Should I stay or should I go?

steve1980

I'm currently with Nationwide on a tracker rate mortgate which is currently charging 3.08% (2.0 NW base rate + 1.08%)

Am I better off just staying where I am when the rate ends (2.5% base rate) or are there any decent deals around.

One problem is that the remortgage was competed just before the "crash" so not sure how much equity is left in the property.

According to the NW House Price Index my property is now worth £178,135 based on a value of £165,000 back in July 2009.

Am I likely to find a deal as good as the standard base rate deal that Nationwide have or are the Bank Of England going to whack the rate up anytime soon.

delmar39

I too have a Nationwide mortgage (2 in fact) and will drop down from 4.69% to the base rate of 2.5% in May 2010. You're lucky in that Nationwide no longer do the 2.5% for new products - it's 3.99% Mortgage Base Rate on all new mortgage products. Nationwide do tend to look after their own so you could find out what deals they're offering, but you'll have to pay for a new product application. For what it's worth my plan is to stick with the Base Rate Mortgage when I drop down to it as I'll be saving quite a bit of money. Product 2 comes to an end just under 1 year after Product 1 so I'm looking to merge the two mortgages at the end of Product 2. I think you'll be hard pushed to better 2.5% with Nationwide. Problem with sticking with the 2.5% is if interest rates rise deals will go up too. The chance you take, but as you're on a tracker it's the same principle really. All I can say is that I'm sticking with the 2.5% for now as it's not a bad rate at all and I'm lucky to get this rate now that all new products revert back to 3.99%. The decision is yours!