Looking for a mortgage is a daunting task with so many different products available and uncertainties over interest rates, so when remortgaging 2 years ago, we sought the advice of an IFA (Independant Financial Advisor). He came to our home and discussed our needs both interms of what we could afford and how much stability we were looking for in terms of repayments. Having gone away he came back with an offer from the Nationwide. This offer was very good with a low 2 year fixed rate with free valuation but a fee of £495. However with what we were going to save this was well worth it. The IFA handled everything for which they receive a fee from the lender which is outlined in any offer you receive in case you feel you need to question the reasons for a specific product being offered.
Our mortgage was up and running with no direct contact with Nationwide but I did set up to access our mortgage a/c online which is straightforward, you register and they send you relevant details. Interest is calculated daily and you can make overpayments of upto £500 per calender month without incurring any charges for early repayment.
Any overpayments can be drawn back out when you wish which is a good way of saving as interest is calculated daily. Tie ins last as long as your fixed term period. Although not fully flexible, I think it would suit vast majoity of needs.
Now our 2 years are up and we went back to the IFA for advice on a new mortgage. He came back with a good offer from the Halifax. However, we are happy with the Nationwide, I have payments in place for making overpayments and any queries I have are answered via the online messaging system. So I picked up the phone and called Nationwide to see if they could match or better the Halifax offer. And they did! Saving me money on legal fees because the lender would not be changing, valuation fees as the house had already been valued and as an existing customer, they knocked £200 off the product reservation fee. I also was able to request extra money for home improvements and this was dealt with in a manner where I knew they were looking at our circumstances with a view to ensuring we could comfortablyafford repayments.
We are now about to start our new 5 YEAR fixed rate mortgage and I couldn't be more satisfied with the service I have received without ever having entered a Branch of the Nationwide or even knowing where my nearest one is for that matter.
I suppose the moral is when it comes to remortgaging it's best to look right under you nose than search high and low and end up settling for second best!!
I believe the Nationwide has just become the first lender to offer a 25 year fixed rate.
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Apr 25th, 2007
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