Nationwide SVR

greyhound31

I am coming to the end of a 2-year fix with Nationwide at 6.08% Interest Only (Yep was desperate to get on property ladder). So currently pay just under a £1k a month mortgage which we can easily afford.

So as of April we will go down to the SVR of 2.5% and start repaying back a chunck of the mortgage. So the eternal question is, do we think about fixing for approx 4% for 5 years or just stick with the SVR for a few months as it now looks like the interest rates will be sticking around the 0.5% mark?

for us to be worse off then we currently are, it would take interest rates to go above 3.5% as the Nationwide rate is never mroe than 2% above base.

Thrugelmir

Pay down debt as quickly as possible. Interest is charged monthly so make hay while the sun shines.

katskorner

I would stick with SVR till it goes up - that is what I have done with my second property - no sense in paying more than u need - saved a load last year.

JonnyBravo

Yeah I'm with ol' Thrugey.
Stick with the 2.5% and fix if and when things start to change rapidly but to my mind we're a long way away from 3.5%

blueboy43

if you can easily afford the £1k now, I would stick to the SVR and over pay as much as possible - certainly keep the payments as they are when the rate drops down.