Nationwide product transfer - 'booking' a rate (and changing later?)

elritmo

Hi all,

Been lurking for a few months (and taken some valuable knowledge/advice on board, thanks!) but have signed up today to post this - my first fixed rate is coming to an end (yay...) and I'm looking for some clarity around product transfer, if you could please be so kind.

I received a letter informing me that I could go online to Nationwide's Mortgage Manager to select a new deal, I was expecting that and that bit I'm fine with. Not looking for advice on length of term (receiving enough unsolicited advice on that front!), but just for example's sake, with the rates offered by Nationwide yesterday:

If I was to select 5 Year Fixed @ 5.19%, this is then 'booked' in until the end of my current deal (end of October)...  but can I (easily) change that before it kicks in if, for (admittedly unrealistic) example's sake, their 5 Year Fixed went down to 4.5% in a couple of months?

I feel as though I've read here about being able to switch after 'booking' your rate, but I can't find it explicitly anywhere on the forum right now, and given how wordy this has become I suspect I'm phrasing it poorly when attempting to Google it.

Would just like to be sure before committing to a new product, as I've told my partner that changing the rate if it goes down is possible so I don't want it to be my fault when it turns out I made it up! Thanks.

Neilos9

yes indeed

simon_or

Yes, you can switch but you'll need to speak to Nationwide to understand how exactly it works. For example, with one my previous banks, switching after reserving meant that you had to spend one month on SVR before the new new-rate kicked in. 

Having said that, as part of the mortgage charter, Nationwide has committed to allowing customers to switch so you would imagine that there wouldn't be an implicit or explicit penalty to doing so.

"With effect from 10th July customers approaching the end of a fixed rate deal will have the chance to lock in a deal up to six months ahead. They will also be able to manage their new deal and request a better like for like deal with their lender right up until their new term starts, if one is available"

Chemistry777

We locked in rate with nationwide and twice switch when rates reduced to a different product.
we were advised the current offer would be revoked and new application was a new application that would be assessed on the lending criteria at the time, with no guarantee of acceptance. However the reality was we got acceptance confirmation the same day,

elritmo

Thanks for the responses (even if a little conflicting!) - I've taken the plunge this morning and selected the deal to switch to. I'll keep an eye out but things seem to only be getting bleaker in the short term, so can't see me needing to cancel/reapply before November.