Nationwide mortgage with free conveyance?

chrislee765

Dear all,

We're first time buyers with a £28k deposit looking at a property approx £170k.
We would like to goto Nationwide as they allow over payments of £500 a month and also my partner is still in her probationary period of a permanent job, which they don't take into account.

We would like to fix for 5 years, which is at 4.99%

Nationwide today have started an offer, a 4yr fixed at 4.99% but you get

Low upfront costs

No product fee
No standard legal fees
No standard valuation fees
This means a saving of up to £1,810 on a property worth £150,000 (save £686 when using our licensed conveyancer, save £225 on a standard valuation report and £900 product fee)

A £99 non-refundable booking fee is payable upfront

Does anyone have any experience to whether this is just a marketing ploy which ends up costing the same or do you think its worth doing?

Thanks so much,
Chris.

Dave_Ham

They nearly always work out marginally the same. The issue here is that it is for a 4 year fixed and will go up against a 5 year product alternative (with Nationwide)

It is not clear on their new offering whether there is cashback (sols) and valuation cost on the 5 year at 4.99%

Checking this will give you an idea, although the products they had at the start of the month were better than the one you have highlighted and there are ones that are better on the open market but all of these will also be direct and you would have to check criteria re probation on perm position.

If I was going to tie into the Nationwide for 4 years, I would consider paying the valuation fee and £500 product fee and tie in for 5 - depends on circumstances and variables I do not have mind you...

Good luck

chrislee765

Dave, thanks so much for your reply. We agree with you, we were hoping for the £1000 cashback and reduced product fee.

You gave us cause to start searching around again and we believe we are onto a better deal (via the co-op).

I've got some questions about it but I'm going to start a new thread, as the questions aren't related as such.

Thanks again.