Quandary

gatita

My current fixed rate term (5.16) finishes with the Nationwide in October.
There is £8.500 left to pay. I expect to pay it all off within the next 15 months. My quandary is......should I go for the SVR at 6.4% OR go for a further fixed term which they have offered over 2 years at 5.98 which I would complete before the fixed term is up as I am paying slightly extra each month.
I would really appreciate any advice.

woozywendy

Would you have to pay a penalty for paying it off early ? And is there a fee for arranging the fixed rate. If the answer is yes I would add up the total cost of the payments and any fees and then the cost of the svr mortgage to compare both.

Rabiddog_2

For eight and a half grand its not worth bothering about getting into a fix. Hell, why not bung it on your credit card (specially if you can get a 0% interest one?) get airmiles and other such frippery.

gatita

thank you both for the replies.... there would only be a £7.00 so early redemtion I think, and no fee for arranging the 2 year fied.

Rabbiddog, I didn't realise you could pay your mortgage with your credit card! that sounds really interesting:o could you give me anymore information about this please?