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TheNoSnowMan

Look What I Just Noticed...

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As I have my current account and mortgage with Nationwide I normally login at least once a week to check my finances (as one does). I was just about to go into my current account when this caught my eye

borrow.JPG

Never seen the Borrow More button before. At first, I thought maybe NW think I've now got sufficient equity to offer me a MEW (not that I would). Then it occurred to me that maybe they're really trying to get people like me off their old variable rate (base rate +2%). Getting people to MEW is quite a crafty method especially if enough empty heads think HPI is really happening and want the new car/holiday/extension/pair of t1ts etc etc.

What does everyone else think?

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As I have my current account and mortgage with Nationwide I normally login at least once a week to check my finances (as one does). I was just about to go into my current account when this caught my eye

borrow.JPG

Never seen the Borrow More button before. At first, I thought maybe NW think I've now got sufficient equity to offer me a MEW (not that I would). Then it occurred to me that maybe they're really trying to get people like me off their old variable rate (base rate +2%). Getting people to MEW is quite a crafty method especially if enough empty heads think HPI is really happening and want the new car/holiday/extension/pair of t1ts etc etc.

What does everyone else think?

OMG the world is as mad as a box of frogs. Too much borrowing and mewing has caused a crisis. No brains on the job in the western world just now

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I think they want the right people to borrow more, your house you are paying for is their house if they have a first charge on it, so a chance to make extra compounded money on a house they have an big interest in owning is a great way to make long-term money for very little risk, the risk being it falling in value below what is owed on it .....I don't think they want or are interested in savers much, maybe to use their money for very little cost for their capital concerns, because why pay savers interest when they can get money for nothing and lend it out for a lot more with the security backing of property behind it ...my opinion. ;)

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Next they'll be offering MEW at the checkout, like cashback!

Already happening. .. Yeah I'm serious.

Home equity line of credit

card_large.gif?code=32804df9-af51-4c48-9558-f41e6a152977

Home Equity Loans (HELOC)

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  • Home equity loan rates start as low as 3.5% APR
  • Two options: fixed-rate loan or a line of credit
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Use the equity in your home to build a better future for you and your family. Make your house the home you've always dreamed it could be. Finance an education for yourself or a loved one. Consolidate your debt. You can even use your equity to buy a car or anything else you want.

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  • Line of credit: Access to money as you need it, when you need it.
  • Flexible access: Use your Home Equity Visa Card, transfer money to your checking account, or request checks.
  • Low variable rate: As you access funds, the current variable rate will be applied. This assures a competitive rate in a fluctuating economy.
  • Optional fixed rate: You can lock the rate for a portion of your loan balance - just ask! For example, lock into a fixed rate on a tuition payment or combined remodeling expenses. (Some restrictions apply)
  • Flexible payments: Your payments can vary each month with minimum payments as low as interest only.

Home Equity Visa Card

Funds from your Elevations' FlexLine Plus are easy to access with your Home Equity Credit Card. Use your card at stores and ATMs that accept Visa - millions of locations worldwide.

Edited by SleepyDog

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and this, from a mutual building society, not a bank.

At least, it's not supposed to be a bank, run by bankers.

But Nationwide was deep into PPI mis-selling, just like the banks.

Mutual ownership did not stop the members putting sociopaths in charge.

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I think they want the right people to borrow more, your house you are paying for is their house if they have a first charge on it, so a chance to make extra compounded money on a house they have an big interest in owning is a great way to make long-term money for very little risk, the risk being it falling in value below what is owed on it .....I don't think they want or are interested in savers much, maybe to use their money for very little cost for their capital concerns, because why pay savers interest when they can get money for nothing and lend it out for a lot more with the security backing of property behind it ...my opinion. ;)

NW are using FLS aren't they? No wonder they don't need savers.

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As I have my current account and mortgage with Nationwide I normally login at least once a week to check my finances (as one does). I was just about to go into my current account when this caught my eye

borrow.JPG

Never seen the Borrow More button before. At first, I thought maybe NW think I've now got sufficient equity to offer me a MEW (not that I would). Then it occurred to me that maybe they're really trying to get people like me off their old variable rate (base rate +2%). Getting people to MEW is quite a crafty method especially if enough empty heads think HPI is really happening and want the new car/holiday/extension/pair of t1ts etc etc.

What does everyone else think?

I think if you get a new kitchen and whack in a Juliet balcony you'll definitely add value.

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Borrow more and more and more and then wait for when the loan interest payments get more and more and more.

It doesn't look like standard equity withdrawal where you usually know what you're committed to when the agreement starts - it looks more like the borrower just more or less pays what's demanded, a bit like normal plastic.

At approaching plastic interest rates? they'll want people to do as much MEWing as possible and they'll have the additional security of the house.

It'll be like the drip drip of extra borrowing and then one day the house will be gone. Where's the house - it's gone. No problem just buy another with Help to Buy.

Edited by billybong

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