Nationwide throws down £100 remortgage challenge

Nationwide has thrown down the gauntlet to its competitors, offering homeowners £100 if they can find a better remortgage deal with their existing lender.

With almost 200,000 fixed rate deals coming to an end this summer, the bank is so confident that it can save borrowers money, it has offered them £100 if they can find a better deal with one of six other high street lenders.

"Don't bank on getting a good deal from your existing lender. Some lenders still save their best deals for brand new borrowers only, whereas Nationwide offers the most competitive range of mortgage deals for both new and existing borrowers," stated Stuart Bernau, director of Nationwide.

"Take the Nationwide Mortgage Challenge and you'll benefit from lower monthly repayments or we'll give you £100 cash. You really can't lose!"

Nationwide claims that UK mortgage borrowers could save a collective £650 million by switching to its base mortgage rate from other lenders' standard variable rate.

Nationwide challenge, see if they are any good.

Remortgage home page

Comments

[Robin Smith]

Remortgages generally fall into three categories: fixed rate, discounted rate, and variable rate. With a fixed rate, your payments will be set for a certain length of time. During this period, your payment rate will not fluctuate up or down, but it will stay at the same level. Once the predetermined fixed-rate period is over, the loan will then adopt a variable rate. A discounted rate remortgage is like a variable rate mortgage, but it differs in that the lender offers you a discount on your interest rate. Thus, your payments will be reduced for a certain length of time, but your payments are still influenced by the fluctuations in interest rates. For more details visit us at http://www.onlyfinance.com/.

[Frank P]

Thanks for this. I found some useful information here: http://www.loan-machine.co.uk

[Remortgage]

House prices are improving but the major issue is the number of successful mortgage and remortgage applications being approved.

So many applications are not getting to "Offer" stage as the lending criteria of banks and B. Societies is so tough nowadays.

Hopefully after the election things will improve, but I'm not holding my breath.