Nationwide SMR

mparkeresq

Hi,

I am trying to find out if it is possible to take out a new mortgage with Nationwide and go straight on to their SMR at 3.99%. I am looking to purchase another house before selling one so in effect need a bridging loan with low/no repayment penalty as when the other is sold I am going to transfer that mortgage over to it.

Any help/advice is much appreciated.

VIGILANT22

The svr is the rate that you are placed on automatically when your current deal ends it is not one you choose. If you want a variable rate you choose a tracker.

Re bridging...check lender's criteria... most lenders wont consider remortgaging for a period of 6 months if bridging is in place...

mparkeresq

Does that mean that they don't offer their "Standard" product without having to take up a "Deal" first then? The issue is that I want to transfer a Nationwide BMR on to another property once the first one is sold and just take out a loan in the interim period therefore one of the deals is not really an option due to the tie in periods and early redemption charges.

Does anyone have any suggestions how I could work around this?

kmmr

It'll be tough. Nationwide like to get people off those BMR's, so probably won't make life easy for you to do it. Might need to look at another lender, but that will be tricky to convince them the two mortgages are ok.

Can't you wait and link the two sales together so you can just port the mortgage?