nationwide * New Customers 10 year fixed rate mortgage 2.94% from Jan 21st different deal to the one yesterday
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nationwide * New Customers 10 year fixed rate mortgage 2.94% from Jan 21st different deal to the one yesterday

52
Found 20th Jan 2015
Seems nationwide have been watching the thread for existing customer that went hot yesterday From tomorrow 21st they are offering same rate to new customers and also reducing the rate for existing customers as well.

"Nationwide is set to launch the “lowest” 10-year fixed-rate mortgage currently on the market, after it refreshed its 10-year fixed range last week.

From tomorrow (21 January), Nationwide is offering a new 10-year fixed with a 2.94 per cent rate for new mortgage customers an 2.84 per cent for existing "

52 Comments

What's ltv

Loan to value, the percentage between the mortgage and how much your property is worth.

So if your house is worth £200,000 and you have a mortgage of £150,000 then your ltv would be 75%.

Nice deal.

Original Poster

Nationwide is set to launch the “lowest” 10-year fixed-rate mortgage currently on the market, after it refreshed its 10-year fixed range last week.

From tomorrow (21 January), Nationwide is offering a new 10-year fixed with a 2.94 per cent rate for new mortgage customers an 2.84 per cent for existing mortgage customers.

The deals are available up to 60 per cent loan to value, and comes with a £999 product fee, reduced to £499 for first-time buyers.

Remortgage customers benefit from free standard valuation and the choice between free standard legal work or £250 cashback.

Last week, Nationwide reduced selected 10-year fixed rates for existing mortgage customers seeking a new deal.

According to data from Moneyfacts, there are now 77 mortgages on the market with a rate fixed for a decade, compared to just eight in January 2014. The number of 10-year deals has spiked particularly in the last few months, with 22 offers in October alone.

Richard Napier, Nationwide’s director of mortgages and savings, said: “There has been a growing trend of customers opting for longer term fixed rates to ensure certainty of monthly mortgage payment, particularly ahead of any rise in interest rates, with the recently-introduced 10 year fixed rate mortgages proving a popular addition to the range.”

As part of a broad range of reductions, it has also cut rates by up to 0.4 per cent on its five-year fixed rates, and two and three-year fixed deals.

Furthermore, from tomorrow, all of Nationwide’s 95 per cent LTV ‘save to buy’ fixed rates have been reduced by up to 0.35 per cent, with rates starting at 4.44 per cent for prospective buyers with a five per cent deposit.

With Nationwide’s ‘save to buy’ initiative, savings accounts can be opened with a minimum of £50, with customers saving at least £50 per month for six months or more.

If the customer goes on to take a ‘save to buy’ mortgage, depending on how much they save, there is also a cashback reward of up to £1,000.

gyro85

What's ltv



Thought I added it
Edited by: "eslick" 20th Jan 2015

Talk to someone before signing a 10 year deal. Imo -as an adviser only suited to people who have 10yrs left on their mtg. Regular review are key to any financial planning. Also keep an eye on other lenders towards the end of the month if your looking for long fixed rates.

the big question is are you going to stay in the same house for 10yrs? then if you do decide to move, what's the penalty fee?

You should be able to port it, in theory...

would not usually answer my own questions... looked up their current 10yr deals the early repayment charge is 7% in yr1 to yr5, then sliding down 1% per annum. that's quite large in the early years.

ItShMe

would not usually answer my own questions... looked up their current 10yr … would not usually answer my own questions... looked up their current 10yr deals the early repayment charge is 7% in yr1 to yr4, then sliding down 1% per annum. that's quite large in the early years.



corrected for typo. should be 7% yr1 to yr4.

antw

Talk to someone before signing a 10 year deal. Imo -as an adviser only … Talk to someone before signing a 10 year deal. Imo -as an adviser only suited to people who have 10yrs left on their mtg. Regular review are key to any financial planning. Also keep an eye on other lenders towards the end of the month if your looking for long fixed rates.

why only suited to folk with 10 years left?.I have 20 left but signing up for this deal would mean my payments would be just slightly more expensive than they are now but would insulate me from rate rises. Am I missing something?

matthew1888

why only suited to folk with 10 years left?.I have 20 left but signing up … why only suited to folk with 10 years left?.I have 20 left but signing up for this deal would mean my payments would be just slightly more expensive than they are now but would insulate me from rate rises. Am I missing something?

ps I don't plan to move house.

Great deal for anyone wanting long term stability with their mortgage payments. 10 years is a huge commitment - I deal with mortgages and have had customers come back to me after 3 and 4 years to break a mortgage deal due to marital breakdown etc. Great deal none the less for those who are there for tee long run

Comment

matthew1888

why only suited to folk with 10 years left?.I have 20 left but signing up … why only suited to folk with 10 years left?.I have 20 left but signing up for this deal would mean my payments would be just slightly more expensive than they are now but would insulate me from rate rises. Am I missing something?



You are missing nothing. The mortgage suits long term mortgages just as well, if not better, than short term mortgages.

If you've a 10 year mortgage, you are paying a premium on the entire balance in year 1. In the later years, when the balance is very low and that rates you insured against are higher, the savings on such a low balance will not be enough to justify the premium paid in the early years

Can you still pay 10% over your monthly repayments when it is fixed without incurring charges?

Sorry I know what ltv is I'm asking what's the max ltv is for this deal, also missed the £999 fee

Sorry seen your post #5 answering all

I have just taken the Nationwide 10 year fixed rate deal for existing customers at 2.94% with no upfront fee. My mortgage is only for £41k, so not worth the 0.1% rate reduction for a £999 fee.

Bargain, and was able to do it all online in about 5 mins without speaking to anyone.

matthew1888

why only suited to folk with 10 years left?.I have 20 left but signing up … why only suited to folk with 10 years left?.I have 20 left but signing up for this deal would mean my payments would be just slightly more expensive than they are now but would insulate me from rate rises. Am I missing something?


Not in my opinion. I would do the exact same. I have always had fixed rate mortgages. Sure there ar etimes when I could have saved some money by not having done so, but just as equally there have been times when I have saved money. For me though, peace of mind is priceless - i like to know exactly what is going out and when.

How easy is it to become an exisitng customer.
Could I just open a basic account with them, and then sign up to a mortgage at the 2.84% rate a week later?
Also how long is this rate on for?

Current mortgage is with Nationwide at 2.5% variable, we have 12 yrs left to pay, however we expect to pay it off in 3yrs, so I guess we'll take a chance in the rates going up....is there any flaw in my thinking?

I've got a Nationwide fixed rate mortgage, fixed in 2007, 5.58%. Fckuing great. lol.

warren321

I've got a Nationwide fixed rate mortgage, fixed in 2007, 5.58%. Fckuing … I've got a Nationwide fixed rate mortgage, fixed in 2007, 5.58%. Fckuing great. lol.

calculate the cost of your repayment penalty against your savings on this rate and if you save, then switch.

warren321

I've got a Nationwide fixed rate mortgage, fixed in 2007, 5.58%. Fckuing … I've got a Nationwide fixed rate mortgage, fixed in 2007, 5.58%. Fckuing great. lol.

that is brutal!!

Sadly my LTV is 74%, trying to find a 10 year fixed deal below 3% but none available.

Anyone know the best interest only 40k 2 year deal with a 50% LTV ?

Always use an independent mortgage adviser to review all mortgages - and their fine print. Can invariably save you thousands.

salispropnews

Always use an independent mortgage adviser to review all mortgages - and … Always use an independent mortgage adviser to review all mortgages - and their fine print. Can invariably save you thousands.

if your too stupid to read the fine print I would agree.

This or the first ditect 1.79% deal???

Tsb have a 10 year fix and flex mortgage, you can leave it after 5

missluara

Tsb have a 10 year fix and flex mortgage, you can leave it after 5


For loans of up to 60% of the purchase price or valuation of the property, whichever is lower.
No product or mortgage account fee. 3.44%
fixed until 30 April 2025 £0 Homeowner Variable Rate, currently 3.99% 3.7% APR For loans between £5,000 and £1,000,000

If your house goes up in value during the 10years you won't benefit from this rise. Usually you are able to decrease your LTV by doing a remortgage, which is often much more lucrative than the predicted rate rise of 1.5% over the next 2yrs. My house has gone up 80k in one year I'm in a 2year with nationwide, once it comes to the end of the term I will have my house revalued in order to do a remortgage to bring my LTV down. Unless your predicting your property value to drop or remain steady I would go for a shorter term fixed rate.

Hot. But I have redemption penalties on my mortgage until September. Hope there are similar offers then.

However. There's a side of me which says rates will stay low for years. There are some really low discount/tracker rates. 3/2 year ones. So perhaps g
amble a bit. I. Would save a few grand over 3 years by having a low tracker.

cityslicker

Hot. But I have redemption penalties on my mortgage until September. Hope … Hot. But I have redemption penalties on my mortgage until September. Hope there are similar offers then. However. There's a side of me which says rates will stay low for years. There are some really low discount/tracker rates. 3/2 year ones. So perhaps gamble a bit. I. Would save a few grand over 3 years by having a low tracker.


got to remember the application fees on each of these though to ..

We rate switched onto a nationwide ten year fixed rate at 3.39% last month. It's due to start at the beginning of next month when our current 5 year fixed rate runs out (was 6.64% so can't wait to get off that!). Nationwide have said that we can cancel the switch and reapply for a new rate before the end of the month but it will take 7-10 working days to process the cancellation and only then are we able to fix a new rate. So difficult to know whether we should cancel and hope that the 2.84% deal is still available in a few weeks time or just stick with what we've got. Decisions decisions!

i have 8 years left to pay my mortgage, in this moment left £80k to pay which is even below 50% ltv. at the moment, for the last 4 years i think, i am on nationwide 2.5% tracker (2% above base rate). any point to switch for me??

This is a great fixed deal. The last one for existing customers went very hot but id probably go for the 3.04% deal with no fee up front. I cant see the point of paying £999 for a 0.10% saving

can I convert to buy to let mortgage?

warren321

I've got a Nationwide fixed rate mortgage, fixed in 2007, 5.58%. Fckuing … I've got a Nationwide fixed rate mortgage, fixed in 2007, 5.58%. Fckuing great. lol.



Its very sad
Around that time some people got it for -0.23%

Gone for 2 year fixed rate LTV80% 2.59% no fee. If I was 60%ltv I'd have probably gone for this. My theory, rates won't go up much in next 2 years and the LTV diff will work out saving money in long run.
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