Nationwide BMR

mrm154

Hello

I am currently on Nationwide's BMR (2.49% at moment i think).

I want to move house and borrow more.

Does anyone know if i would be able to stay on their BMR or they would force me to switch to another rate?

Thanks...

Farfallina

I'm with Nationwide and am also on the BMR. I made some enquiries with them recently and you would have to switch to another rate unfortunately. On the plus side, they do offer quite good deals to present customers if you go in and meet a mortgage advisor face to face.

Radiantsoul

They are losing money hand over first with that mortgage rate and so will want you to change it to a less attractive deal.

TrickyDicky101

Farfallina wrote: »

I'm with Nationwide and am also on the BMR. I made some enquiries with them recently and you would have to switch to another rate unfortunately. On the plus side, they do offer quite good deals to present customers if you go in and meet a mortgage advisor face to face.

That contrasts with me - I'm on the BMR and have received an AIP from Nationwide and I had it explicitly confirmed that I could port my existing rate over for my existing mortgage balance (approx £98k) and any additional borrowing would be at the new rate/on the new terms (ie fixed element/SMR basis). The only thing Nationwide said was that both mortgage balances (ie old and new) would need to be over the same term - so this would mean increasing the term on my existing balance from 15 years to 25 (but no restriction on how much i could overpayon this element as it is outside of its ERC term).

koexelek

Radiantsoul wrote: »

They are losing money hand over first with that mortgage rate and so will want you to change it to a less attractive deal.

This is true.
Respect ,where it is due , to C & G though, they will let you port their 2.5% svr.
Most lenders, like Naionwide, will do almost anything to get people off their low SVR