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Mortgage advice please

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paulcollins10
paulcollins10 Posts: 15 Forumite
in Mortgages & endowments
My fixed rate mortgage (currently 4.97%) is coming to an end at the end of the year and i'm looking for some solid Red Issue advice!

Currently i'm with Nationwide in a property worth approx £210k with an outstanding mortgage amount of approx £155k. i pay approx £972 a month on a repayment mortgage over 25 years.

Nationwide are offering me another fixed rate for another 2 year period but at 5.88% with a £299 reservation fee or a tracker rate of 5.68 with a reservation fee of £499.

This is going to increase my monthly payment by about £60-70.

Are there any better deals to be had and would anyone offer any advice as to whether a variable/tracker mortgage would be better right now than a fixed rate?

Thanks in advance

Comments

  • koexelek
    koexelek Posts: 7,847 Forumite
    Just replied to you on Red Issue ;)

    I'm Edwin there
    I am a Mortgage adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Toughluck
    Toughluck Posts: 317 Forumite
    There are lower rates than that. depends if you want to pay higher lenders fees, broker fees etc?
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Take advice with a pinch of sea salt!
  • opinions4u
    opinions4u Posts: 19,411 Forumite
    koexelek wrote: »
    Just replied to you on Red Issue ;)

    I'm Edwin there
    Am I missing some sort of masonic code here?
  • koexelek
    koexelek Posts: 7,847 Forumite
    opinions4u wrote: »
    Am I missing some sort of masonic code here?

    No, nothing like that.

    Red Issue is a football forum we obviously both populate

    No funny handshakes or anything :D
    I am a Mortgage adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
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