Crosswords0 min ago
remortgage
4 Answers
hello folks ive recently been told to look into remortgaging my property im with Nationwide and pay 6.08% the fixed rate finished nov 2009 i owe about £68,000 on my property any views or advice thanks
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I assume peterbaz is looking to switch his mortgage. He will certainly be able to find a lower rate than the current 6.08% he's paying.
Do Nationwide levy any charges for transferring, peterbaz, and how much longer do you have on your mortgage?
There are lots of sites for comparing mortgage rates. Try the Martin Lewis site as a starting point
Do Nationwide levy any charges for transferring, peterbaz, and how much longer do you have on your mortgage?
There are lots of sites for comparing mortgage rates. Try the Martin Lewis site as a starting point
Before you do anything I would check what interest rate you are paying - I would be surprised if you were not paying far less than 6.08% especially if your fixed rate ended in Nov 2009. Most fixed rates after they end switch to either a 'variable rate' or a 'Tracker rate' automatically.
A variable rate is set by the bank or building society at a level above the Bank of England Rate and this level can be changed, i.e. 1.75% above Bank of England Interest rate could become 2% if the lender wanted to change it.
A tracker rate is directly linked to The Bank of England Rate and the level can't be changed i.e. if the rate is 0.5% above Bank of England then the rate will always be whatever the Bank of England rate is +0.5%.
Nationwide use a variable rate and call this their Base Mortgage Rate and having checked on their website they detail that this is never more than 2% above the Bank of England rate (which is currently 0.5%) - The Nationwide BMR is 2.0% above this meaning that the current rate is 2.5%.
Looking at when you mortgage fix term ended I would expect you to be paying an interest of 2.5% which is a lot better than most deals available on the market.
A variable rate is set by the bank or building society at a level above the Bank of England Rate and this level can be changed, i.e. 1.75% above Bank of England Interest rate could become 2% if the lender wanted to change it.
A tracker rate is directly linked to The Bank of England Rate and the level can't be changed i.e. if the rate is 0.5% above Bank of England then the rate will always be whatever the Bank of England rate is +0.5%.
Nationwide use a variable rate and call this their Base Mortgage Rate and having checked on their website they detail that this is never more than 2% above the Bank of England rate (which is currently 0.5%) - The Nationwide BMR is 2.0% above this meaning that the current rate is 2.5%.
Looking at when you mortgage fix term ended I would expect you to be paying an interest of 2.5% which is a lot better than most deals available on the market.
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