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Nationwide fixed rate mortgage problem
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Also why dont the Nationwide alter the terms and conditions of customers on the B M R like they have done to people on fixed rates0
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Can you confirm where these terms and conditions are printed. I've checked a few Nationwide KFIs and an offer or two and can't find them anywhere.macca789456 wrote: »My terms and conditions clearly state i can transfer to another product if i pay the E R C it does not state there will or might not be any products available.
The best I can find is this bit which covers when the ERC applies;-
"... if the loan is repaid in full, or the mortgage is transferred to another mortgage product within the Benefit period"
but it doesn't suggest any compunction on the part of Nationwide to offer a replacement product to facilitate this.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
macca789456 wrote: »My terms and conditions clearly state i can transfer to another product if i pay the E R C it does not state there will or might not be any products available.
The NW could never guarantee to all borrowers with the same existing product that there would a new one available. As at the very least circumstances would differ from borrower to borrower, and underwriting criteria may have changed in the intervening period.0 -
macca789456 wrote: »Also why dont the Nationwide alter the terms and conditions of customers on the B M R like they have done to people on fixed rates
What is there to change? Once a borrower leaves the BMR then they will default onto the SMR at some point in time.0 -
Why not go elsewhere?0
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JimmyTheWig wrote: »Why not go elsewhere?
Once the fixed term ends then its a guaranteed 2% above base for life. A rate worth having.0 -
But they won't get that if they switched to a new deal, would they?Thrugelmir wrote: »Once the fixed term ends then its a guaranteed 2% above base for life. A rate worth having.
I don't understand.
What were you wanting to move on to, OP?0 -
JimmyTheWig wrote: »But they won't get that if they switched to a new deal, would they?
I don't understand.
The Nationwide is forcing borrowers to see out their fixed terms.
If they allowed borrowers to pay ERC's then drop on the BMR. Then the floodgates would open. As few would want a new product.0 -
I doubt anyone lets you do that, do they?
If you can't take that rate as a new deal then I don't see how you can "switch" to it.0
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