Changing Mortgage Mid fixed term

Goldiegirl

Maybe the OP was originally mistaken, and there's no ERC on the current product?

That's the only reason I can think of for having no ERC.

Otherwise, yes, get it in writing!

Mr_Incredible

its already in writing, its called switch and fix

Yorkie1

Mr_Incredible wrote: »

its already in writing, its called switch and fix

SnF is, according to their website, only for those switching from a tracker rate and not from a fixed rate:
http://www.nationwide.co.uk/mortgages/existingcustomers/switchmortgagemiddeal.htm

kingstreet

Yep. Switch & fix applies to a range of tracker products with a penalty, allowing you to switch to a fix later.

TBH the OP does mention the "fixed term" which would be true of a tracker, not a fixed rate.

FWIW I assumed he meant a fixed rate too...!

If only the punter would get their industry jargon right!!

Oh. Hang on. I'd then be out of a job! :eek:

Thrugelmir

Mr_Incredible wrote: »

I have a mortgage with Nationwide about half way through its initial fixed term. I believe there is a penalty for early redemption but was wondering if there are any angles/ways to wriggle or do a new deal with them that they might relax this.

I know this may to most sound retorical but just wondered if anyone had any experience of this?

What rate do you revert to at the end of the product term?

BMR or SMR?

Mr_Incredible

So I completed the switch and fix, this took me from the 3.29% I was paying on my tracker to 2.14% fixed for two years.

I'm happy with it, just my luck rates will probably drop now but i figured that they can't fall too far below 2.14% and I'd rather take the bird in hand.