4 years 2.49% fixed. Free standard legal fees and free valuation. @ Nationwide BS
423°Expired

4 years 2.49% fixed. Free standard legal fees and free valuation. @ Nationwide BS

49
Found 15th Jun 2013
A new feature was added by Nationwide: mortgages reserved from May 29 will carry the 10 per cent a year overpayment feature:
nationwide.co.uk/med…184

Free standard legal fees or £250 cashback
Free standard valuation on your property
£500 discount on product fees for First Time Buyers
Max LTV 60%

49 Comments

Can see 2.59 and NOT 2.49 still a decent rate but also numerous fees involved. Thanks OP.

Original Poster

SuffolkNGoode

Can see 2.59 and NOT 2.49 still a decent rate but also numerous fees … Can see 2.59 and NOT 2.49 still a decent rate but also numerous fees involved. Thanks OP.


£500 discount on product fees for First Time Buyers. The rate is 2.49% and the only fee is £499.00.

wish they did an offset mortgage

Original Poster

dt_matthews

wish they did an offset mortgage


If you have some spare cash why not to repay the mortgage up to 10% a year:
nationwide.co.uk/med…184

because I need the cash in the medium-term so it would only be there to reduce the interest and effectively overpay without committing

A decent deal if you have a 40% deposit. You also need to open a flexclusive current account with Nationwide to be eligible for this deal.

Really rate Nationwide for their mortgages - good service.

I personally had a very poor service from Nationwide when I was after a mortgage. I never even got to speak to their mortgage adviser, just a customer service person who basically used the online mortgage calculator and had no idea what he was doing. Ended up going with Halifax for mine, and moved my banking away from Nationwide because of the poor service I received.
Probably a one off, and it could happen to anyone, but if you're in the Leamington branch be careful who you speak to!

supadupasumo

I personally had a very poor service from Nationwide when I was after a … I personally had a very poor service from Nationwide when I was after a mortgage. I never even got to speak to their mortgage adviser, just a customer service person who basically used the online mortgage calculator and had no idea what he was doing. Ended up going with Halifax for mine, and moved my banking away from Nationwide because of the poor service I received. Probably a one off, and it could happen to anyone, but if you're in the Leamington branch be careful who you speak to!



yes, I got fleeced by them a few years back, youve just reminded me

You can normally get money out from overpayments. They keep a running total for overpayments
Whilst its there it assists with reducing interest. If need to get it out, just ask and it will be transferred back :-)

Check still doing it though :-)

I got out a nationwide mortgage for my first property and although the Mortgage took ages to get approved their rates were market beating. I put down 25% and was able to get 3.49% fixed for 4 years. I would definitely recommend for First Time Buyers out there.
4 / 5 customer service.

Nationwide have always been great . I've had a mortgage with them for some time now.Staff are always helpful and never had any problems.Santander on the other hand,..... Hot for your deal op.

Harry_Potter

You can normally get money out from overpayments. They keep a running … You can normally get money out from overpayments. They keep a running total for overpaymentsWhilst its there it assists with reducing interest. If need to get it out, just ask and it will be transferred back :-)



NO - this is no longer allowed on new nationwide mortgages

This is still a very good deal and I went for it myself a few weeks back

sharkmark

NO - this is no longer allowed on new nationwide mortgages This is still … NO - this is no longer allowed on new nationwide mortgages This is still a very good deal and I went for it myself a few weeks back



I had a chat with the mortgage advisor at my local Nationwide a couple of weeks and that was exactly how the overpayments were explained to me, you could draw them back if you needed to.

dt_matthews

wish they did an offset mortgage



That's the exact reason I left them. I thought Nationwide were great but after the crash, I was getting zilch interest on my savings so I switched to a First Direct offset.

haylingsteph

I had a chat with the mortgage advisor at my local Nationwide a couple of … I had a chat with the mortgage advisor at my local Nationwide a couple of weeks and that was exactly how the overpayments were explained to me, you could draw them back if you needed to.



My older nationwide mortgage has this facility, newer one doesn't. Over payments upto 500, yes.... Drawback, no

just about to dip my toe into the house buying world. this looks good for me


can anyone confirm is the 10% overpayment on the initial mortgage or is it the balance at the start of the year
Ie ignoring mortgage repayment if mortgage was £100k and u paid off £10k first year, in the second year would you only be able to repay £9k and then £8,100 the following year

A good fix for 4 years, but I.ll stick to my tracker at the same rate, although the base could rise within 4 years..
We.ll see,

doolie

My older nationwide mortgage has this facility, newer one doesn't. Over … My older nationwide mortgage has this facility, newer one doesn't. Over payments upto 500, yes.... Drawback, no



Is yours a flexclusives? I was also told I could overpay any amount a month, not only up to £500. I wonder if she knew what she was talking about!

whatyadoinsucka

can anyone confirm is the 10% overpayment on the initial mortgage or is … can anyone confirm is the 10% overpayment on the initial mortgage or is it the balance at the start of the year Ie ignoring mortgage repayment if mortgage was £100k and u paid off £10k first year, in the second year would you only be able to repay £9k and then £8,100 the following yearA good fix for 4 years, but I.ll stick to my tracker at the same rate, although the base could rise within 4 years..We.ll see,



We actually just got a 3.14 mortgage at 2 year fixed on 20% ltv yesterday with nationwide. I can confirm it is 10% overpayment on the initial loan. it is NOT recalculated each year. So we took out a 35 year mortgage, will overpay about £1000 a month and when we remortgage we will reduce the loan term. The overpayment means it comes off capital not interest so we will be saving tens of thousands doing it this way. :-)

its not, its a £500 monthly overpayment allowance.
I've just been approved a Nationwide mortgage, and despite having a large deposit, and not borrowing much, it was quite difficult to get approval from them. They look at everything, not just income and LTV, but outgoings, car and credit car loans, childcare payments.
They tried to knock back £30000 because I was paying nursery fees using childcare vouchers which showed on my payslip as childcare. Luckily I was able to prove that my daughter will be starting free school in sept.

Original Poster

thetino

its not, its a £500 monthly overpayment allowance.I've just been approved … its not, its a £500 monthly overpayment allowance.I've just been approved a Nationwide mortgage, and despite having a large deposit, and not borrowing much, it was quite difficult to get approval from them. They look at everything, not just income and LTV, but outgoings, car and credit car loans, childcare payments.They tried to knock back £30000 because I was paying nursery fees using childcare vouchers which showed on my payslip as childcare. Luckily I was able to prove that my daughter will be starting free school in sept.


Mortgages reserved from May 29 will carry the 10 per cent a year overpayment feature:
nationwide.co.uk/med…184

sparkyrob

We actually just got a 3.14 mortgage at 2 year fixed on 20% ltv yesterday … We actually just got a 3.14 mortgage at 2 year fixed on 20% ltv yesterday with nationwide. I can confirm it is 10% overpayment on the initial loan. it is NOT recalculated each year. So we took out a 35 year mortgage, will overpay about £1000 a month and when we remortgage we will reduce the loan term. The overpayment means it comes off capital not interest so we will be saving tens of thousands doing it this way. :-)



Are you sure about that last bit? It would therefore reduce the amount of interest in the long term but would not go directly to capital reduction.

Edited by: "JohnnyUtah" 16th Jun 2013

With my older nationwide mortgage ( under the 500 pound max overpayment rule ) you can choose to reduce your monthly repayments and keep the same term , or the better way to keep the same repayment and reduce the term . They write to you after each repayment , make sure you tell them which you want . Also with mine I can ask for the overpayment back at any time . Took about a week last time I did it . Rules may have changed for these mortgages , but worth asking .

Looks good, but I have just signed up for 5 year fix at 2.69% with First Direct. Fee of £499. They seem to have good reviews from what I can tell.

Edited by: "magpieno1" 16th Jun 2013

@johnnyutah yes, broker confirmed it comes directly off the capital.

Just to clear up some confusion:
Flexclusive products have no overpayment limits at all while non-Flexclusive ones now have the 10% of the initial loan amount per annum limit.

Payments cannot be redrawn at all; and while normal payment holidays are not allowed, you can take a holiday if you have previously overpaid up to the total value of your overpayments.

Original Poster

smilespiles

i just got this one no fees at … i just got this one no fees at all.https://mortgages.hsbc.co.uk/product/A004032013000000000000000000-5-year-fixed-special-fee-free


The small fee is nothing compared to the 0.5% more that you will pay every year. Also the overpayment is only up to 20% of your standard monthly payment without charge so it is not much overpayment allowed.
Edited by: "grom10" 16th Jun 2013

Original Poster

withoutwings

Just to clear up some confusion:Flexclusive products have no overpayment … Just to clear up some confusion:Flexclusive products have no overpayment limits at all while non-Flexclusive ones now have the 10% of the initial loan amount per annum limit.Payments cannot be redrawn at all; and while normal payment holidays are not allowed, you can take a holiday if you have previously overpaid up to the total value of your overpayments.


Flexclusives fixed rate mortgages have 10% of the initial loan amount per annum limit. Just talked to them on the phone to confirm this

Original Poster

magpieno1

Looks good, but I have just signed up for 5 year fix at 2.69% with First … Looks good, but I have just signed up for 5 year fix at 2.69% with First Direct. Fee of £499. They seem to have good reviews from what I can tell.


I am in a similar situation with First Direct and trying to choose between two things. First Direct mortgage has two advantages over Nationwide's one: it is fixed for 5 years and allows unlimited overpayments.
Edited by: "grom10" 16th Jun 2013

grom10

I am in a similar situation with First Direct and trying to choose … I am in a similar situation with First Direct and trying to choose between two things. First Direct mortgage has two advantages over Nationwide's one: it is fixed for 5 years and allows unlimited overpayments.



i got this F.D mortgage also..and its a 65% LTV which meant I could hold back 5000 for saving's and furniture etc...and can overpay it if not used....also the overpayment is off the capital sum not the interest and recalculated accordingly....

having said all that I'm first time buyer...keen to have no fees whatsoever initially as it's such a tenuous process and have had people pull out before...but won't really be overpaying unless I get an inheritance and there is a chance of that...decisions!

I will be considering this seriously as it looks really good and I like the way N.W vet people properly shows they have standards unlike B.O.I, Santander etc...thanks O.P

also i wan to give my M. advisor a gig which he won't get with first direct!

wanna know what this like for porting and total repayment after the 4 years for example


Edited by: "daalphamale" 16th Jun 2013

sparkyrob

@johnnyutah yes, broker confirmed it comes directly off the capital.



I take it you're not 45 yrs old starting a 20 yr mortgage like me then!

Advice please? I am a professional poker player with ~12 months regular earnings to my bank, first time buyer. Looking to buy £200k property and can have 40%+ deposit. To whom should I go to look for a mortgage?

azocarbo

Advice please? I am a professional poker player with ~12 months regular … Advice please? I am a professional poker player with ~12 months regular earnings to my bank, first time buyer. Looking to buy £200k property and can have 40%+ deposit. To whom should I go to look for a mortgage?



If you're any good forget about the banks and save a bit longer saving a fortune in the long run.

JohnnyUtah

If you're any good forget about the banks and save a bit longer saving a … If you're any good forget about the banks and save a bit longer saving a fortune in the long run.



The interest I would save would be negated by inflation though, not to mention the opportunity cost tying up so much money.

grom10

Flexclusives fixed rate mortgages have 10% of the initial loan amount per … Flexclusives fixed rate mortgages have 10% of the initial loan amount per annum limit. Just talked to them on the phone to confirm this


Ok my information was on the tracker & I assumed the fixed deal was the same. So yes the fixed one does have the limit.
Edited by: "withoutwings" 16th Jun 2013

azocarbo

The interest I would save would be negated by inflation though, not to … The interest I would save would be negated by inflation though, not to mention the opportunity cost tying up so much money.



Just joking.

this is all good for a 60% ltv. can anyone recommend a 80-85% product. currently have an agreement of 4.89% fixed for 5 yrs, 85% ltv... is there something better out there thanksss

imk83 who is that with?
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