Stay with Nationwide BMR mortgage or move to fixed?

photo_guy

Thanks for all your feedback & comments.
I spoke with a mortgage advisor at NatWest today and even he said it would probably be better for me to stay with Nationwide (taking account of all the flexible options it has).

Thanks to swingofthings for the rate correction - I think it was at 3.99% when I wrote down the rates a few days before I made the post - I forgot to double check if that one was still current.

stutakesphotos

Just one thing to add to this and I'm far from an expert; I think it was an exec from Nationwide themselves who said something along the following last week

Although the base rate and interest rates are likely to go up during the year, by the end of the year, the actual mortgage rates being offered should be good. They hinted at initial jump in mortgage rates as the banks get jittery but that this should settle down.

My own view, having read loads on here, is that it will take a long while to see interest rates hit 3% and so its a good idea to stay with the Nationwide deal

amyface

Great thread and advice -my 5 year fix ends in May and my circumstances mean I am going to go with the BMR and overpay as much as I can. I'll have about £75k left to pay when the switch happens and having spent close to 5.5% then the odds with the BMR seem to be in my favour at the moment.

Of course no-one knows exactly if/ when rates will go up but the odds are they wont go up much in the short term (fingers crossed), but I hope to polish off as much as I can so that if/when they get to say 4% I've made a significant dint in the balance, so to hopefully not be massively affected.