coming out of a fixed rate with nationwide

bulldog14

We are currently 2 years into a 5 year fixed rate with Nationwide, paying just over 6%

We are expecting our first child in June and are looking to try and reduce outgoings where possible.

I briefly spoke to Nationwide about coming out of our fixed rate and going onto a variable rate and they said this was not possible. Is this correct? I was expecting them to say that we could if we paid the fees, which would still probably make us better off.

I am aware of other people coming out if their fixed rates with other lenders, is this just a Nationwide rule, and is there anything else we can do?

Thanks for your help.

[Deleted User]

Surely you'll just go onto the SVR? That's 2.5% at the moment

bulldog14

yes thats what I want to do, but they are saying I cannot do anything despite paying any fees, which doesn't sound right. I don't expect them to make it easy but am quite prepared to consider any charges.

Thrugelmir

Read your mortgage terms and conditions. This will explain the charges in exiting your current product.

opinions4u

is this just a Nationwide rule

Some lenders have similar terms and conditions. But that is all they are doing - holding you to the terms and conditions that you signed up for.

and is there anything else we can do?

Remortgage to another lender, paying the ERC.