Nationwide 10 Year Fixed Rate Mortgage  3.04% No Fee
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Nationwide 10 Year Fixed Rate Mortgage 3.04% No Fee

46
Found 19th Jan 2015
Nationwide 10 year fixed rate 3.04% mortgage max ltv is 60% no fee Existing customers only .
See my other post for 2.94% with a £999 fee.

46 Comments

Good for those who can put a down payment of 40%

By the way isn't this already posted a few minutes back with hotukdeals.com/dea…480 ?

Comment

matwalaboy

Good for those who can put a down payment of 40%



Or those with equity in their home looking for a cheap fix

Can't see it on their website - daily or annual interest, early repayment fees ? I'm guessing it wouldn't suit those who overpay

Original Poster


mylittlesisterlola

Can't see it on their website - daily or annual interest, early repayment … Can't see it on their website - daily or annual interest, early repayment fees ? I'm guessing it wouldn't suit those who overpay


With my current Nationwide mortgage, I pay daily interest and can pay back upto £500 a month without penalty, just make sure you dont get to the end of the term too early.

Original Poster

matwalaboy

By the way isn't this already posted a few minutes back with … By the way isn't this already posted a few minutes back with http://www.hotukdeals.com/deals/nationwide-10-year-fixed-rate-mortgage-2-94-2122480 ?


Slightly direrent deal

How do you apply for this?

I am with Nationwide on 0.75% above base. I suppose it depends upon when you think rates will rise if this is a good deal or not.

We were going to do this but if we go variable we can smash the capital
Tough call!
Good deal.

Prediction for a rate rise is Oct 15. Those on trackers will see their mortgage not only increase slightly BUT double!

Prediction is more like Spring 2016.

diamond321

Prediction for a rate rise is Oct 15. Those on trackers will see their … Prediction for a rate rise is Oct 15. Those on trackers will see their mortgage not only increase slightly BUT double!



Crystal ball analysis

diamond321

Prediction for a rate rise is Oct 15. Those on trackers will see their … Prediction for a rate rise is Oct 15. Those on trackers will see their mortgage not only increase slightly BUT double!



have to agree with tellthetruth the economist are now saying 2016 but as taylope says who really knows, I am hoping for 7 more years of low rates and then ours will be gone

It isn't going to 'DOUBLE' either...

Comment

diamond321

Prediction for a rate rise is Oct 15. Those on trackers will see their … Prediction for a rate rise is Oct 15. Those on trackers will see their mortgage not only increase slightly BUT double!



Incorrect. If the rate goes up by 1% ny payment will increase by around £50. Far from double what I'm paying

We are moving from fixed to tracker. Same monthly payments and dropping the term from 23 to 17 years. Clearing 10k a year of capital rather than less than 5. Not bad
Even if the rates change, we can extend the term and be OK I think.

Original Poster

Fixed is good if you want to budget for what it will cost, if the rate doubles what will happen to house prices, will they also be halfed and rentals doubled lol X)

I'm wondering if it's worth me taking this out, although I'm not saving anything, it's giving me the security for the next 10 year. As I only have 13 year left, I'm wondering if I should overpay and be shot of the mortgage in 10 year. I'm with nationwide and I've took a look and there is deals who can save money but they are only for 2,4 and 5 year! Hate dealing with this stuff!! Thanks for opening my eyes, I'm on a variable rate of 2.50% and it's been the same for years lol.

Original Poster

devientenigma

I'm wondering if it's worth me taking this out, although I'm not saving … I'm wondering if it's worth me taking this out, although I'm not saving anything, it's giving me the security for the next 10 year. As I only have 13 year left, I'm wondering if I should overpay and be shot of the mortgage in 10 year. I'm with nationwide and I've took a look and there is deals who can save money but they are only for 2,4 and 5 year! Hate dealing with this stuff!! Thanks for opening my eyes, I'm on a variable rate of 2.50% and it's been the same for years lol.


Defo over pay if you are allowed and can afford it, that would be great to pay it off in 10 years, I know with my current Nationwide mortgage I can overpay upto £500 a month.

I started overpaying the maximum with nationwide this time last year with nationwide.
If I keep it up it it reduces the remaining term from 12 years to 4, so staying on the base rate had worked well so far.

Original Poster

skiddlydiddly

I started overpaying the maximum with nationwide this time last year with … I started overpaying the maximum with nationwide this time last year with nationwide. If I keep it up it it reduces the remaining term from 12 years to 4, so staying on the base rate had worked well so far.


WOW so much interest saved too.

I initially thought this was an incredible deal and it is for those who are worried about increased repayments causing financial hardship to them and their families.

It’s also particularly good for those with long term mortgages – because the balance is likely to still be high at the end of the 10 years. However, I’d argue that this mortgage is a waste of time for those with remaining terms of less than 20 years.

For example, consider a 100k mortgage at this 3.04% rate, it’ll cost 700.07 per month over 15 years. Now, consider a 100k mortgage at First Directs lifetime tracker rate of 1.79%, it’ll cost 724.19 over 13 years. That’s an increase of 24.12 per month but cuts 2 years off your term.

It’s true that rates will rise eventually but they need to rise by over 1% before the rate even matches the 10 year fix rate and, by the time that happens, you’ll have already saved a load of interest through the initial, lower, rate.

After the base rate rises beyond 1.5%, which may not even happen during your 13 year term, you’ll be paying a higher rate but on a significantly lower outstanding mortgage balance.

In addition to all of the above, if you choose the 10-year fix over 15 years, you’ll be left with a remaining term of 5 years in 2025 with a mortgage balance that’s too low to consider remortgaging, i.e. you’re likely to lose out on the savings you made over the first 10 years during the last 5 years (and that’s in the unlikely event that you even make savings during the first 10 years).

All being said, I believe the low rate, lifetime tracker, is the way to go.

marathonic

I initially thought this was an incredible deal and it is for those who … I initially thought this was an incredible deal and it is for those who are worried about increased repayments causing financial hardship to them and their families.It’s also particularly good for those with long term mortgages – because the balance is likely to still be high at the end of the 10 years. However, I’d argue that this mortgage is a waste of time for those with remaining terms of less than 20 years.For example, consider a 100k mortgage at this 3.04% rate, it’ll cost 700.07 per month over 15 years. Now, consider a 100k mortgage at First Directs lifetime tracker rate of 1.79%, it’ll cost 724.19 over 13 years. That’s an increase of 24.12 per month but cuts 2 years off your term.It’s true that rates will rise eventually but they need to rise by over 1% before the rate even matches the 10 year fix rate and, by the time that happens, you’ll have already saved a load of interest through the initial, lower, rate.After the base rate rises beyond 1.5%, which may not even happen during your 13 year term, you’ll be paying a higher rate but on a significantly lower outstanding mortgage balance.In addition to all of the above, if you choose the 10-year fix over 15 years, you’ll be left with a remaining term of 5 years in 2025 with a mortgage balance that’s too low to consider remortgaging, i.e. you’re likely to lose out on the savings you made over the first 10 years during the last 5 years (and that’s in the unlikely event that you even make savings during the first 10 years).All being said, I believe the low rate, lifetime tracker, is the way to go.



Seconded - I just went with the first direct deal which has NO fees and this makes it easier to move to and easy to move away as there are no exit fees either. I just saved 100 per month off my repayments without any cost simply because my house value is up and therefore fell into a lower LTV rate. If rates do move adversely then jump of this tracker and grab whatever is best then. Remember these offers come out based on the market and where the banks think it will move towards - they are designed to make money, not save you money, after all they are a business !

Stolen from the other deal.

diamond321

Prediction for a rate rise is Oct 15. Those on trackers will see their … Prediction for a rate rise is Oct 15. Those on trackers will see their mortgage not only increase slightly BUT double!



As I have been warned in the past about my comments, I would like to ask if anyone else thinks that this is an idiotic post?

matwalaboy

By the way isn't this already posted a few minutes back with … By the way isn't this already posted a few minutes back with http://www.hotukdeals.com/deals/nationwide-10-year-fixed-rate-mortgage-2-94-2122480 ?



yep

Do mortgage companies try and save you? I am with The One account and now paying 4%. What's the chances of them offering me a better deal to stay if I ring up?

I thought this was over 1000 hot!! im a going mad

Sorry if this sounds silly. But do you need to have a certain amount of deposit for this to work. I am a existing customer. But now a first time buyer... Again. 10% deposit, would this work or do you need a larger percentage deposit? Thanks in advance.

Actually on googling this, seems to be 30 percent or more. Hmmm maybe not

Original Poster

blanka

Sorry if this sounds silly. But do you need to have a certain amount of … Sorry if this sounds silly. But do you need to have a certain amount of deposit for this to work. I am a existing customer. But now a first time buyer... Again. 10% deposit, would this work or do you need a larger percentage deposit? Thanks in advance.


40% deposit, max ltv 60%

Thanks mikeey.

Original Poster

ELVIS_THE_PELVIS

I thought this was over 1000 hot!! im a going mad


Percetage rate is different and fee amount, 2 different mortgage packages.

Comment

ELVIS_THE_PELVIS

I thought this was over 1000 hot!! im a going mad



This is the fee-free rate at 3.04%. The hot deal is the 2.94% rate with a £999 fee.

Which suits you depends on your mortgage amount outstanding

Original Poster

chezbonis

Do mortgage companies try and save you? I am with The One account and now … Do mortgage companies try and save you? I am with The One account and now paying 4%. What's the chances of them offering me a better deal to stay if I ring up?


Loyalty seems to get you no where these days, alot of companies would rather loose you, worth an ask though.

Original Poster

therudders

As I have been warned in the past about my comments, I would like to ask … As I have been warned in the past about my comments, I would like to ask if anyone else thinks that this is an idiotic post?


Will let you know in October. lol

Remember if you are remortgaging that you'll likely have to go through a whole new ball game of 'affordability checks' to comply with new FCA regulations. Any change in your circumstances from when you first took out your existing loan and there is a risk of you not only being refused this new loan, but potentially being asked for repayment of your existing borrowing. Sometimes it's better to let sleeping dogs lay and all that!

Good deal this. Would have gone for it but just done a 5 year fix with Santander 2.99% with £495 fee.

does this deal include any valuation and legal work?

Comment

kalico

Remember if you are remortgaging that you'll likely have to go through a … Remember if you are remortgaging that you'll likely have to go through a whole new ball game of 'affordability checks' to comply with new FCA regulations. Any change in your circumstances from when you first took out your existing loan and there is a risk of you not only being refused this new loan, but potentially being asked for repayment of your existing borrowing. Sometimes it's better to let sleeping dogs lay and all that!


Surely they would have to go some to get out of your existing mortgage deal' Granted, if you no longer had a job, or had defaulted on payments might be reasonable grounds, otherwise surely you should be safe to at least apply.

Comment

Jonnyblock

Stolen from the other deal.


Eh? This is the same poster, who also referenced this deal in their other post, so stolen how?
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