Nationwide Mortgage product switch - cancel rate switch and reapply

Michelle1992

I set up a product switch on our Nationwide mortgage for 4.26% on a 5 year fixed with no fee set to start on 01/04. I done this a few months ago and have now seen rates have changed. After looking at the calculations it now seems we would be better switching to the 3.99% rate which has a £999 fee attached but even by adding this to the mortgage it still works out cheaper. 

My question is has anyone had experience with cancelling a rate with them before? Online it says it can take up 5 working days to cancel - does it really take this long? My fear is I cancel the rate and then the rates go up and we are worse off. Do Nationwide have a specific day that they seem to do interest rate changes or how often they change them? I think this current rate came out on 28th February but I only just saw it today. Also it says you have up to the 20th of the month before it starts to cancel a rate - is it the same for selecting a new rate that it needs to be done by the 20th or can it be done anytime up to our existing fixed rate end date of 01/04

Thanks for your help  

Hoenir

Michelle1992 said:

 After looking at the calculations it now seems we would be better switching to the 3.99% rate which has a £999 fee attached but even by adding this to the mortgage it still works out cheaper. 

Your monthly outgoing maybe lower for 5 years. However you may owe more when the product term comes to the end. Cheaper isn't always what it seems.