nationwide mortgages

catsonic

hi all

we have had a nationwide morgage for about 10 years. i want to look around for a better deal but hubby wont let me cause he thinks we should stay with nationwide cause they will eventually change to a bank and we will get a windfall!

Is this right?

Also is it a good idea to get the kids some bank accounts there?

craigb_3

firstly Nationwide changing to a bank I cant see it happening. for a LONG LONG time.
if your looking to remortgage remember that whatever lender you pick will they offer you another deal from any product from current range like Nationwide will... I am employed by other building society and we offer any product. But if I was you I would stay put. not because they will change to a bank but because of long term value.

as for saving accounts for kids... what age are they. Is it child trust funds you are referring to or kids over a certain age.

Let me know by messaging me.

Craig.

bridiej

We are with Nationwide and I must admit, dont think much of the in-branch customer service but our mortgage is at a good rate, plus we can make monthly extra payments up to £500 with no penalty, and the interest is calculated daily.

Debt_Free_Chick

Not sure that only having a mortgage would produce any windfall. Often, you need to have a savings account, so that you are "a member" of the society. The windfall compensates you for losing your member status.

Tilliebet

bridiej wrote:

plus we can make monthly extra payments up to £500 with no penalty, and the interest is calculated daily.

We're just about to re-mortgage with Nationwide and this is soemthing that interests us, how exactly do you make overpayments, can you ask for a sort code and account number and just put the money in or do you have to have a standing order have to take cash to the branch?

Thanks in advance for your help.

bridiej

You can do it a couple of ways.

Either take a cheque into your local branch and ask them to pay it off, they usualy print off a form for you to sign (remember to take your mortgage account number!!).

We've set up an additional standing order for an extra £50 per month (hardly notice it!), I think I just rang them and asked if we could set this up.

Cant remember if you can transfer money from a Nationwide Savings Account into the mortgage account on line as well - I think you can!

Like I say, we can pay off up to £500 per month, so we just pay the extra £50 and now and then pay off a couple of hundred.

Hope this helps...

Tilliebet

bridiej wrote:

Hope this helps...

Thanks a lot, it does.

louise1234_2

Don't think anyone has said this yet, but most members of Nationwide (for about 10 years??) are not eligble for any windfall & have signed away any windfall to charity (the nationwide foundation)

So no new accounts are eligble for windfall, you mortgage may be depending on when you took it out.

Mortgage a/c holders are members, as you get to vote etc.

catsonic

Hi louise we took it out about a year before that came into force.

my kids are 15, 14 and 8.

Thanks for all the info everyone.

Not looking to borrow any more money on the morgage. I was just told that maybe lloyds could get a better deal for me.

cloud_dog

Tilliebet wrote:

We're just about to re-mortgage with Nationwide and this is soemthing that interests us, how exactly do you make overpayments, can you ask for a sort code and account number and just put the money in or do you have to have a standing order have to take cash to the branch?

Thanks in advance for your help.

Tilliebet

We have a Base Rate Tracker with Nationwide and make over-payments, via an additional standing order (you can get them just to add a certain amount to your mortgage DD but the seperate SO allows us a bit more flexibility in raising or lowering the amount we overpay at our bank and not needing to go through NW).

The nice thing I like is that you can re-borrow the sum of the over-payments without incurring additional costs from NW (and they identify them seperately on your annual mortgage statement)

cloud_dog

Tilliebet

Thanks cloud_dog,

I'm going to be making an appointment to set it all up (our current 'deal ends 31st March) so I'll see about getting the details to set up a SO as we can then do it by internet banking making it nice and easy. If all goes to plan I hope to be mortgage-free well before I hit 40.