We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Nationwide - moving on to a fix - so easy online
FormulaDriven
Posts: 119 Forumite
A few weeks ago there was some discussion about how easy it is for existing N/wide customers to change mortgage product (assuming you are currently on the BMR or SMR so not locked into a deal period).
Well, I did it last night online. As I bank online, the process just got me to log in, brought up all my details, asked what product I wanted to switch to, made me confirm a few T&Cs, and then job done. (I can even change my mind as I've set the switch to May). Easy. (It's a joint mortgage, so I had to confirm that my wife also agreed to the application, but it didn't require any authentication of her agreement, although I'll assume she'll need to sign the follow-up paperwork coming by post).
As I am on the BMR (2.5%), being able to fix at 2.24% for 5 years was a pretty clear-cut decision (even adding the £999 fee to the loan). The only material downside I see is that in 5 years I'll revert to the higher SMR rather than the BMR. But that will be a whole different world (Bank of England base rate at 2%? 3%? 5%?) and hopefully there will be an attractive new fix or tracker at that time. (But not at 2.24%!:().
Well, I did it last night online. As I bank online, the process just got me to log in, brought up all my details, asked what product I wanted to switch to, made me confirm a few T&Cs, and then job done. (I can even change my mind as I've set the switch to May). Easy. (It's a joint mortgage, so I had to confirm that my wife also agreed to the application, but it didn't require any authentication of her agreement, although I'll assume she'll need to sign the follow-up paperwork coming by post).
As I am on the BMR (2.5%), being able to fix at 2.24% for 5 years was a pretty clear-cut decision (even adding the £999 fee to the loan). The only material downside I see is that in 5 years I'll revert to the higher SMR rather than the BMR. But that will be a whole different world (Bank of England base rate at 2%? 3%? 5%?) and hopefully there will be an attractive new fix or tracker at that time. (But not at 2.24%!:().
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.4K Banking & Borrowing
- 253.7K Reduce Debt & Boost Income
- 454.4K Spending & Discounts
- 245.4K Work, Benefits & Business
- 601.2K Mortgages, Homes & Bills
- 177.6K Life & Family
- 259.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards