Another thread requesting ReMortgage advice

waqas

Hi guys I hope someone can help me.

My Dad has got a mortgage with the Nationwide fixed for 2 years at 6.08% and it comes at close at the end of this month / begining of next month.

The mortgage was of £111,000 and has paid £6000, leaving a total of £105,000, monthly interest was around £550 ish.

He can obviosly get a better deal know but I know nothing about mortgages and wanted to get some advise.

Should he go for a tracker for a period of 2 years or 3 years or go fixed again? the Nationwide has quoted the following:

Tracker:

2.99% - 3.99% over 2 year but would have to pay £995 for it.
3.99% - 4.99% - over 3 year but would have to pay £690for it.

Fixed:

3.59% - over 1 year but would have to pay £495for it.
3.89% - over 2 year but would have to pay £495for it.
4.49% - over 3 year but would have to pay £995for it.

Any help appriciated.

dimbo61

Your Dad has left it a bit late to shop round for another deal with another lender.
What does the mortgage revert to if he does nothing ? SVR / tracker deal ??
Who knows what rates will be in 2/3 years
By Tracker 2.99 - 3.99 do you mean tracker at 2.99 which will go no higher than 3.99% ?
Use (whats the cost) to work out the cost each month of the offers ( adding in the fees) and try and keep the payment the same as he is currently paying as this will mean he is overpaying each month and reducing his debt.
GOOD LUCK

waqas

Thanks for the reply, the mortgage will go to the banks base rate which is currently at 2.5%, don't know what SVR is.

Yes the tracker is that it will not go more than 3.99& in two years.

You lost me on the use part mate.