Just done a product switch

YorkyGal10

Hi, 
I owe £90k on my house (worth approx £275k). My fixed term mortgage ends with Nationwide on 31st Oct, I have been fixed for 5 years. In August I decided to stay with Nationwide and do a product switch which is effective from 1st Nov. My interest rate is obviously higher than it was previously but I'm happy with that.
I'm hearing of lenders removing new products. Would my product switch be classed as a new product as it doesn't come into effect until 1st Nov.
Thanks for any help given.

YorkyGal10

Incidentally my plan is to now focus on overpaying my mortgage so that in 5 years I have as little as possible remaining. I will be re-directing retirement funds in order to do this.

biscan25

They are being withdrawn from applications made today. If the application with the lender is already in you should be ok, if it's been approved like yours, then you will definitely be ok.

biscan25

YorkyGal10 said:

Incidentally my plan is to now focus on overpaying my mortgage so that in 5 years I have as little as possible remaining. I will be re-directing retirement funds in order to do this.

If you've locked in a rate in August you may find it more beneficial to keep the overpayments in designated savings, rather than overpaying as the interest rate could well be higher on the savings!

YorkyGal10

Biscan - thank you for that, you've put my mind at rest. I can sleep tonight now!

biscan25

YorkyGal10 said:

Biscan - thank you for that, you've put my mind at rest. I can sleep tonight now!

No worries, my new 5 year fix starts tomorrow so had to check myself!