Has anyone else got a Nationwide Tracker Mortgage that they took out between Dec 04 and Dec 08.
I was of the opinion that these had a floor of 2.75% but Nationwide being the nice guys they are waived that and re-set the floor to 2%.
I was expecting the last 2 rate cuts to have no impact on my repayments but each time I have received a letter from Nationwide telling me once again my monthly repayments would be reduced.
I can't really say that I am complaining - but is this an administrive error? Anyone else noticed the same thing.
Below is a cut and pasted from their website
Tracker Mortgages reserved between 1 December 2004 and 6 November 2008
Tracker mortgages reserved between 1 December 2004 and 6 November 2008 have a lower limit or 'floor'* of 2.75%. In January this year, Nationwide took a decision to apply this floor at 2% as a temporary concession
There will be no change to interest rates for existing customers with tracker products with a floor being applied at 2% whose payments will remain the same as at 1 January 2009 until the base rate rises back above 2%. For more information on this, please refer to our January 2009 Questions and Answers.
