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ERC When Switching deals with Nationwide

beefturnmail
beefturnmail Posts: 942 Forumite
Part of the Furniture 500 Posts Name Dropper Combo Breaker
in Mortgages & endowments
Hi,

Does anyone know if Nationwide apply ERCs when taking advantage of their switch due to deal ending offers?

I currently have a fix with them until 1 March. I applied online for their switch deal ending and was given the option of it starting from 1 Jan (which I was not expecting but I selected as the interest rate is lower on the deal I'm switching to), however now I'm thinking they may apply the ERC to my current mortgage? Doesn't seem to be clear on their website.

Of course if this is the case I will just cancel and reapply from 1 March.

Comments

  • kingstreet
    kingstreet Posts: 39,444 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    They will charge the ERC.

    You don't have the option to add it to the loan either. It has to be paid upfront.

    Expect some communication sooner or later.
    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.
  • beefturnmail
    beefturnmail Posts: 942 Forumite
    Part of the Furniture 500 Posts Name Dropper Combo Breaker
    Thanks - I'll call them and cancel the application
  • beefturnmail
    beefturnmail Posts: 942 Forumite
    Part of the Furniture 500 Posts Name Dropper Combo Breaker
    Well I called them and apparently they will be no ERC applied, because it's within 3 months of the fix ending. :) Got them to confirm this and have the full name of the person I spoke to.
  • kingstreet
    kingstreet Posts: 39,444 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    So it's based on 1 January being within three months of 1 March, even though today is 1 December?

    Er... okay. :D
    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.
  • beefturnmail
    beefturnmail Posts: 942 Forumite
    Part of the Furniture 500 Posts Name Dropper Combo Breaker
    I guess so. Well done to Nationwide for giving existing customers a good deal
  • System
    System Posts: 178,426 Community Admin
    10,000 Posts Photogenic Name Dropper
    I'd say that today is 3 months from 1st of March?
    This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com
  • kingstreet
    kingstreet Posts: 39,444 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Vinnybro1988 wrote: »
    I'd say that today is 3 months from 1st of March?
    Quite right. As I typed 1 December I was thinking 1 November and it was four months.

    Blimey this year has passed quickly. I think my problem was March being only three months away... :eek:
    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.
  • System
    System Posts: 178,426 Community Admin
    10,000 Posts Photogenic Name Dropper
    kingstreet wrote: »
    Quite right. As I typed 1 December I was thinking 1 November and it was four months.

    Blimey this year has passed quickly. I think my problem was March being only three months away... :eek:

    I certainly agree about this year going very quickly. Think it's the fact it's not especially cold yet so can't be December :D
    This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com
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