Help Im clueless!!!

VIGILANT22

Forget it.....the back of the paper is for fish and chips then to be thrown in the bucket....
If you're really struggling make an appointment with Citizens Advice who should have debt counsellors.....a good one is worth their weight in gold...don't be shy...hundreds of people are using them BUT pls forget the loan sharks...good luck

[Deleted User]

SimbaK2K wrote: »

Its not a tracker as it doesn't follow the Bank of England rate to a exact amount, i.e. 1.74% for example, however gurantees it will be no more then 2% over base rate. So in shouldn't be anymore then 2.5% with the Bank of England rate being just 0.5%.

If you bought your house in May 2008 on a 2 year Nationwide tracker then I am guessing that your current rate is actually greater than 2.5% at the moment so your payments should drop when the tracker deal runs out.
You say that you want to go to fixed rate but this will be more expensive in the short term than going on the base mortgage rate of 2.5%.
I'm curious as to why you don't want to go onto the base mortgage rate when you chose a tracker previously over a fixed rate mortgage. Although a the Base Mortgage rate is not a tracker in the strict sense, it can't be more than 2% above the bank of england base rate so will behave in a similar way to your current tracker mortgage and is currently the cheapest standard variable mortgage rate you can get.
Another benefit of being on the standard rate mortgage is that if you had to sell the house due to debt issues then you wouldn't have to pay a massive redemption penalty compared to being on some of the short term deals.

dimbo61

Hi NJE
You need to read the paperwork carefully
Does you mortgage revert to 2% over Bank of England base rate ( currently 0.5%) so if rates stay the same you will be paying 2.5% in May !!!!
If you are paying less than current payment then clear some of your debts with the money saved each month on the mortgage payments.
Start off with the most expensive debt IE highest interest.
You must pay the mortgage first each month as this is a great rate to be on and you dont want to lose this rate!