BMR?
Cheers
Simon.0 -
My 5 year fixed rate mortgage is due to finish in April 2010 then we go to the banks BMR which is 2.5% at the minute which i guess is best to stay with? can you make over payments when we go over to the BMR?
Cheers
Simon.
yes, it's completely flexible so you can pay as much as you like 0 -
It will probably go up by April 2010 but thanks for your reply belfastgirl23.0
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