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27th March 2009, 17:47 | #1 |
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Starlight CDT Conn SE Join Date: Nov 2006
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Mortgage question ?
Hi all as the recession is starting to felt in this household, need some advice.
At the moment my fixed rate repayment is at 6.4% (with nationwide) coming to an end about July my mortgage payment is round about £420 a month there tracker rate has now come down to 2.5% would like to stay with nationwide as touch wood they have been very helpfull over the last 10 years. Basically getting confused about what sort of a saving I gain going from one rate to the other.
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27th March 2009, 18:27 | #2 |
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Any savings would depend on how much your mortgage is for.
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27th March 2009, 18:28 | #3 |
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Know you want to stay with Nationwide but Smile bank (www.smile.co.uk) have a mortgage calculator on their website, so you could put details (capital amount, term, interest rate) in and get it to tell you what would change.
Personally, wouldn't touch NW with a bargepole after they lost my settlement cheque on a mortgage and threatened me with repossessing a house I no longer owned....... |
27th March 2009, 18:34 | #4 |
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just scrutinise whatever you are looking at for the proper APR after costs/fees have been taken into account. This figure should also be given with all promoted rates.
These make for easy comparision irrespective of your actual loan - but you need to make a guess about where rates are heading before potentially wasting money fixing. The good thing at the moment is that they cant really get much lower, so it might be good to fix again, or hang variable for a while until the depression really hits. |
27th March 2009, 19:25 | #5 | |
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Quote:
See what Nationwide offer you, they might come up with a good deal tp keep your business.
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28th March 2009, 08:52 | #6 |
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Try 'moneyfacts' website-tend to be the best independant comparison site IMO. Just arranged a mortgage for my daughter thru Loughboro' B S and we live in the North West from info on their site. Don't stick with the Nationwide out of loyalty-they are bringing in charges for using cards abroad and some of their recent savings rates for existing customers have been very poor to say the least. Becoming less of a mutual as time goes by.
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28th March 2009, 14:53 | #7 |
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Well ... I'm stuck right now in a fixed rate ... Quite high in comparison, but the press yesterday warned of a shock rise in the near future.
Make sure that whatever you get suits your needs. I decided to fix mine and so know for sure what I'm paying is affordable for the best part of 10 more years, at which point it'll be paid off. Don't tie yourself in unless you're happy.
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31st March 2009, 23:37 | #8 |
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Paranoid Carlos you have a pm.
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1st April 2009, 20:42 | #9 |
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Cheers mate, thanks for reply
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2nd April 2009, 06:46 | #10 |
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My mortgage provider informed me last March that in September my tracker was coming to an end. I acted there and then and decided on a fixed rate. The interest rates then rose and I felt quite smug. Now the rates have fallen away and if I had chosen another tracker I would be quids in. However, it is always a gamble - if rates shoot up and some are predicting this then a tracker will suddenly be expensive compared with a fixed rate, especially some of the fixes on offer now.
How much of a gambler are you? Paul |
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