Nationwide remortgage/early repayment charge

eng1991

Our 2 year fixed term deal finishes on 30/09/23. However, when we go online to see what new offer is made, it says "You cant switch this account online as there is an early repayment charge. If you wish to switch this account to a new product you'll need to pay the erc upfront. You'll need to speak to a mortgage advisor before you can switch".

Is this normal? I would have thought if the 2 year fixed term was finishing there would be no erc?

IvyFlood

We have a 5yf with Nationwide ending 9 days before yours and the ERC is payable until 3 months before. So after June you should be able to exit with no fee - its fairly standard I think.

eng1991

Perfect thanks that explains it

K_S

eng1991 said:

Our 2 year fixed term deal finishes on 30/09/23. However, when we go online to see what new offer is made, it says "You cant switch this account online as there is an early repayment charge. If you wish to switch this account to a new product you'll need to pay the erc upfront. You'll need to speak to a mortgage advisor before you can switch".

Is this normal? I would have thought if the 2 year fixed term was finishing there would be no erc?

@eng1991 Assuming that you are looking to book a switch to kick in on 01/10/2023, with Nationwide you should be able to book a switch from 01/06/2023, 4 months prior to the end of the fix.

It used to be 4 months, then increased to 6 months and then changed back down to 4 months recently.

 

penners324

Surely there's an option to fix it the day after your current deal ends? That's how most other mortgage providers work.

Sounds like you've selected a switch now option