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Moving from 2 year tracker.

paulbrannan
paulbrannan Posts: 50 Forumite
Part of the Furniture 10 Posts Combo Breaker
in Mortgages & endowments
Hi,

I'm coming to the end of my current mortgage package, a 2 year tracker with Nationwide. I have about £33,000 left and my monthly payments are about £175.
I have a steady income and no outstanding debts.

My question is would I be better off getting another short term tracker or would another product suit my needs?

Thanks in advance

Comments

  • Joe_Bloggs
    Joe_Bloggs Posts: 4,535 Forumite
    What is your follow-on rate with Nationwide? I bet it is their old BMR rate that will track the Bank of England Base Rate by + 2% hence 2.5% at present. You may well get this if you do nothing.
    J_B.
  • paulbrannan
    paulbrannan Posts: 50 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    Hi,

    yes, that's what the letter said. Any suggestions?

    Thanks
  • herbiesjp
    herbiesjp Posts: 8,499 Forumite
    With such a low mortgage amount you will be better off going onto the BMR rate

    You will not get any lower without having to pay fees
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • paulbrannan
    paulbrannan Posts: 50 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    OK, that's what I will default to anyway.
    Thanks for the advice guys.
This discussion has been closed.
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