I don't understand mortgage rates

freeasabird

I have a Nationwide remortgage of £45,000 at a fixed rate of 5.37% for two years which means I pay just over £485.00 a month. I didn't have to pay an arrangment fee for this mortgage. This deal ends in March 2009. If I was to get a new deal for around 7% (hopefully I would get a better deal than that but you don't know do you) how much would I pay? I apologise for not knowing something as basic as this. I'm looking at a two year, five year and even ten year deal.

luckyfool

How many years are left on your mortgage term? This will obviously effect your payment.

freeasabird

It's a ten year term. Thanks in advance luckyfool. From that I gather that a ten year deal is not necessary?

luckyfool

Now, but it might be worth thinking about either a 10 yr fixed rate, or a term tracker so you don't need to keep changing deals. Of course you would need to look at the tie ins and your circumstances to check that it would be appropriate.

Peelerfart

Try this , have a play

http://www.themoneypages.com/calculators/fleximortgage.html

freeasabird

What a useful calculating tool. This has put my mind at rest. Now all I have to do is find a decent tracker or fixed rate deal. Thank you Peelerfart and luckyfool.

luckyfool

Chris_Hansonwealth wrote: »

This is a usefull tool to see what the curent deals are. It is a 'live' system so can play with as much as you like to see what deals are on offer.



have fun!

transparent sp@m.

sarah_elton

Yeah, the user name isn't subtle :rotfl: