mortgage advice - grateful for any help

riquelme

weve had a mortgage for approx 10 years (with nationwide), we had a discounted rate for 1st 3 years and been a bit lazy since and have been on the variable base rate

we would like to
1. ideally negotiate a new deal with NW (is this called a remortgage?) but are we in a strong position to do this considering the latest NW news. if so what can we reasonably expect?

2. take our business elsewhere, i take it NW dont want to lose us as customers. if so what are the best deals (a pointer in the right direction would be handy)

thanks for looking and if you get a second to respond and offer some advice...double thanks

[Deleted User]

Looks like what you would be getting is a re-mortgage.

I've just re-mortgaged from Abbey to Nationwide (I got in just before the news!) and I decided to get quotes from lots of different providers, not just one or two.

I did this by using mortgage compare services, like moneysupermarket.com or charcolonline.com. Both let you put in information to give you a really accurate quote - make sure you look out for the penalties and conditions of the mortgage as some are really restrictive!! Then armed with this information, give Nationwide a call and see if they can match the best offer you've found.

I did this with Abbey but they just weren't able to beat the Nationwide offer, so I moved and it was very hassle free!

Good luck!

dwsjarcmcd

If you stay with NW it is not a remortgage but a product transfer, and you will get whatever deals they have.

Yes they will be sorry to lose you but only because you have been sitting on SVR for 7 years!!! but that won't count for anything extra I'm afraid as you will still only get the products they have available.

If you want to move your mortgage, then it's a remortgage. Decide the product you want, how long you want it for and what application fee you are prepared to pay or add to the loan i.e. fixed for 5 years with a £1k fee, then either use a broker or check out comparison sites, although personally I would use moneyfacts, rather than moneysupermarket, which is too biased to lenders who pay them the most money.

David

riquelme

thanks for your help, its given me a start.

looked on nationwides website and the only offer they have is fixed 5years at 5.83% with no setting up fee, there are penalties for early repayment but are not looking at doing that a the moment

so is getting tied in at 5.83% a good idea?


im just about to begin researching other products also

thanks again

dwsjarcmcd

No one can really give you a definative answer. If you have decided that a 5 year term is best for you in your circumstances, then being tied in is a good idea. If you don't have penalties in the product, then the rate, with all lenders will be higher.

Once you have decided it's a 5 year fix, it really is about the rate and fees.

Just one thing, if you stay with NW, it is a product transfer, so no underwriting/valuations/credit score/solicitors so it is fast and just signatures. Remortgaging is not really a hassle, but these things may, or may not be important to you.

David