My mortgage deal is coming to an end

jasmin10

That really makes sense Beecher. In effect, I will still be paying the extra as interest rates rise but through my own choice in making over payments. mmm goodone that. Do you know of the top of your head who has the best fixed rate or should I just stay with NW?

Is it a good time fix if interest rates are coming down a bit

beecher

that deal dimbo posted about looks pretty good if you have an LTV of 75% or less. You could phone Nationwide up and see what fixed deals they're offering, or have a look here
http://www.nationwide.co.uk/mortgage/existingcustomers/interest_rates.htm

Interest rates could go either way really - who knows what state the economy is going to get in to over the next 5 years. Knowing what you're going to be paying over that time seems important to you, but only you know whether it is worth the risk, and how annoyed you'd be if the tracker rate went down over the course of the 5 year term. I personally prefer the security of fixed rates.

Good luck in making the decision!

latecomer

Thats a decision you have to make. The rates might come down in the short term but up in the long term, or it could be the other way round.

I know mortgage rates are coming down at the moment but even still the 5.78 with no fee sounds like a good deal. We fixed at 5.39% for 5 years back in January but had an arrangement fee of £999 but that was before the rates went up. We were borrowing quite a lot so the fee didn't matter quite as much as the interest rate and we wanted peace of mind that the payment wouldn't change over the next few years.

dimbo61

Hi Jasmin10
We dont know your circumstances but the 5 year fix is nearly the same rate as the tracker deal and would only take a 0.5% increase to cost more !
Now rates may go up or down we just dont know BUT if you look at rates over the last 50 years they have been very low in the last couple of years.
If you are happy to fix for the 5 years then consider what overpaying £500 a month IF YOU HAD THE MONEY would make . £500 x 12 x 5 = £30,000 extra.
Good Luck