Nationwide BMR

HoolyNI

Hello all,

Am coming to the end of a tracker deal with Nationwide and as i understand it will be switched to their BMR [2.5 max] while their current best tracker offer is 2.64 and costs £995 to "arrange" and also ties me to their SMR [3.99].

Am guessing my best option for now is to stick with their BMR variable? Dont want to switch lenders as i'm about £15k ahead with mortgage and hope to clear it 10 years early.

Any advice would be greatly appreciated.

dimbo61

If you took out your mortgage with Nationwide a few years ago then yes you will be going onto the BMR Which is 2.5% AT THE MOMENT ! so no point changing onto any other deal unless they offer you a great fixed rate deal for 5/10 years to finish off your mortgage.
If you are only paying 2.5% on the mortgage make sure you also fill your cash ISA allowance £5100 at 3/3.5% first!

gemmalouanna

The 2.5% is for any mortgage reserved before 29th April 2009 which I am guessing you did

HoolyNI

Have just lumped everything into term-reducing mortgage overpayments since the bottom fell out of savings rates, will have to look again as ISA's though.

Have been on a 2 year tracker since June 2008 rate is 1.65 now so will go up to 2.5 which means i'll be paying about £156 more per annum....i know of two people stuck in fixed deals that have been paying that per month since mortgage rates plumetted!!