Monday, April 27, 2009

Check your Provider won’t break their Promise before Housebuying!

Nationwide axes Mortgage Promise

The UK's biggest building society, the Nationwide, has abandoned a promise to peg its variable rate mortgages to the Bank rate. Existing customers on the Nationwide's variable rate home loan, called BMR, are guaranteed to pay no more than 2% above the Bank rate, currently at 0.5%. But new customers will have no such guarantee when their fixed-rate deal ends and they shift to a variable rate.

Posted by alan @ 01:04 PM (2420 views)
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22 thoughts on “Check your Provider won’t break their Promise before Housebuying!

  • mark wadsworth says:

    It’s a free world. If people can borrow cheaper elsewhere, then they’ll do it. And if they can’t that means that the Nationwide isn’t a bad deal.

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  • Looks like a lot of people on the fixed rate will be in for a shock when it comes to renew

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  • More cracks showing. This is now a game of bottle.

    If you want to know where future rates are going just look at bank deals.

    We�ve been broken down
    to the lowest turn
    Bein’ on the bottom line
    sure aint no fun

    But if we should be evicted
    huh, from our homes,
    we�ll just move somewhere else
    and still carry on

    Oh

    (hold on) hold on
    (hold on) hold on
    Ooooh, aah, baby

    (hold on) hold on
    (hold on) ooh oooh aah

    (Chorus)
    The only way is up, baby
    for you and me now
    The only way is up, baby
    for you and me now

    aaaaah�

    Now we may not know, huh,
    where our next meal is coming from,
    but with you by my side
    I�ll face what is to come

    You get the idea! Thanks YASS.

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  • Combined with the revelation that Northern Rock will be sold off later this year, I’d say the effects in the pipeline do not bode well for the UK housing market.

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  • Nationwide need to increase/improve margins hence the abandonment this “promise” – they have been playing White Knight to a number a failing Societies and need to ensure they have not bitten off more than they can chew.

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  • “Housebuying” isn’t a word. Don’t want to be picky but three threads in a row was enough to make it start getting on my tits a bit.

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  • Housebuying nipples sorry triples!

    Cheer up pelether, this is the kind of news that should ease your discomfort.

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  • tyrellcorporation says:

    My eyes are still bulging at that graph (earlier thread) showing the correlation between house prices and unemployment. That is the most compelling chart I’ve yet seen which indicates the future direction of house prices. JOY!

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  • 6. jack c said…and need to ensure they have not bitten off more than they can chew. LOL

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  • TC @ 9….. Hardly “JOY” for me as I will probably loose my job this week after 22 years in Design… still I sold at the peak and dread to think of the weight on my shoulders if I still owned the wreck now…. I will bounce back and when I do, I just hope that prices reflect a good and true honest wage…. See you all on the other side! :O)

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  • tyrellcorporation says:

    Sorry to hear that Bluebeach, I work in design too but so far I’ve managed to keep going. Unfortunately design is one of the first industries to feel the pain – I graduated in 1990 (cool timing eh?). I didn’t get a proper design job until 1994!

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  • bluebeach sad to hear that too.

    Fate is a very strange thing. I was at a very low ebb in my life and it seemed that I could not do anything right, but succeed in the downward spiral I was in.

    I now thank God that happened. Fate is a very strange thing. Life for me has seemed like going through the darkest tunnel to come out into the brightest light.

    If it happens embrase it, you never know where it will lead you. See you on the other side, indeed!

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  • bluebleech & tyrell

    What do you guys design ?

    Crunchy
    What made your life so bright ? and don’t say HPC !

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  • 14. str 2007 said…What made your life so bright ? and don’t say HPC

    Realising that the suffering I went through in pursuit of the way I wanted to live my life with the odds truely stacked against me finally coming to fruition.

    I never gave up on it. I had to wait 50years for it to happen and went through hell with the choices I made to get there, but from one little thing everything else just slotted into place. That thing was believing I could do it.

    Of course it’s all down to HPC! lol

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  • It’s not about money, it’s about freedom!

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  • Crunchy, I agree with what you say, its about freedom!

    We can be happy within ourselves regardless of money, material possessions or dare I say it houses!

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  • STR…. I design gears for the big yellow diggery things… the market has collapsed in this sector and still very much on a downward path… no green, or “yellow” shoots in this business! :O)

    Your predictions on gold and a global threat to society are starting to ring true STR…keep following the charts..

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  • crunchy & dj2000

    All very admirable, but surely it’s alot easier to feel free when you have ‘enough’ money.

    And when I say enough I mean enough to cover the monthly bills etc. a bit for your pension pot and perhaps a small holiday each year.

    Now to clarify that a little further.

    Monthly bills excl. rent/mortgage = £1200
    Mortgage/rent = £800
    £2k holiday + Christmas p/a = £200 p/m
    1 No. small car inc. running costs = £200 p/m
    Pension = £400 p/m
    Total = £2800 (or approaching £50k earnings before tax)

    Pension was calculated on building up a £300k pot over 30 years to give a £15k income p/a based on 5% return.
    50% of the pension pot coming from growth. ie save roughly £150k the other 150k coming growth of fund over the 30 year period.

    Now I dare say you could argue with a few of the figures but I’ll bet that is what the average family has been getting through, even if they haven’t been earning it.

    Providing that kind of money is coming in and will in the future with reasonable certainty one would feel relatively free and able to have a few choices.

    If you’ve cracked the freedom thing without money then please elaborate. I imagine there are about 2000 readers awaiting your responses !

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  • blue bleech

    Sorry you’ve confused me with S2R1 re: the Gold.

    Always find it interesting to see what people do.

    I guess you’re a wiz with Auto Cad (something I bought nearly a year ago but have yet to learn how to use it properly).

    If indeed you are a wiz with autocad, don’t suppose you’ve considered training others – just a thought.

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  • 19. str 2007 said…crunchy & dj2000

    All very admirable, but surely it’s alot easier to feel free when you have ‘enough’ money.

    You missed my point. I have enough money to have the freedom. I was putting the importance of freedom first.
    There are lots of people with a ton of money but cannot say they are free.
    It is the “love” of money that holds them in chains.

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  • crunchy

    I did’t miss your point atall, but saying you’ve freed yourself from money is vey easy when you have at least enough as I illustrated above. If you have evenmore than what is comfortably enough then it just gets easier.

    Nothing more than a guess here but excluding children and retired people I suspect of those aged between18 and 65 only 10-20% at the most would be in a position to create the ‘feedom’ mindset of which you talk.

    Unfortunately the minimum financial requirement has to or should come before the ‘freedom’ mindset is able to be achieved. (unless of course you’re naturally really talented and frankly don’t care or have no ambition.)

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  • 22. str 2007

    Totally agree!

    The only other way is to live as a hobo and be happy with that, or to be lucky enough to love your life as it is.

    I never was with both.

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