nationwide mortgages intrest reduction

nice to know

Probably because they're losing a load of business to HSBC (including mine!)

yes lost mine too,

offered me 5.68% for 5 years no fees got 5.29% with Yorkshire...

BEWARE **Nationwide make you stay on their standard variable rate for 1 month after your fixed rate expires so be ware! its something to do with the interest being charged monthly rather than daily - right con, cost us an extra £200 this month

hmm ,iv`e changed 3 times with them now and they have done it within a week,maybe things have changed.[for the worse]

what ..no fees at all? thats good

yep - we were an existing customer - well Portman that converted to Nationwide last October, but as I said we got 5.29% with Yorkshire £499 fee over 3 years no valuation so that worked out better and we didnt want 5 years only 3, but my main point was that if your mortgage interest is calculated monthly, and your rate finishes on 30th or 31st of the month then you have to wait to 30th 31st of the following month - here was the reply from Fastrac who dealt with the change over

The completion date is set for 30th May as your existing lender is Nationwide (ex Portman Accounts) which charge their interest on a monthly basis. Therefore if we were to complete during the month rather than at the end, you would get charged dual interest.

Right con cost me £200 - ALSO if you are looking for a good rate our financial adviser told us many small building societies are offering great rates but not through advisers by cutting them out they can pass on the savings to the customer, and the deals are only around for a week or so then pulled, mail on sunday has comparison charts or their web site is good for an honest view thats where we got our deal

Thank God my mortgage was paid off 5 years ago

I bet you saved more than £200 in the long term anyway .

How can it be a con by the way , it's all in the T&C's that you sign when you organise the deal .

Good rate but not the best. Check out Charcol and London and Country websites -for free mortgage advice. They are both whole of market.

PJR - when I say a con I mean I feel conned. yes it must have stated somewhere in the terms and conditions that interest is calculated monthly, but had this of been explained and it said this means that if you choose to leave the scheme when the deal expires you will either have to wait 1 month on our standard variable rate or choose to pay dual interest (and who is going to do that) I could have factored this into the over all cost, but I guess legislation will eventually catch them up

Thanks for that - currently thinking of leaving Nationwide but if now no fee and lower interest rates might consider staying.