Can someone confirm my thoughts please?

niknak_2

Hi,

Me and my Partner are comming to the end of a 2 Year fixed with Nationwide interest only. From what I have read on here it seems by far the best thing to do is to let it come to an end and drop on to the BMR, thereby reducing our payments quite drastically.

We should then be in a position to overpay / clear debts etc.

Is this correct or should I be looking at switching to another providor?

Thanks in advance

opinions4u

I'd stick on their 2.5% BMR and overpay if I were you.

You haven't posted details of your debt and valuation, but I would be amazed if you could get the mix of price and flexibility that the BMR offers if you remortgaged elsewhere.

niknak_2

opinions4u wrote: »

I'd stick on their 2.5% BMR and overpay if I were you.

You haven't posted details of your debt and valuation, but I would be amazed if you could get the mix of price and flexibility that the BMR offers if you remortgaged elsewhere.

Thanks Opinions4U - We Owe about 230000 and a generous valuation would be that the house is worth 245000.

Can I still hop on to a fixed if rates start to rise?

opinions4u

niknak wrote: »

Thanks Opinions4U - We Owe about 230000 and a generous valuation would be that the house is worth 245000.

You won't be able to remortgage elsewhere until your property value exceeds £256k based on the current mortgage market. Even then I'd expect to see rates above 6% on offer.

Can I still hop on to a fixed if rates start to rise?

You will only be able to choose from what Nationwide have to offer - and they are not obliged to offer anything other than the BMR.

So the answer is yes, but only if Nationwide let you or your house increases in value and you can remortgage elsewhere.