Nationwide BMR rate

albert100

Dear everyone,

I have a Nationwide mortgage, now around £60k, with around 10 years to run. I was on a fix early on, and then reverted to their BMR rate of 2.5%, which I think they are obliged to keep me on for the rest of the run (basically - 2% above BoE lending rate).

However, if I got a new fix/tracker etc. with them, when that ended I would be on 3.99%.

Don't intend moving house anytime soon either.

So... would I be mad to get a new mortgage? Is 2% above BoE rate for the rest of time well worth having? I think it probably is, but would appreciate any views.

thanks,

Albert

TrickyDicky101

You are in a similar situation to me (as regards BMR rate on mortgage). broadly comparable mortgage amounts. I have no intention of switching to another product or provider.

Noctu

I'm in the same boat too and no intention of switching. Not only is the BMR a good rate, but broadly, products from Nationwide that reverted to the BMR have better facilities than most of the newer offerings - e.g. unlimited overpayments, ability to borrow back overpayment reserve, and some others I forget.

albert100

OK - thanks both

>>e.g. unlimited overpayments, ability to borrow back overpayment reserve, and some others I forget.

Yes that is also very true as well and a very handy feature. Nationwide must hate this particular millstone - creates no incentives for BMRers to buy a new product...