Moving mortgage products

Gavo01

At the moment I have 4 mortgage products with the Nationwide.
Two are fixed and two are on SMR's.
I wish to move the two products on the SMR to another lender for a better deal.
Is this possible and if so what sort of charges, if any, could I occur?

kingstreet

It's not possible.

Nationwide has a first charge over your property. That is the 'mortgage'. The loan is split into sub-accounts to represent money you have borrowed on different occasions.

You would need to raise a new first charge mortgage with a new lender to repay all you owe to Nationwide.

There are third-party lenders who lend on a second charge basis, but they will get nowhere near the customer retention products Nationwide will offer for each separate sub-account.

It may be frustrating from an administrative point of view, but from a pure cost viewpoint, staying with Nationwide with your four sub-accounts is likely to be best.

As each one comes back to standard rate, switch to a penalty-free tracker and then when you get to the fourth one, switch them all to the same product. Then you can forget them all until the same date, just like having "one mortgage" like everyone else.

jimjames

Why not just switch the SMR to a new deal with Nationwide? They have some very good rates at present

Gavo01

Cheers for the replies guys.

jimjames, I am thinking of switching my SMR's with Nationwide just wanted some advice first before going ahead.