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Nationwide switch your mortgage for £100 cashback - existing customers
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Nationwide switch your mortgage for £100 cashback - existing customers

9
Posted 2nd Dec 2018
Existing nationwide mortgage customers are able to switch their rate online and get £100 cash back per account paid within 1 month of the switch taking place.

If you are on a fixed deal they will wave the early repayment charges if you're within 6 months of it ending.

Process online for the cash back BUT if you use the Nationwide house price index calculator and your house is worth more this may change your LTV and the rate.

If you want to do this, call them, tell then you've reviewed the HPI calculator and it's now worth £x. They will request the price be changed and call you back within 48 hours to confirm. You can then immediately chance online.

I have just swapped all 3 of my mortgages, saved £75 per month and will get £300 cash back in time for Christmas.

This is execution only so you will get no advice - be sure you are happy with the product you are choosing!
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9 Comments
If you had went through a cashback broker then you would have got more, like I did. Not sure if we can leave details of the company in question, but be corrected if need be. remortgagecashback.co.uk
I'd advise talking to an independent broker as even a 0.1% better rate from a different lender would save you more than the cashback they are offering dependent on the amount borrowed.
The offer isn't for all, personally I could have saved an additional £80 per month with a different lender but for me it's easier to stay with Nationwide until my building work is finished
Edited by: "seancharles" 2nd Dec 2018
bobcoyle7719 m ago

If you had went through a cashback broker then you would have got more, …If you had went through a cashback broker then you would have got more, like I did. Not sure if we can leave details of the company in question, but be corrected if need be. www.remortgagecashback.co.uk


Nope...£100 cash back per £100,000 remortgaged...personally my total was £233,000 so £100 better off with Nationwide. (Broader point about rates in the other comments is still relevant)
I wonder how often you can get this. If your in a tracker you could technically switch a few times a year if the rates hold. Perhaps it’s capped at once a year. Could prove an interesting loophole.
karina804 m ago

I wonder how often you can get this. If your in a tracker you could …I wonder how often you can get this. If your in a tracker you could technically switch a few times a year if the rates hold. Perhaps it’s capped at once a year. Could prove an interesting loophole.


Yeah I have looked but if you are switching between trackers it'll work, but it makes it pointless if you choose a product with fees. Its an interesting proposition and to be honest if they drop the 2 year tracker I'm going to give it a go and see if I get it again
Sean, you've missed my point my friend. You would have got cashback from broker and Nationwide. Like I did, this is what I was implying. Thanks for posting and spreading the savings! All the best.
Nationwide by default pay £100 for each account switched. There was a thread a while back and one chap had 5 accounts. If your fixed is due to end they pay £100 to swap to penalty free tracker and again of you then swap into a fixed later down line.
karina805 h, 10 m ago

I wonder how often you can get this. If your in a tracker you could …I wonder how often you can get this. If your in a tracker you could technically switch a few times a year if the rates hold. Perhaps it’s capped at once a year. Could prove an interesting loophole.


i took out tracker mortgage a year past August and got £500 as a first time buyer. The Bank of England rates went up so my Mortage was due to go up in December 2019. I just happened to check their website and they had as slightly cheaper tracker mortgage.

I went into my local branch and asked if I would be able to swap to the new rate given I'd only made two payments to my new mortgage and they said yes plus I'd get the £100 switching bonus you refer to. So that was me £600 up just before Christmas.

The rates changed again and my so did Nationwide, as they had a slightly cheaper rate again so clicked a few buttons and changed again. Yip £100 cash back again.

I only had my mortgage a year and I ended up with an interest free mortgage when you take the cash back into account plus money in my pocket. Ok it wasn't a large mortgage compared to many but still scary to me.

So I don't think there is any limits as to how often you can switch on a tracker as I certainly had no problems and the staff at my local encouraged me. No sign of additional credit checks either.

Hope this helps.
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