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Nationwide Mortgage, where is the hack/pifalls

adindas
adindas Posts: 6,856
Part of the Furniture 1,000 Posts Name Dropper
Forumite
edited 20 July 2013 at 3:55PM in Mortgages & endowments
Nationwide is offering Flexclusive cash back mortgage: £1,000 cash back for first time buyers with a main Flex Account.

http://www.nationwide.co.uk/mortgages/interestrates-types/specialoffers.htm?offer=9

I just find out they offer overall cost APR of 4% for 2 years tracker from the following site.

http://www.nationwide.co.uk/mortgages/interestrates-types/rates.htm?buyerType=ftb

Comments

  • kingstreet
    kingstreet Posts: 39,520
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Forumite
    Most lenders won't accept a remortgage application within six months of purchase or last mortgage completion.
    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.
  • The_J
    The_J Posts: 1,250 Forumite
    You have to choose a 2/3/5 year fix, you will be tied in for that period of time with an exit fee should you leave early.

    The exit fee will likely be a lot more than £1,000.
    The J is a Financial Advisor-This site doesn't check anyone's status and as such any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Always seek professional advice.
  • paulmapp8306
    paulmapp8306 Posts: 1,352 Forumite
    Interesting. I have 20% dep, and have been recommended a tracker at 2.99% above base - so currently 3.49%. Also been told if I want a fixed rate, there is one available at 3.79% for two years - which is very appealing.

    However, £1k cashback is also appealing. Hum
  • paulmapp8306
    paulmapp8306 Posts: 1,352 Forumite
    Um - just looked. It states there are early repayment charges. 3% for a 2 year fixed, 4% for a 3 year fixed and 5% for a 5 year fixed.

    I cant find interest rates though.
  • The_J
    The_J Posts: 1,250 Forumite
    adindas wrote: »
    There is no exit fee I have asked them. That is why I wonder, but probably I have misunderstood ?

    Exit fee was a bad choice of words. I mean early repayment charge.
    The J is a Financial Advisor-This site doesn't check anyone's status and as such any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Always seek professional advice.
  • paulmapp8306
    paulmapp8306 Posts: 1,352 Forumite
    No - I have a 20% deposit, but the mortgage im looking at is only £199 up front, and £600 added to the mortgage.
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