Help needed understanding remortgages

Kantankrus_Mare

Considering I'm quite money savyy, Im ashamed to say Ive never moved my mortgage as I dont really understand the ins and outs so any advice would be appreciated.

We took out our endowment mortgage with Nationwide in1988 and are still with them!!

We are currently paying 5.89% which I believe is quite high.

The main reason I have never moved is because I look at the arrangement fees for moving mortgage and think "Is it worth my while?"

Also I dont really understand.........say for instance I moved my mortgage to Bradford and Bingly..........in 2013 when my 25 years are up....do I owe them the 30.000 I owe or Nationwide.......really ashamed that I cant quite get my head round this.

Endowment is with Standard Life which means Im also likely to have a shortfall.(Have had compo)

Would like to overpay but we are really stretched at the moment so a lower interest rate would really help on this score.

Any comments or explanations would be gratefully received ta x

Twopints

When you re-mortgage, you pay off your existing mortgage in full (using the funds from your new mortgage provider) and you then owe the money to the new provider.

You could check with Nationwide to see if they have any better deals on offer.

On a mortgage of £30k an interest rate reduction of 1% would save you £300 per year (for every year that the reduction applies)