Nationwide & Portman to Merge!!!

mystic_trev

ED wrote:

Sunil - I share your view. Consequently, I long ago moved all but £100 from my Nationwide share account. (Made sure to retain my right to vote.)

Nationwide also disappoint me for secure online messaging taking several days to receive responses, and being non thorough, non apologetic at Society errors and frankly curt.

I've never had any problems with NW. I spend over 4 months of the year traveling, so their flex account debit card has saved me £££'s

ReportInvestor

littlemissfrugal_&_Robert_Sterling wrote:

wasn't it [Carol] V********?

ReportInvestor

Of course it was V*********.

Smillie is code because we aren't allowed to mention V********* on the site for legal reasons.

Didn't you get a copy of Martin's secret e-mail about these codes :rolleyes: ?

To RS
I was surprised we didn't get an authoritative verdict from you about the Nationwide directors' voting form. You always seem well versed in these matters.

Better mortgage deals for Nationwide members & consumers generally?
As suggested earlier, I've just asked what our MSE mortgage brokers think on this thread

Robert_Sterling

ReportInvestor wrote:

To RS
I was surprised we didn't get an authoritative verdict from you about the Nationwide directors' voting form. You always seem well versed in these matters.

The Nationwide Directors let us have a genuine postal vote rather than making us use a proxy if we do not attend the AGM.
How many other building societies do that.

DustDevil

Here's a quick question since I don't have much experience with these sorts of things...

We've had a Portman Mortgage for two years. We had a low rate for two years which we've now finished, and had already been looking to remortgage to get a better deal (we are firm moneysavers However, the merger has now reared its head, and we're now uncertain of what to do. If we remortgage, we could save about £700 in the next two years (if the rate doesn't change, unlikely I know but its the only comparison I have to my current payments), but if we stay we would get minimum £200 merger payout.

As borrowers (mortgage has £97,000 still to pay), would we get the minimum £200 or might we get more?

Basically, it's a go or stay option depending on savings versus merger bonus. Anyone have any thoughts?

DD

gt94sss2

DustDevil wrote:

As borrowers (mortgage has £97,000 still to pay), would we get the minimum £200 or might we get more?

Basically, it's a go or stay option depending on savings versus merger bonus. Anyone have any thoughts?

While Portman haven't confirmed this yet, in every other case I know borrowers have only received the basic flat rate payment and I would expect that to be the case this time also.

As such, if you know you are going to be saving more than £200 by remortgaging - I would go ahead and do that.

Regards
Sunil

ReportInvestor

Yes, as Sunil says, £200 is all you can be sure of.

In some recent mergers the flat rate mortgage payout has been higher than the savers' minimum payout e.g. Staffordshire £200/£100. But in others it has been the same e.g. Universal £400/£400.

I personally think there are good reasons for Portman mortgage holders not to get more than £200 - since they will benefit from the Nationwide's lower standard rate should they stay with the merged society.

MarkyMarkD

But if you have a £97k mortgage, you will save almost £500 because of the switch from Portman SVR to Nationwide SVR in the second year (i.e. the year after the merger) as well as getting the £200 "merger" payment. Based on those numbers, it's hardly worth remortgaging.

I can't see why, to be honest, you will only save £700 over 2 years by remortgaging - it should be far more than that on a £97k mortgage - you should be able to save around 2% pa for 2 years = 4% which is almost £4k, less some costs amounting to less than £1,500 = net saving of £2,500.

cheggers

Got a letter from Portman at the weekend about the merger.

Now got to wait till Sept 2007 for the windfall payment.

edda

cheggers wrote:

When was the last time you looked at Halifax products, the rates are competitive.

Cash back current account 1% cash back
High Interest bank account 5.12%
Web Saver 4.75%
Regular Saver 7%
Childrens Regular Saver 10%
Save 4it (kids account) 5%

Halifax are getting more competitve in the market place, out of all the building society accounts I have not many can beat Halifax's products & rates.

As a committed money saver, I check the rates all the time.

Halifax have not shown any long term commitment to good rates - just short term to get themselves in the best buy tables and good press.
I invested in one of their best buy fixed rate bonds a couple of years ago and then had great difficulty getting my money out. I believe they are relying on lethargy to keep customers who haven't got the time or energy to keep checking rates. (Although they are by no means unique in using this ploy).
No one can convince me to re-invest in them again.

Will be watching the new Nationwide/Portman rates v. closely.

ReportInvestor

Mr_Mumble wrote:

Democratic vote, perhaps, free and fair absolutely not. You can just tick one box to vote for all the Nationwide luvvies [directors]

Hats off to Mr. Mumble.

As a point of information I was wrong to question Mr M on this. I now understand that it was introduced in July 2006 and was coloured red.

Casual cynics might say that this was bringing Nationwide into line with its new merger partner :rotfl: (except Portman's box is green).

Professional cynics might say the change may even have been after decision to merge with the Portman, as a precaution in case that nasty Mr. Debenham kicked up a fuss about the merger if he stands as director in July 2007.

Kindlier folk might think that it was just a benign means by which Nationwide could increase the voting turnout since the Mail on Sunday was doing a survey about democratic involvement at building societies & Nationwide was lagging behind Britannia which did have such a box (red or black?).