Nationwide Flexclusive three year tracker mortgage.  1.59% with no fees for existing customers.
593°Expired

Nationwide Flexclusive three year tracker mortgage. 1.59% with no fees for existing customers.

63
Found 8th Jun 2015
In the last three months of your Nationwide mortgage deal (or maybe sooner on some mortgages), the building society will let customers switch to a new product. If your loan-to-value ratio is under 60% and you have a Nationwide bank account, you can get a Flexclusive 3 year tracker at 1.59% variable (Base rate +1.09%). No fee. No early repayment charge. Unlimited overpayments allowed.

60% to 70% LTV the rate is 1.79%, which is still good.

63 Comments

still a high variable rate don't you think?? you probably can get a lower rate on a 2 year fix

Probably or actually?

Pikman

Probably or actually?



Neither I suspect!.

In fact to save being as vague as she was, I have checked moneysavingexpert's website for a 60% LTV fixed term deal and the best (if you can call it that) is this:

The West Brom - 1.79% for 27 months then an SvR of 3.99% thereafter. No exit fee but a total booking fee of £219. In fact they'll also do that rate for up to 80% LTV.

The rest are ridiculous in terms of setup fees.

So the Op's deal is heat I reckon

I agree, although I knew about it from when we just remortgaged with them at 1.44 for 2 yrs (at the moment, it's variable)

cikki100

still a high variable rate don't you think?? you probably can get a lower … still a high variable rate don't you think?? you probably can get a lower rate on a 2 year fix

Fail

Original Poster

cikki100

http://www.money.co.uk/mortgages/2-year-fixed-rate-mortgages.htm



I believe those have steep up front fees? Nationwide charges no fee for eligible existing customers changing product.

High arrangement fees do my head in, they're like 9+23 lease deals on cars.

Anything they can do to make the total amount payable over the term less clear & they'll do it.

Have some heat for this deal though

Now how about a decent savings rate for existing customers... X)

Been with them since they were Nationwide Anglia and got stuffed for not converting to a bank.

Halifax is offering 2 years fix at the same rate if ur deal is about to expire with them or has already expire @ 70% LTV

Tesco have a 1.69% fixed 2 year rateWith £195 booking fee.. Probably cheaper

Sticking to HSBC lifetime tracker. Hope I made the right decision.

Comment

A1M

Now how about a decent savings rate for existing customers... X)Been with … Now how about a decent savings rate for existing customers... X)Been with them since they were Nationwide Anglia and got stuffed for not converting to a bank.



I beg to differ. Because they aren't a bank you benefit in many ways. The top one being they have sailed through the banking crisis and remained financially sound whilst remaining streets ahead on customer satisfaction than its competitors.

flashcroft

I beg to differ. Because they aren't a bank you benefit in many ways. The … I beg to differ. Because they aren't a bank you benefit in many ways. The top one being they have sailed through the banking crisis and remained financially sound whilst remaining streets ahead on customer satisfaction than its competitors.



Bunch of Ass,
Best of luck to anyone swapping,
I tried to use their payment holiday option only to be told that I didn't qualify as they valued my house at £30k less than market value, so then my ltv percentage wasn't high enough.
They are no different to banks in my opinion.

I've got 11 years left on my nationwide mortgage and approx a 20% LTV. When I follow the link and choose existing customers wishing to switch, I don't see a 1.59% option.

Original Poster

A1M

Now how about a decent savings rate for existing customers... X)Been with … Now how about a decent savings rate for existing customers... X)Been with them since they were Nationwide Anglia and got stuffed for not converting to a bank.



I think they offer good service BECAUSE they are not a bank working for shareholders.

Nationwide's savings are not too bad compared with others. Junior ISA 3.25%, Save to Buy ISA 2%, 3 Year fixed Rate ISA 2%, Regular saver ISA 1.9%, Flexclusive ISA 1.6%...

Original Poster

skiddlydiddly

I've got 11 years left on my nationwide mortgage and approx a 20% LTV. … I've got 11 years left on my nationwide mortgage and approx a 20% LTV. When I follow the link and choose existing customers wishing to switch, I don't see a 1.59% option.



I input existing mortgage customer deal ending, £200K property value, £40K mortgage, 11 years and it offers:

3 yr Tracker
Flexclusive
1.59%
Base rate +1.09%

Not sure that being a mutual is total protection against the sort of problems some banks have experienced - plenty of building societies have also made poor decisions leading to problems (Cheshire, Derbyshire, Dunfermline). But not having a share price to worry about (or not having a senior management bonus structure that pays out on share price performance!) certainly does help avoid short-term gambles.
Nearly forgot - Co-Op Bank was a mutual - look what happened to them.
Edited by: "rickla" 9th Jun 2015

skiddlydiddly

I've got 11 years left on my nationwide mortgage and approx a 20% LTV. … I've got 11 years left on my nationwide mortgage and approx a 20% LTV. When I follow the link and choose existing customers wishing to switch, I don't see a 1.59% option.



I don't get it either.

do you have to login first?

This Tracker is also really good for First Time Buyers. Rate would be a bit higher (1.89% 70LTV, 1.69% 60LTV) BUT, you get free valuation (£230 saving for me), free legal (around £400 saving since it is basic fees only), NO FEE and you also get £500 cashback.

On my mortgage, the cheapest 2 year fix would be £1,000 cheaper than a 1.89% Tracker (over 2 years), but the fixed product has £995 of arrangement and booking fees. Overall, I am about £1100 better off with this tracker in the end when taking into account all the savings and cashback...

donny1266

Fail


2 year fix without set up fee will be a minimum of 2 -2.3%

good deal. I'm with them very good service

I've just switched to this. I was on an old base mortgage rate deal which was 2% above the base rate (so 2.5%). I figured if I switch to this for three years it drops my monthly payment by almost £100 but I'll carry on paying the same amount so a nice overpayment.
Planning to move in 3 years anyway.
The process of switching was so easy and took 5 mins online. The switch doesn't actually complete online just the request to. I assume all being well I'll receive confirmation in the next week or so.
You can't beat Nationwide for their low or zero fees etc.

Totally disagree with claims on here of good service from them. Currently remortgaging to them and it's utterly painful. The majority of their call center staff don't know their backside from their elbow and wouldn't know what good customer service looked like if it hit them in the face!

Not a bad deal in numerical terms but agro.
Edited by: "honeststeveo" 9th Jun 2015

To anyone with a large mortgage ie ~£150K+ the 2 yr Tracker @1.19% with the £999 fee works out much better. In fact it's pretty much the cheapest product on the market at that borrowing level. Existing Deal-ending cust only.

This is only for two years following which it will go to 3.99%, is that correct?

pototea

This is only for two years following which it will go to 3.99%, is that … This is only for two years following which it will go to 3.99%, is that correct?



This is a 3 year tracker. The rate can change if Base Rate changes at any time within this period, but you can always switch to a fixed deal if you think rates will be going up (or as they start going up). Alternatively, you can just keep switching to new Tracker deals as they come (you do not have to stay on this particular product for 3 years) to avoid going to 3.99%

Rare for trackers to allow over payments.

turbo_c

Rare for trackers to allow over payments.



I thought it was the norm for trackers and, subject to limits, even fixed rate mortgages.

My First Direct tracker definitely allows overpayments, as do HSBC's and the other banks I've checked.

stuntman9883

2 year fix without set up fee will be a minimum of 2 -2.3%


Yep, I meant failed attempt at thread spoiling. Nationwide are generally the best rates around.

cikki100

still a high variable rate don't you think?? you probably can get a lower … still a high variable rate don't you think?? you probably can get a lower rate on a 2 year fix


Clown.

turbo_c

Rare for trackers to allow over payments.


Ehh.. No..

MarkShopper

I believe those have steep up front fees? Nationwide charges no fee for … I believe those have steep up front fees? Nationwide charges no fee for eligible existing customers changing product.



horses for courses. cikki100's suggestions are better for those with bigger mortgages.

honeststeveo

To anyone with a large mortgage ie ~£150K+ the 2 yr Tracker @1.19% with … To anyone with a large mortgage ie ~£150K+ the 2 yr Tracker @1.19% with the £999 fee works out much better. In fact it's pretty much the cheapest product on the market at that borrowing level. Existing Deal-ending cust only.



How did you work that out, by my calculations you'd be a minimum of £350 worse off with a £150k mortgage.

No sure why people post Mortgage deals on here as which type of rate you go for is down to your circumstances not "whichever is cheapest".

siliconbits

Sticking to HSBC lifetime tracker. Hope I made the right decision.



Why would you take a lifetime tracker? When the base rate shoots back upto sustainable levels, you're going to be paying a lot more.

Fix the rate now for 10 years!

Original Poster

oldino

[quote=honeststeveo] No sure why people post Mortgage deals on here as … [quote=honeststeveo] No sure why people post Mortgage deals on here as which type of rate you go for is down to your circumstances not "whichever is cheapest".



You could argue that about anything on this site.

Hopefully this thread at least makes people think about their mortgage and enables people to save a few pounds (or few hundred/thousand pounds).

Original Poster

hanif248

[quote=siliconbits] Fix the rate now for 10 years!



Tell me where you can fix the rate for 10 years at 1.59%?

MarkShopper

Tell me where you can fix the rate for 10 years at 1.59%?



Not 1.49% - but how long before you're paying 6.9%?

Barclays at the moment has 10 years at 2.99% fixed - £999 fee - but in 5 years time when the base rate is back at 6% - what do you think you'll be paying?

My average over 10 years will remain less than 3%, can you say the same?

Original Poster

hanif248

Not 1.49% - but how long before you're paying 6.9%?Barclays at the moment … Not 1.49% - but how long before you're paying 6.9%?Barclays at the moment has 10 years at 2.99% fixed - £999 fee - but in 5 years time when the base rate is back at 6% - what do you think you'll be paying?My average over 10 years will remain less than 3%, can you say the same?



The interest rate has not been 6% since 2000, 15 years ago. It's 0.5% now and has been since 2009 so I am not convinced it will go that high anytime soon.

It's a personal choice, but I would not choose to pay nearly DOUBLE the interest rate now plus £999.

£100,000 @ 1.59% over 15 years say would cost £629 a month.
£100,000 @ 2.99% over 15 years would cost £698 a month.

The £69 a month difference plus the £999 could be invested in Santander 123 account at 3% interest. Then if the rate goes up, a big overpayment off the mortgage could be made.

hanif248

Not 1.49% - but how long before you're paying 6.9%?Barclays at the moment … Not 1.49% - but how long before you're paying 6.9%?Barclays at the moment has 10 years at 2.99% fixed - £999 fee - but in 5 years time when the base rate is back at 6% - what do you think you'll be paying?My average over 10 years will remain less than 3%, can you say the same?



From 0,5% base rate change to 6% in five years .... Yawn ....
You must be thinking about Least develop countries with uncontrollable level of high inflation
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