Fix or stay on base rate
Discussion
Just had our mortgage statement and we have 3 and half years left before we pay it off.
Currently on nationwide base rate of 2.25% but thinking of switching to there 3 year fix at 1.79% or jumping ship to santanter 2 year fix at 1.64% .
As the mortgage is so small would it actually be worth switching to the fixed ?
Currently on nationwide base rate of 2.25% but thinking of switching to there 3 year fix at 1.79% or jumping ship to santanter 2 year fix at 1.64% .
As the mortgage is so small would it actually be worth switching to the fixed ?
egor110 said:
Just had our mortgage statement and we have 3 and half years left before we pay it off.
Currently on nationwide base rate of 2.25% but thinking of switching to there 3 year fix at 1.79% or jumping ship to santanter 2 year fix at 1.64% .
As the mortgage is so small would it actually be worth switching to the fixed ?
Most lenders has minimum terms of five years..............they will also have minimum balances, usually circa £25k......Currently on nationwide base rate of 2.25% but thinking of switching to there 3 year fix at 1.79% or jumping ship to santanter 2 year fix at 1.64% .
As the mortgage is so small would it actually be worth switching to the fixed ?
supersport said:
Similar boat but with 6 years left, but I suspect the SVR outside of the Nationwide 2.25% and any arrangement fee would wipe out the savings and hassle of moving provider.
If I could get a 6 year fix at 1.5% (or below) without fees, would go for it though
The rates i quoted were fee free.If I could get a 6 year fix at 1.5% (or below) without fees, would go for it though
Sarnie said:
egor110 said:
Just had our mortgage statement and we have 3 and half years left before we pay it off.
Currently on nationwide base rate of 2.25% but thinking of switching to there 3 year fix at 1.79% or jumping ship to santanter 2 year fix at 1.64% .
As the mortgage is so small would it actually be worth switching to the fixed ?
Most lenders has minimum terms of five years..............they will also have minimum balances, usually circa £25k......Currently on nationwide base rate of 2.25% but thinking of switching to there 3 year fix at 1.79% or jumping ship to santanter 2 year fix at 1.64% .
As the mortgage is so small would it actually be worth switching to the fixed ?
however we've been overpaying and when i phoned today to up the payments to £700 a month they said it would be paid off in 3 years 11 months or 3 years 7 months if i upped it to £753.
egor110 said:
The closing balance on 31st dec was £32,008.11 the remaining term is 6 years,
however we've been overpaying and when i phoned today to up the payments to £700 a month they said it would be paid off in 3 years 11 months or 3 years 7 months if i upped it to £753.
I wouldn't bother to be honest, just hammer the over payments and get it paid off.................or if you did change, go on a lifetime tracker/variable rate with unlimited over payments......... however we've been overpaying and when i phoned today to up the payments to £700 a month they said it would be paid off in 3 years 11 months or 3 years 7 months if i upped it to £753.
Sarnie said:
egor110 said:
The closing balance on 31st dec was £32,008.11 the remaining term is 6 years,
however we've been overpaying and when i phoned today to up the payments to £700 a month they said it would be paid off in 3 years 11 months or 3 years 7 months if i upped it to £753.
I wouldn't bother to be honest, just hammer the over payments and get it paid off.................or if you did change, go on a lifetime tracker/variable rate with unlimited over payments......... however we've been overpaying and when i phoned today to up the payments to £700 a month they said it would be paid off in 3 years 11 months or 3 years 7 months if i upped it to £753.
Jockman said:
Sarnie said:
I wouldn't bother to be honest, just hammer the over payments and get it paid off.................or if you did change, go on a lifetime tracker/variable rate with unlimited over payments.........
Sage advice 
I can still overpay on there fixed deals but only up to 10%
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