nat west deal switch now, rather than at end of current nw deal

kingstreet

I could find this;-

You are eligible to switch online and receive £100 cash back if:

You are within 3.5 months of your existing deal ending or on a standard variable rate

and

If applicable, your current tracker product has ‘track and switch’ facility

with some other bits and pieces. So if you are on a tracker, or your current deal is due to end in less than 3.5 months, you should be able to switch online?

http://www.natwest.com/personal/mortgages/manage-your-natwest-mortgage/switch-online.ashx

moneysavinggirl40

kingstreet wrote: »

I remember Nationwide Building Society offering "switch & fix" but this was based on you taking a tracker product and later switching to a fix;-

http://www.nationwide.co.uk/mortgages/existingcustomers/switchmortgagemiddeal.htm

Well Nat West let you switch from tracker to a new fixed or another new tracker product

moneysavinggirl40

kingstreet wrote: »

I could find this;-


with some other bits and pieces. So if you are on a tracker, or your current deal is due to end in less than 3.5 months, you should be able to switch online?

http://www.natwest.com/personal/mortgages/manage-your-natwest-mortgage/switch-online.ashx

Indeed but when i phoned them they said that they couldn't start the deal straightaway i had to wait until the current deal ended otherwise there would be fees.

kingstreet

Did they say why?

Offering you a new deal in the last 3.5 months of the old one suggests they don't charge any ERC.

If they did charge, you have no advantage in staying with your current lender and would look at other lenders' offers to see if they are better.

It doesn't make much sense and I'd be asking what the point is...

Have you tried the online thing mentioned?

Thrugelmir

moneysavinggirl40 wrote: »

Indeed but when i phoned them they said that they couldn't start the deal straightaway i had to wait until the current deal ended otherwise there would be fees.

There's nothing on the website to say that any ERC's will be waived.

The online portal allows you to proceed if your mortgage account is eligble. If you cant then you aren't.

Your product T&C's will be the deciding factor. Not the website. As couldn't cover all the permutations relating to different products that borrowers currently have.

moneysavinggirl40

kingstreet wrote: »

Did they say why?

Offering you a new deal in the last 3.5 months of the old one suggests they don't charge any ERC.

If they did charge, you have no advantage in staying with your current lender and would look at other lenders' offers to see if they are better.

It doesn't make much sense and I'd be asking what the point is...

Have you tried the online thing mentioned?

yes and i am eligible for a low rate as intended , i clicked a few buttons, gave me a list of what deals are of offer to me. i thought one deal looked good, so clicked that. they sent me an illustration by email within 48hours but start date is the day after my current one ends. I queried it by phone, why can't i have my new deal start earlier than this date? she sounded as if she was new, she wasn't direct with her answer but said because there are fees involved. Do you think i should ring up and ask the same question again to someone else?

chambta

moneysavinggirl40 wrote: »

Indeed but when i phoned them they said that they couldn't start the deal straightaway i had to wait until the current deal ended otherwise there would be fees.

That's the way it works. The deal you currently signed for would end on the last day of the month and you'll be moved onto the new deal of your choice the very next day.

I'm surprised that anyone would expect it work any other way.

moneysavinggirl40

Thrugelmir wrote: »

There's nothing on the website to say that any ERC's will be waived.

The online portal allows you to proceed if your mortgage account is eligble. If you cant then you aren't.

Your product T&C's will be the deciding factor. Not the website. As couldn't cover all the permutations relating to different products that borrowers currently have.

Your point is valid regarding T&C, would be good if website said something to that affect that switching earlier than initial period still means ERC have to be paid, if that is the case. However what's the point in advertising this track and switch if ERC's are applicable? surely the whole point of this type of deal is you can switch mid deal. They are clear that switching becomes effective from 3 months after completion, so you have to pay your rate for at least 3 months before u are allowed to switch.

chambta

moneysavinggirl40 wrote: »

Your point is valid regarding T&C, would be good if website said something to that affect that switching earlier than initial period still means ERC have to be paid, if that is the case. However what's the point in advertising this track and switch if ERC's are applicable? surely the whole point of this type of deal is you can switch mid deal. They are clear that switching becomes effective from 3 months after completion, so you have to pay your rate for at least 3 months before u are allowed to switch.

I think you're getting two separate issues confused. If you're on a base related tracker deal, & your KFI confirms it, then you are able to move to a fixed rate at any time without penalty.

The website is referred specifically to a process to allow people to change deals if they are either already on the SVR or are within 3.5 months of their existing deal ending. Changing this way can get you £100 cashback which wouldn't be applicable if you were to 'track and switch' over the phone.

Given the cashback is likely to be worth more to you than a couple of months reduced payments it may make sense to go down the route of booking your new deal online.

moneysavinggirl40

chambta wrote: »

I think you're getting two separate issues confused. If you're on a base related tracker deal, & your KFI confirms it, then you are able to move to a fixed rate at any time without penalty.

The website is referred specifically to a process to allow people to change deals if they are either already on the SVR or are within 3.5 months of their existing deal ending. Changing this way can get you £100 cashback which wouldn't be applicable if you were to 'track and switch' over the phone.

Given the cashback is likely to be worth more to you than a couple of months reduced payments it may make sense to go down the route of booking your new deal online.

This is a direct quote from the deal they offered. Three months after the completion date of your mortgage up until the end of the tracker/discounted rate term
you will be eligible to switch the part of your mortgage on the tracker/discounted rate to a new fixed rate,
without payment of the Early Repayment Charge. You must switch all of the mortgage subject to the tracker/discounted rate to the new fixed rate and this amount may not be increased. You must also pay any
arrangement fee or booking fee that may be applicable to the new fixed rate.