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Two mortgages to renew in 2009
Spirit_2
Posts: 5,546 Forumite
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
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
0
Comments
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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................................I have put my clock back....... Kcolc ym0
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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.0 -
Yes. You move to SVR and then can make any overpayments you like without penalty. :T :j :T...............................I have put my clock back....... Kcolc ym0
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Any other advice welcome
Spirit0
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