Mortgage help

nichart20

Hi, just after a little advice, we have a fixed rate mortgate at 4.99 with nationwide for 5 years £804 per month, this is due to end October 2011, penalty fee of £995 if we come out early.
The Mortgage was for £150,000 over 30 years currently owe just over £140,000 it should be £137,724 using the calculator on here and a LTV rate of 83.46.
I am worried that interest rates been offered are not going to be the same come October. Are we better holding out until october or coming out now paying the fee and hoefully getting something around the same or would the debt I have below effect getting a change now. We want to keep it at 25 years and make overpayments

Any advice is apprechiated

Thrugelmir

You'd be better off clearing your other debts rather than paying the ERC. Particularly with so little time to run on your existing product.

With the LTV you have your options will be limited for remortgaging.

As your with the NW. At the end of the fixed term you'll drop onto their BMR rate of 2.5% (base plus 2%). So you may well be better off staying on this rate and overpaying your mortgage.

If you leave the BMR you may not obtain a rate like this for some considerable time. Something worth considering.

nichart20

Thank you, I did not realise this