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Just a brief heads up to anyone who might be moving or remortgaging at the moment. I got my mortgage offer from Nationwide a month ago at what I thought was a good rate (2.6% fixed for 5 years).
Checked on their website on Friday and the same mortgage has fallen to 2.2% - not expecting much I gave them a call and they were happy to adjust the offer to reflect the new rate. Saves over £100/month in repayments, so well worth the hassle of 20 minutes on the phone.
I assume most banks will be dropping their rates so if you're in limbo before moving it's worth checking. Probably not useful to many people but hopefully it helps someone.
Wow... Strangely I am in exactly the same situation with the same lender - will call them now!! Thanks for the heads up!
Website telling me I can get rate of 2.49%, versus my mortgage approval rate of 2.54%...
Still a worthwhile saving but not as dramatic as yours unfortunately!
As per the [url= http://singletrackmag.com/forum/topic/just-remortgaged-did-we-get-a-good-deal ]recent thread[/url] we remortgaged last month at 2.49% fixed for 64 months (70% LTV).
My understanding is that Brexit [i]may[/i] mean lower rates arriving soon, as Carney has already mentioned dropping the BoE base rate.
He also mentioned being careful as to what you borrow as at some point things will get uncomfortable for borrowers at some point over the term of a mortgage.
Rates will not stay this low for 25 years or more.
I've said before I'd model any mortgage repayments on a mortgage rate of 6-8% and only commit if I could afford payments at that kind of level (8% is being very cautious but not over the top).
Looks like this is not to be for me - Nationwide can only deal with the person who submitted the application (my broker) and he's on holiday!
Exchanging contracts tomorrow or day after hopefully.
Ah well never mind, thanks again anyway.
Must be someone in the office who can help or get the broker on the blower whether on holiday or not.
It's not acceptable to dip out on that kind of money because your broker is away. He should have some kind of cover in place.
What if you need him urgently after exchange for example?
Very true... gonna chase them
I got 2.19% a few weeks back from Nationwide
Tim - looks like you must have been on 60% LTV or better to get that rate.
70% LTV gets the 2.49% rate
Rates will not stay this low for 25 years or more.
That's for sure.
Our plan is to take full advantage of the low rates by overpaying as much as we can.
That way when the rates eventually do rise we can reduce our overpayment to compensate and still pay the same each month.
Plus of course, by the time the rates rise significantly we'll hopefully have a lot less outstanding balance left to pay.
We just got 1.99% from Santander fixed for 2 yrs, 75% LTV.
Same situation. Apparently rates often change on a Friday. Have a mip at 2.44% 70% ltv 5 year fixed.
Exchanging contracts tomorrow or day after hopefully.
Nothing stops you exchanging contracts a day or two later if you've agreed the completion date in advance.
HSBC Are doing .99% for two years fixed at the moment. If your LTV is less than 60%
The risk taker in me wants to see if it drops some more though.
10 years fixed at 2.89% from Nationwide sounds very tempting.
Need to look round I think.
10 years fixed at 2.89% from Nationwide sounds very tempting.
That sounds bloody good, I'd be straight in there! Our (5.7%) fix ends next May, just in time to miss all the good deals probably!
Our (5.7%) fix ends next May, just in time to miss all the good deals probably!
I'm glad it's not just us on 5.something hearing about all these people on half that! 🙂
Roll on next march...
All lenders will offer a new lower rate if you ask and solicitors have not requested funds for completion. However you have to ask they will not call you!!!! If funds have been released ready for completion then could still be changed BUT will delay completion as those funds have to sent back by solicitors to the lender. New offers issued and then funds requested again.
Double post
Im coming to the end of a long and tortuous remortgage process, and hopefully signing with Nationwide this week - 1.49% 2 yr tracker with no tie in (74%LTV) - then planning on switching next year to a 5 yr fixed.
They have a policy of price matching if you're an existing mortgage customer with them, against a lot of High St companies including HSBC.
I did some sums and when you factor the product fees into a 2 year deal for example, there ends up being VERY little in it between lenders. An advertised 0.99% draws people im but isn't better than another loan of a higher rate and lower fee.
for those on crappy deals at the moment, do the maths - it might be worth checking your exit fees. I was on a 4% deal a few years ago, and saved a couple of grand by cancelling it, sucking up the fees, and moving to a 2.6% deal instead..
Double post