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Nationwide fixed rate gone UP
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Katykat
Posts: 1,743 Forumite
My 2yr rate of 6.4% is finishing in august. Todays rate is 7.1% assuming 95% borrowing & no reservation fee. Even with a reservation fee of £995, the rate is 6.58%. The variable rate is 3.99%. The fixed rate seems really high compared to variable. Is this indended to put us off fixed deals? Cos if so, its worked. I'm opting for variable rate but keeping my payments the same as now. I thought mortgage rates were at an all time low.
:smileyhea A SMILE COSTS ABSOLUTELY NOTHING
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Base rates are at an all time low, rather than mortgage rates - I got a cheaper deal in 2003 than is available now. Nationwide have to factor in risk - high LTV and the inevitability of future interest rates for example. You'd get a better deal if your LTV was lower.
As an aside, are you sure your LTV is under 95%? ie was it lower than this 2 years ago?0
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