Go onto variable rate or fix? - Nationwide

getmore4less

Base + 2% tracker with good basic terms that you lose if you make any change.

Keep the current deal and overpay/save.

sjlou

Stick to the 2.5% rate for the moment, it doesn't look like the BoE will be raising interest rates for at least another year.

That is what we're currently doing with nationwide, and just reassess every 6 months.

You can set it up so that the overpayments either lower your monthly standard repayment or reduce the term.

Its really satisfying to receive the letters telling you that your term has reduced by another x years/months!

sjlou

Forgot to mention, nationwide have now withdrawn this rate and on new mortgages there is a limit to how low it will drop when the fixed period ends.

rothchick

Since I posted here I've had two letters and two phone messages from Nationwide inviting me for a mortgage review. They're eager to get me off this lovely variable rate I'm loving my lifetime tracker at 2% above base, I definately don't want to lose this at the moment.

Radionotme

I'd be interested to see what they'd offer at such an interview!
I'm looking forward to next May when my rate starts to drop too, then September when the 'topup' mortgage from moving house drops - although by September next year things could look quite different.

koexelek

Joe_Bloggs wrote: »

Do not pay the fees they are poor value at the 43000 level. If you move off BMR then you will eventually go back onto onto SMR (3.99% now) which does not track the Base Rate.

That fact that Nationwide are absolutely desperate to get borrowers off of their 2.5% SVR tells you how good it is

Any new deals are a ploy for ultimately getting you from 2.5% to 3.99%
Don't bite

Thrugelmir

rothchick wrote: »

I definately don't want to lose this at the moment.

Once lost you'll never recover the rate. That's what you need to remember.

KarenBB

rothchick wrote: »

Since I posted here I've had two letters and two phone messages from Nationwide inviting me for a mortgage review. They're eager to get me off this lovely variable rate I'm loving my lifetime tracker at 2% above base, I definately don't want to lose this at the moment.

I think they write to everyone when their product is coming to an end regardless of rate rate they're going onto 2.50 or 3.99, they write at about 3 months, 2 months and 1 month. Some people are really on the ball and know when their rate ends and don't need the letters, others need a reminder which they get at 3 months and then leave it until another day and before they know it a months gone and they get another reminder. Much as I say they're not just doing this to those going to the BMR I'm sure they'd love members to take another product so they can't get it back again. So mny benefits with BMR, no limit of overpayments, can borrow it back if you want to, can apply for a payment holiday and no erc if you want to move.

knightstyle

Think we must have the same NW deal as we were on a fixed and now have 2.5%, great! We are now looking to increase our borrowing and the nice lady in NW said do not change the existing mortgage, get another one for the extra we want, made sense to us and we are now waiting for it to go through.