Revert to Base Rate?

genista_99

I currently have a mortgage with Nationwide which is at 6.8%. However this deal is coming to anend at the end of July. Should I not do anything it then reverts to Nationwide's BMR which they have just told me is 2.5%.

Now, it doesn't take a rocket scientist to see thats alot lower. My question is should I just do nothing and revert to this rate? Hoping that interest rates dont shoot up for a couple if months? Or should I be looking at other options?

My mortgage is currently approx 123k.

Thanks

Yorkie1

That's a great rate and if you're happy not being on a fixed rate, it might be worth considering staying on it for the time being but overpaying at the 6.8% amount - I don't think there are overpayment restrictions once you're on the SVR, and that will reduce your capital owed.

Assuming your LTV isn't high, and your credit is OK, you'd be able to consider transferring to a fixed or other product with NW or other lender at any point in the future once rates start rising.