Nationwide 10 Year Fixed @ 2.59/2.69% - HotUKDeals
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Nationwide 10 Year Fixed @ 2.59/2.69%

£0.00 @ Nationwide Building Society
Nationwide seem to have followed suit and dropped their rates following the recent interest drop. Now at 2.59% with a £999 fee or 2.69% no fee. LTV is 60%. May be of interest for existing customers wh… Read More
mattymatmatson Avatar
11m, 4d agoFound 11 months, 4 days ago
Nationwide seem to have followed suit and dropped their rates following the recent interest drop. Now at 2.59% with a £999 fee or 2.69% no fee. LTV is 60%. May be of interest for existing customers who would rather stay with Nationwide. Will let you figure out what works best for you!
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mattymatmatson Avatar
11m, 4d agoFound 11 months, 4 days ago
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(2)
11 Likes
Nationwide are very good for mortgages. Rather than doing a long term fix, consider a shorter term deal with a much lower interest rate. The money you save can be paid off the mortgage as overpayments, reducing further the interest you will end up paying.
10 Likes
They really are trying to get people off that 0.5% above base rate, aren't they....?

Not tempting enough to make me give it up just yet.

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10 Likes #1
They really are trying to get people off that 0.5% above base rate, aren't they....?

Not tempting enough to make me give it up just yet.
1 Like #2
What loan to value?
1 Like #3
The OP's deal LTV is 60% maximum. They do actual do 2.89% with a £999 fee on 70% LTV mortgages fixed for 10 years. 3.09% for 75% LTV....and so on.
1 Like #4
LurkingLawyer
They really are trying to get people off that 0.5% above base rate, aren't they....?

Not tempting enough to make me give it up just yet.


Isn't the guarantee no more than 2% above the base rate?
3 Likes #5
LurkingLawyer
They really are trying to get people off that 0.5% above base rate, aren't they....?
Not tempting enough to make me give it up just yet.

I thought I was doing well with base rate plus 1%.
1 Like #6
The bmr is base plus 2% fixed for length of account..plus its portable.
11 Likes #7
Nationwide are very good for mortgages. Rather than doing a long term fix, consider a shorter term deal with a much lower interest rate. The money you save can be paid off the mortgage as overpayments, reducing further the interest you will end up paying.
2 Likes #8
garethsmith72
The bmr is base plus 2% fixed for length of account..plus its portable.

Fwiw Bmr is set to drop to 2.25% soon. They'll still be making money on this old product though.

http://www.nationwide.co.uk/support/support-articles/rates-fees-charges/bank-of-england-base-interest-rate-announcement
2 Likes #9
MarkShopper
Nationwide are very good for mortgages. Rather than doing a long term fix, consider a shorter term deal with a much lower interest rate. The money you save can be paid off the mortgage as overpayments, reducing further the interest you will end up paying.

Bought my house at 23 and despite the estate agents broker pleading with me to go for a 5 or 10 year deal for security I stuck to my guns and went 2 year with nationwide.

That 2 years has recently passed and thanks to mortgage overpayments (as you rightfully suggest) I signed up again for a 2 year deal at a cheaper rate which is working out to be £140 cheaper a month compared to when I got the house!

So personally I wouldn't go for this 10 year deal. I can understand the safety of it but it's just not for me.
banned 1 Like #10
If we fix our mortgage for 10 year.. and lets say after 5 year if we thinking to sell house.. can we sell house ? is there any penalty to sell house ? please any comments ?
#11
I managed 2.46% fixed over 5 years with Nationwide in June.
2 Likes #12
dude_1234
If we fix our mortgage for 10 year.. and lets say after 5 year if we thinking to sell house.. can we sell house ? is there any penalty to sell house ? please any comments ?


You could move the mortgage product if you're locked into a product on your old house. As people generally trade up houses when remortgaging, you just stay with nationwide and move your mortgage product, if any shortfall, you get a 2nd new mortgage.
E.g. Move house to a £300,000 property, you have £150,000 mortgage on old house, and £80,000 capital, you would keep your old £150,000 mortgage and get a 2nd mortgage for £70,000 to meet the cost of £300,000 for the new house.
Alternatively, paying off your old mortgage with money from a new mortgage would trigger an early exit fee (% of mortgage). You'd want to calculate the difference in repayments vs exit fee (and potentially lifetime cost of mortgage).

Edited By: Matholwch on Aug 16, 2016 06:15: Typo
#13
dude_1234
If we fix our mortgage for 10 year.. and lets say after 5 year if we thinking to sell house.. can we sell house ? is there any penalty to sell house ? please any comments ?


you just need to check the product terms and conditions and make sure it is a portable mortgage. which will allow you to move the mortgage to your new house.
#14
Excellent...I was waiting for this news, I am likely to take the 10 year deal when my current deal ends.
#15
Very tempted by this, currently on their smr (base +2%), but with only 10 years left on our mortgage (and no intention of moving) the security of this for the remainder of our mortgage is sorely tempting.
#16
Are there any overpayment restrictions on this mortgage?
#17
...ah yes over 10% of initial payment Ive just seen
#18
the Coventry Building society have a 2.39% deal on a 10 year fixed. the cheapest now with £1000 fee.
#19
I'm on the lifetime tracker which is base rate +0.58%.... 16 years left to go. However as i took out my mortgage between 2004 and 2009, nationwide apply a 'floor' of 2% (i think) so I will never pay less than 2.58%, they are not passing on the rate cut to my mortgage. i guess on the plus side, rates have to now move up quite a bit before i would see an increase (from 0.25% to 2.25% before i would have to pay more). so i think fixing at 2.69 for 10 years may not suit. anyone know if i am missing something here?
#20
I have just taken out a tracker mortgage with nationwide.

1.44 + base rate for two years. No product fee plus £500 first time buyer cash back and £250 flexclusive cash back for having a flex account with them.

I think it is a decent deal and I do not see the base rate going up within two years.

Go on their site and search. Comparison sites did not show me the ones with no set up fees.
2 Likes #21
JJBDude
MarkShopper
Nationwide are very good for mortgages. Rather than doing a long term fix, consider a shorter term deal with a much lower interest rate. The money you save can be paid off the mortgage as overpayments, reducing further the interest you will end up paying.
Bought my house at 23 and despite the estate agents broker pleading with me to go for a 5 or 10 year deal for security I stuck to my guns and went 2 year with nationwide.
That 2 years has recently passed and thanks to mortgage overpayments (as you rightfully suggest) I signed up again for a 2 year deal at a cheaper rate which is working out to be £140 cheaper a month compared to when I got the house!
So personally I wouldn't go for this 10 year deal. I can understand the safety of it but it's just not for me.

Really? I've never known a mortgage broker to do that. They always push short term deals in my experience so in two years they get in touch with you again to remortgage which means more commission. You must have a very altruistic mortgage broker.
#22
2.49% available with Coventry which is surely a better deal if you want to be tied in for 10 years and they'll do 2.39 for a 50% LTV. Also the 1.99% fixed for 5 years with HSBC is worth thinking about if 10 years seems too long for you.
#23
Tadpole78
Very tempted by this, currently on their smr (base +2%), but with only 10 years left on our mortgage (and no intention of moving) the security of this for the remainder of our mortgage is sorely tempting.

Their SMR is currently 3.74%, BMR is BoE base + 2%, depends on when you took the mortgage out as to which base rate you drop on to at the end of your deal.
http://www.nationwide.co.uk/products/mortgages/106732/details-rates-and-charges
#24
cromarty
JJBDude
MarkShopper
Nationwide are very good for mortgages. Rather than doing a long term fix, consider a shorter term deal with a much lower interest rate. The money you save can be paid off the mortgage as overpayments, reducing further the interest you will end up paying.
Bought my house at 23 and despite the estate agents broker pleading with me to go for a 5 or 10 year deal for security I stuck to my guns and went 2 year with nationwide.
That 2 years has recently passed and thanks to mortgage overpayments (as you rightfully suggest) I signed up again for a 2 year deal at a cheaper rate which is working out to be £140 cheaper a month compared to when I got the house!
So personally I wouldn't go for this 10 year deal. I can understand the safety of it but it's just not for me.
Really? I've never known a mortgage broker to do that. They always push short term deals in my experience so in two years they get in touch with you again to remortgage which means more commission. You must have a very altruistic mortgage broker.

I bought my house with Thomas Morris and they "forced me" to have a meeting with their in house guy. So I assume he is still a broker although he was old school and had all the deals on paper compared to my other guy who I used that had it all on the internet and multiple screens for me to see too.

But yeah proper tried to sell me on a 5 year and maybe even as far as a 10. Also pushed hard for life insurance so I am assuming he would have got commission for both. Was quite frustrating really and a waste of my time but felt obliged to as Thomas Morris pushed me in to it. Have learnt my lesson now though.

Edit - Just thought maybe he didn't have any 2 year deals available. I had told him of the deal I was thinking of going with (2 years at 3.64%) and he was trying to get me on something that was like 5-7% but said it was a much safer option. But am now on 1.79% rate so I am so glad I didn't take his advise! lol.

Edited By: JJBDude on Aug 16, 2016 11:46
1 Like #25
what happens after a 2 year fix though? if the base rate goes up to 5pc its unlikely i could afford such a jump possibly.. and the long term fixes will be even higher interest rates i guess..

is it not better to know exactly what the mortgage payments will be for 10 years?
when you re-mortgage can this be expensive doing it every two years? can you be declined possibly? can they mortgage less or more of the value of the property? or is it based on the original mortgage price?

sorry for the silly questions!
#26
jackvdbuk
what happens after a 2 year fix though? if the base rate goes up to 5pc its unlikely i could afford such a jump possibly.. and the long term fixes will be even higher interest rates i guess..
is it not better to know exactly what the mortgage payments will be for 10 years?
when you re-mortgage can this be expensive doing it every two years? can you be declined possibly? can they mortgage less or more of the value of the property? or is it based on the original mortgage price?
sorry for the silly questions!

Martin Lewis produces a useful guide to re-mortgaging. Can download as a PDF and can also request a free printed copy through the post:

http://www.moneysavingexpert.com/mortgages/remortgage-guide
#27
Coventry have dropped their Flexx for Term variable rate to 1.50%. 65% LTV. No tie in/penalties. This seems like a pretty decent deal to me.

http://www.coventrybuildingsociety.co.uk/mortgages/remortgaging.aspx
1 Like #28
jackvdbuk
what happens after a 2 year fix though? if the base rate goes up to 5pc its unlikely i could afford such a jump possibly.. and the long term fixes will be even higher interest rates i guess..
is it not better to know exactly what the mortgage payments will be for 10 years?
when you re-mortgage can this be expensive doing it every two years? can you be declined possibly? can they mortgage less or more of the value of the property? or is it based on the original mortgage price?
sorry for the silly questions!

Go and speak to a broker, my guy is so fantastic he helped me out loads. I will try answer a bit though.

If you take a 10 year mortgage you will spend thousands of pounds more on interest. My ideology is to get a cheaper and riskier 2 year deal and the money you save over if you took a 10 year one you should use as overpayments.

What will happen is even if worst case scenario interest rates do rise (I was told they would 2 years ago and they didn't) you will be able to get another 2 year deal in the future but at a lower Loan to Value thanks to the additional overpayments. So even though the interest rates on deals would have risen you'll now be eligible for a newer better deal plus will have less capital to pay off overall.

Also Nationwide allowed me to upgrade early (so after 1 year 9 months) which got me on to my cheaper 1.79% rate over my 3.64% rate 3 months early for some decent savings! I went from an 85% LTV deal to a 70% LTV deal which is a massive jump but thanks to house prices rising and my regularly overpayments I was able to do it and am really reaping the rewards now.

And once Nationwide get you as a customer you are a customer for life so I didn't need to have credit checks and all that mumbo jumbo done again. This is good as both me and my partner have reduced our working hours quite a bit and now earn less.

To summarise if you are savvy and smart with overpayments plus willing to take a bit of risk go for 2 year deals at a lower interest rate. If you don't mind paying extra and are satisfied with whatever the payment would be monthly for a 10 year deal then the security that brings may be the option for you. :)
4 Likes #29
MarkShopper
Nationwide are very good for mortgages. Rather than doing a long term fix, consider a shorter term deal with a much lower interest rate. The money you save can be paid off the mortgage as overpayments, reducing further the interest you will end up paying.

Great advice , i tied into a 5 year fixed 2.5 years ago , but overpaid as much as I could during that 2.5 years, i can now pay it off fully if i so wish , but I will get smashed with a £3000 ERC !!

So I will pay 99% of it off and pay £10 a month on £500 outstanding for the next 2.5 years to avoid the ERC 8)


Edited By: cbrpaul on Aug 16, 2016 12:33
#30
MarkShopper
Nationwide are very good for mortgages. Rather than doing a long term fix, consider a shorter term deal with a much lower interest rate. The money you save can be paid off the mortgage as overpayments, reducing further the interest you will end up paying.

I agree, the rates on the regular 3/5 year deals are just a bit too high to consider at this point in time as paying around 1% more than a 2 year deal due to the fear of the rate going out of control. The way things are going I cannot see the base rate go above 1% for a few years and 2% would probably put 100,000s of homes at risk.

Obviously, if your debt is relatively small where paying the booking fee costs quite a lot then it might be better to fix for longer. If you have 60% LTV then you have enough security to go with whatever is the best deal and overpay the difference you would've paid for a longer term fix. I saw a 0.99% 2 year fix for HSBC so well worth considering.
1 Like #31
jackvdbuk
what happens after a 2 year fix though? if the base rate goes up to 5pc its unlikely i could afford such a jump possibly.. and the long term fixes will be even higher interest rates i guess.. this is true, and it is a 'risk' i suppose with a mortgage of any kind at any time. it is however, 'unlikely' to jump from 0.25 to 5.0%, although i dont want to tempt fate ofc.
is it not better to know exactly what the mortgage payments will be for 10 years? yes its always better to know i would say, but i'm quite conservative. but the fluctuation rate of the base really hasnt/ doesn't tend to move around that much, so whilst yes its always better to know, there is a degree of certainty in this level of gamble. itll bring your monthly down a lot to be honest.
when you re-mortgage can this be expensive doing it every two years? can you be declined possibly? yes and yes. especially if circumstances change. moneysavingsexpert martin lewis has a remortgage guide, its a pdf download from his site and a bit of a lengthy read, but its very good and gives you an insight into all the possible pitfalls and scenarios. its a mathematical equation, and to some risk a gamble, as to weighing up the cost of a 2 year tracker and product fee, vs the 2 yr fixed, or 10 year fixed and not paying £1k product fees 5 times (in that ten year period). The basic question is, will i be better off after each two year period + product fee, than over a 10yr fixed deal.
can they mortgage less or more of the value of the property? or is it based on the original mortgage price? from what i understand its the original mortgage loan. the LTV loan to value is a ratio of house worth, vs the size of the loan. so if your house has gone up in value, or you have paid off mortgage, or both, then you should have positive equity. borrow 100k, pay back 10k, house price goes up 20k, you have a loan to value of 120kvs 90k. which is 75% (90k being 75% of 120k. which previously you had 100%. a lower LTV is better, and basically reassures the bank that they can get their money back if you should not pay for any reason. this enables them to 'trust' and offer a lower mortgage rate.
sorry for the silly questions!- no questions are silly.. :-D
#32
Tadpole78
Very tempted by this, currently on their smr (base +2%), but with only 10 years left on our mortgage (and no intention of moving) the security of this for the remainder of our mortgage is sorely tempting.

We did that 10 years ago at 4.9% and were quids in for 3 years..................... Did get 2 months at 2.4% before the end though.
1 Like #33
If you are in the higher 70%+ LTV the 10 year is a bit long as price value of the house rising and the lower rates of shorter term smeans you could end up with a better LTV bracket mid term so miss out on better rates ergo pay a lot more over the 10

However 5 year and 10 (less so) can be great if you are thinking about starting a family as it is a pain to get a mortgage when you have to factor in kids and child care and the possibility of being on maternity while applying.
#34
Before anybody commits to a 10 year deal please consider that Denmark are on negative interest rates for around 4 years now. And many people get interest rather than paying interest. Until that time I am good with my current mortgages.
1 Like #35
As a mortgage adviser, I would advise anyone to think very carefully before fixing your mortgage for 10 years. A lot can change in that time and early repayment charges can be painful. Always speak to a broker that has access to a fair panel of lenders, a couple of quid with an expert can save you a lot in the long run. Please note I am by no means giving any advice or recommendation by saying this.
2 Likes #36
Anonbroker, "I would ADVISE anyone to.......
But then, "I am by no means giving any advice....." !!!!
1 Like #37
why so hot?

http://www.coventrybuildingsociety.co.uk/mortgages/AccountSummary.aspx?socseqno=1&prodCode=FGH11&Company=1
10 years 2.39% with a £999 fee with free valuation (max 50% LTV)

http://www.coventrybuildingsociety.co.uk/mortgages/AccountSummary.aspx?socseqno=1&prodCode=FGH12&Company=1
10 years 2.69% with no fee & free valuation (max 50% LTV)


go to rate
4.24%
#38
I am just a normal guy not a mortgage broker etc. We got our first house in about 2011 and then moved in 2015. Your circumstances can change a lot in 10 years so just think carefully. We ended up paying to "get out" of our fix when we moved...it was transferable but on moving we got a rate under 3% and were on 5% before this. We lost in the sense it cost about 4k to ditch the mortgage, but as we purchased our first house in the housing slump we sold it for 20k more.

I agree the security of knowing your monthly payments is good however, I just think 10 years is a very long time.
#39
Marky1987
I am just a normal guy not a mortgage broker etc. We got our first house in about 2011 and then moved in 2015. Your circumstances can change a lot in 10 years so just think carefully. We ended up paying to "get out" of our fix when we moved...it was transferable but on moving we got a rate under 3% and were on 5% before this. We lost in the sense it cost about 4k to ditch the mortgage, but as we purchased our first house in the housing slump we sold it for 20k more.

I agree the security of knowing your monthly payments is good however, I just think 10 years is a very long time.

I assume Mark the 1987 is the year of your birth.. Mines 1977 and the last 10Y has gone exceptionally fast lol
#40
For those with a much higher LTV, anyone know if you can beat 2.1% variable on a 90% LTV?

http://www.coventrybuildingsociety.co.uk/mortgages/AccountSummary.aspx?socseqno=1&prodCode=FFM71&Company=1

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