Another First Time Remortgage

dilly123

We are also coming up to the end of our 3 year discount tracker mortgage with Nationwide BS end of August

We have a repayment mortgage for £86,219k for 25 years and now owe about £84,178 the house is now worth £250,000k.

We pay £496.45pcm (at 4.59% having checked our paperwork)

We'd love to reduce our monthly repayment slightly.

Any ideas of what kind of offers are about or advice on kind of mortgages we'd need to reduce our monthly repayments?

(Joint earnings before tax is £33,000 pa)

Thanks in advance
(We’d be happy to pm AndrewSmith & MortgageMamma with more details if required)

Dilly

rhiano

I'm new to all this, how ever reading the other posts have you tried the online wizards that Martin has links to.
I also note that normally the more experienced posters ask what your credit ratining is it might be an idea to add this to your request.

good luck
rhaino

tonydee

Not sure if you will reduce your premium as the rate you had been on was pretty good. Thats assuming you do not wish to extend the term of the mortgage.

dilly123

Thanks, I’m ever the optimist, really we just don’t want to be paying any more. It's just so confusing what with redemption administrations fees, arrangement fees and the like.

Dilly

MortgageMamma

I have had a look on my sourcing system and for a 2 year discoun the best I could find for you is nationwide bs 4.37 monthly payment £496.86 fee £399 total to pay is £12,523. This is based on the cheapest monthly payment and may not fully meet your needs so I am not saying it is the most suitable mortgae for you. Newbury BS also have a good dicsount mortgage at 4.75% no fee's and monthly payment is £514.54 total to pay over 2 years on this is £12,349.

As I'm sure you are aware these rates are variable so the figures I give you are guidelines.

regularsaver1

dilly what are your payments going to go to after this rate ends? - probabaly best to compare with this payment and acknowledge all fees that apply - think its £95 to leave nationwide

AndrewSmith

My advice would be to call the Nationwide sooner rather than later and see if you can reserve the 4.37% deal right away to ensure that you don't miss out if the up their swap rates in August.

As an existing borrower I would also be asking them to either reduce or waive any fees for swapping rates.

Staying with them makes the process simple without the need for valuation, application forms and solicitors. It should be able to be done as a seamless transition.

Make the call and let us know how you get on.

dilly123

Thanks to you all. Off to see the Nationwide on Thursday afternoon. I'll keep you informed of the outcome.

Dilly