Nationwide announce revised Interest rates

GAMBITv5

Managed to get my broker to change from a 2yr 4.49 to a 5yr 3.99 with a few hours to spare…

inkydolphin

IvyFlood said:

4.44% for us. Our current fixed rate is up next September. Tempted to lock in now and pay ERC? Think we'll just be extending our term tbh, we already pay £850p/month and cant really afford to go any higher!

Similar to me. Tough choice isn't it. Depends to a large extent on how much you have left on the mortgage/LTV I guess.

inkydolphin

Aberdeenangarse said:

https://www.nationwide-intermediary.co.uk/news/2022/september/ratechange?utm_source=NFI&utm_medium=email&utm_campaign=13492978_NFI4788%20NFI%20Rate%20change%2026.09.22%20JF%20%2AAPPROVED%2A&dm_i=5KB,8178Y,R1B977,WV5V4,1

The fact that 5 and 10 year rates are lower than 2 year rates says a lot.

DPicard

I got a 2 year fixed term on 2021 thinking that the Covid storm would pass and now im finding myself on a rush to remortgage and potentially paying 2K£ of ERC. 

Any advice on what could be the safest thing looking ahead? would it be wise to go for a 5 year deal i.e. will things go back to normal in the mid term or is this the new "normality"

Orchid96

I am considering a 10 year product, but that is based on my personal situation. We don't have plans to move and luckily got a rate of 3% back in July. You should be doing all the calculations and see what is affordable for you. 

Adsta

DPicard said:

I got a 2 year fixed term on 2020 thinking that the Covid storm would pass and now im finding myself on a rush to remortgage and potentially paying 2K£ of ERC. 

Any advice on what could be the safest thing looking ahead? would it be wise to go for a 5 year deal i.e. will things go back to normal in the mid term or is this the new "normality"

I'm in similar boat. My 2.09 fix ends Oct next year (2023) I'm considering if I try switch deal next month, ERC is 1.4k to get a 5 year fix at 4.49%. 

That or ride it out until Oct and hope they don't go up to high. I could manage if they get to extreme of say 8% by next year after this years payments and some overpayments. But it would start getting rough if they do go any higher or no sign of coming down. 

4.49% would be a dent but obviously more manageable. But then risk is being locked to that for next 5 years in which they might come down again. I need to sit on it for another couple of weeks anyway for my ERC to fall into the 1.4k territory anyways. 

Such awful timing. 

IvyFlood

Adsta said:

DPicard said:

I got a 2 year fixed term on 2020 thinking that the Covid storm would pass and now im finding myself on a rush to remortgage and potentially paying 2K£ of ERC. 

Any advice on what could be the safest thing looking ahead? would it be wise to go for a 5 year deal i.e. will things go back to normal in the mid term or is this the new "normality"

I'm in similar boat. My 2.09 fix ends Oct next year (2023) I'm considering if I try switch deal next month, ERC is 1.4k to get a 5 year fix at 4.49%. 

That or ride it out until Oct and hope they don't go up to high. I could manage if they get to extreme of say 8% by next year after this years payments and some overpayments. But it would start getting rough if they do go any higher or no sign of coming down. 

4.49% would be a dent but obviously more manageable. But then risk is being locked to that for next 5 years in which they might come down again. I need to sit on it for another couple of weeks anyway for my ERC to fall into the 1.4k territory anyways. 

Such awful timing. 

You are the exact same as me! We were looking at the same deal and we must have the same amount left as our ERC is £1400 at 1% - though we need to wait till Saturday for it to fall in the 1% bracket.

Dabrudders

IvyFlood said:

Adsta said:

DPicard said:

I got a 2 year fixed term on 2020 thinking that the Covid storm would pass and now im finding myself on a rush to remortgage and potentially paying 2K£ of ERC. 

Any advice on what could be the safest thing looking ahead? would it be wise to go for a 5 year deal i.e. will things go back to normal in the mid term or is this the new "normality"

I'm in similar boat. My 2.09 fix ends Oct next year (2023) I'm considering if I try switch deal next month, ERC is 1.4k to get a 5 year fix at 4.49%. 

That or ride it out until Oct and hope they don't go up to high. I could manage if they get to extreme of say 8% by next year after this years payments and some overpayments. But it would start getting rough if they do go any higher or no sign of coming down. 

4.49% would be a dent but obviously more manageable. But then risk is being locked to that for next 5 years in which they might come down again. I need to sit on it for another couple of weeks anyway for my ERC to fall into the 1.4k territory anyways. 

Such awful timing. 

You are the exact same as me! We were looking at the same deal and we must have the same amount left as our ERC is £1400 at 1% - though we need to wait till Saturday for it to fall in the 1% bracket.

I would suggest getting your appointment sorted in advance as there is a wait now due to the rush brought on by this mess.

My fixed runs out March 31st So ERC payable until 31 October. Decided it was worth it to guarantee a 5 year fixed at todays rate. 45 minutes wait time while calling Nationwide Mortgage helpline and after 20 mins of not much I was told I need to make an appointment with Mortgage Advisor to discuss options. Expected 1 and a half hour appointment with both my wife and myself and earliest appointment was 7 October. I know what I want and I want it today but now just have to hope it doesn't get worse by next week which it no doubt will. Appointment necessary due to ERC element.

themoomins

Dabrudders said:

IvyFlood said:

Adsta said:

DPicard said:

I got a 2 year fixed term on 2020 thinking that the Covid storm would pass and now im finding myself on a rush to remortgage and potentially paying 2K£ of ERC. 

Any advice on what could be the safest thing looking ahead? would it be wise to go for a 5 year deal i.e. will things go back to normal in the mid term or is this the new "normality"

I'm in similar boat. My 2.09 fix ends Oct next year (2023) I'm considering if I try switch deal next month, ERC is 1.4k to get a 5 year fix at 4.49%. 

That or ride it out until Oct and hope they don't go up to high. I could manage if they get to extreme of say 8% by next year after this years payments and some overpayments. But it would start getting rough if they do go any higher or no sign of coming down. 

4.49% would be a dent but obviously more manageable. But then risk is being locked to that for next 5 years in which they might come down again. I need to sit on it for another couple of weeks anyway for my ERC to fall into the 1.4k territory anyways. 

Such awful timing. 

You are the exact same as me! We were looking at the same deal and we must have the same amount left as our ERC is £1400 at 1% - though we need to wait till Saturday for it to fall in the 1% bracket.

I would suggest getting your appointment sorted in advance as there is a wait now due to the rush brought on by this mess.

My fixed runs out March 31st So ERC payable until 31 October. Decided it was worth it to guarantee a 5 year fixed at todays rate. 45 minutes wait time while calling Nationwide Mortgage helpline and after 20 mins of not much I was told I need to make an appointment with Mortgage Advisor to discuss options. Expected 1 and a half hour appointment with both my wife and myself and earliest appointment was 7 October. I know what I want and I want it today but now just have to hope it doesn't get worse by next week which it no doubt will. Appointment necessary due to ERC element.

You can just apply online yourself, taking a 'no advice' mortgage if you know what you are doing.  I did it in 2020 with no problems.

IvyFlood

Dabrudders said:

IvyFlood said:

Adsta said:

DPicard said:

I got a 2 year fixed term on 2020 thinking that the Covid storm would pass and now im finding myself on a rush to remortgage and potentially paying 2K£ of ERC. 

Any advice on what could be the safest thing looking ahead? would it be wise to go for a 5 year deal i.e. will things go back to normal in the mid term or is this the new "normality"

I'm in similar boat. My 2.09 fix ends Oct next year (2023) I'm considering if I try switch deal next month, ERC is 1.4k to get a 5 year fix at 4.49%. 

That or ride it out until Oct and hope they don't go up to high. I could manage if they get to extreme of say 8% by next year after this years payments and some overpayments. But it would start getting rough if they do go any higher or no sign of coming down. 

4.49% would be a dent but obviously more manageable. But then risk is being locked to that for next 5 years in which they might come down again. I need to sit on it for another couple of weeks anyway for my ERC to fall into the 1.4k territory anyways. 

Such awful timing. 

You are the exact same as me! We were looking at the same deal and we must have the same amount left as our ERC is £1400 at 1% - though we need to wait till Saturday for it to fall in the 1% bracket.

I would suggest getting your appointment sorted in advance as there is a wait now due to the rush brought on by this mess.

My fixed runs out March 31st So ERC payable until 31 October. Decided it was worth it to guarantee a 5 year fixed at todays rate. 45 minutes wait time while calling Nationwide Mortgage helpline and after 20 mins of not much I was told I need to make an appointment with Mortgage Advisor to discuss options. Expected 1 and a half hour appointment with both my wife and myself and earliest appointment was 7 October. I know what I want and I want it today but now just have to hope it doesn't get worse by next week which it no doubt will. Appointment necessary due to ERC element.

Oh really?! I did see within the online mortgage manager that you need to ring if there's an ERC involved but assumed it could all still be done over the phone. When we originally got our mortgage it was done over videolink!