should i switch mortgage ?

stevet_2

hi all

i have had a mortgage for just over 12mths of a 5 yr fixed rate deal with nationwide at 5.63% with a 3k early repayment fee during the 5yr period

with the mortgage variable rate now being much lower would it be worth me look to change my mortgage and what are some of the best variable rates at the moment ?

_Andy_

Nationwide won't allow you exit the fixed rate and go on to the SVR.
I don't see the benefit (other than short term) in you exiting the fixed for a tracker.
Firstly you took the fixed rate (presumably) for payment stability in the medium term. You will not have this in a tracker rate.
Secondly you will immediately owe at least £3000 (plus new fees etc) on your mortgage.
Thirdly there's not that many good tracker products any more.
Fourthly base rate may be low at the moment but you won't find the tracker so attractive when it inevitably rises.