We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Is it worth doing?
yorkshire_laura
Posts: 174 Forumite
Hi,
I am currently on a 3yr fixed rate with Nationwide with 18 months left. The interest rate is 6.78% and my mortgage balance is around £94000. Is it worth paying the 4% penalty and coming off my fixed rate to go on to the variable rate of 2.5%?
Thanks
I am currently on a 3yr fixed rate with Nationwide with 18 months left. The interest rate is 6.78% and my mortgage balance is around £94000. Is it worth paying the 4% penalty and coming off my fixed rate to go on to the variable rate of 2.5%?
Thanks
0
Comments
-
Unfortunately you can't pay the redemption fee at nationwide and then go onto their 2.5% rate. The only way to get out of a product at nationwide is to pay the mortgage off completely paying the ERC and take a mortgage out with another lender.0
-
Ok, thanks for the reply!0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.3K Banking & Borrowing
- 253.6K Reduce Debt & Boost Income
- 454.3K Spending & Discounts
- 245.3K Work, Benefits & Business
- 601.1K Mortgages, Homes & Bills
- 177.6K Life & Family
- 259.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards