Two mortgages to renew in 2009

Spirit_2

Hi, I am looking for advice about what we need to do when re-mortgaging this year.

Two Mortgages in place

1) a 3 year fixed at 4.29% ending in Sept 09 from Nationwide - repayment loan with an o/s balance (by then) of £76000 over six years. It is our home and this is about 20% LTV.

2) a 2 year fixed interest only loan on a flat for my mum. £53000 currently at 6.29% with Abbey. Ending Sept 09. paid £135,000 for flat in 2007:eek: . No rental income .

I am pretty clueless about the current mortgage market - All advice gratefully received.

Thanks
Spirit

Robert_Sterling_3

Your Nationwide mortgage will change to Standard Variable Rate ( or whatever name they use which means SVR ) but you can move to another fixed Rate or Tracker Rate.

Spirit_2

The nationwide SVR is currently 3.5% - am I right in thinking we get that (or whatever it is in September 09) automatically?

That would be good news - as we would like to reduce the term of the mortgage if affordable.

Robert_Sterling_3

Yes. You move to SVR and then can make any overpayments you like without penalty. :T :j :T

Spirit_2

Any other advice welcome
Spirit