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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%!:().
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