Need to get out of fixed deal - help!

LVR1

I have a five year fixed mortgage with the Nationwide, they won't allow me to change product and so I have to pay £5K to get out. I ideally would like a tracker mortgage to reduce my monthly payments. I am always self-employed along with my husband which makes things very difficult.

I would really appreciate any help or advice here.

Thanks:)

beecher2

You need to post more details - present interest rate, amount of mortgage, value of house, salary, how long you've got books for, credit file. If you want to reduce your monthly payments, what will you do when rates increase?

You could post on the Debt Free Wannabee forum for help in cutting back expenditure rather than spending 5k getting out of your deal.

SimbaSimon

LVR1 wrote: »

I have a five year fixed mortgage with the Nationwide, they won't allow me to change product and so I have to pay £5K to get out. I ideally would like a tracker mortgage to reduce my monthly payments. I am always self-employed along with my husband which makes things very difficult.

I would really appreciate any help or advice here.

Thanks:)

How long have you been on the fixed mortgage and why did you take it if you wanted a tracker mortgage? Bare in mind that if you had a tracker, while you may have lower payments at the moment if interest rates were to rise then so would your payments, with a fixed rate you may be paying slightly more at the moment but if interest rates were to rise under a conservative government you'd be quids in. Can you afford a track mortgage if rates were to rise 5-10%?