Mortgage advice needed, broker?

Exemplar

Hi to any brokers!

Me and swmbo have two mortgages with nationwide. This came about when we bought our current house. We transferred our old mortgage and then took another mortgage for the difference. The first mortgage fixed period is now up and the second one is valid until late next year.

We are, as everyone else is, trying to get a good fixed term deal. Nationwide won't let us out of the second, smaller, mortgage without a penalty (£3000 I think) which is fair enough as it's their mortgage.

I rang them last week asking if we could change the first, larger, mortgage to a new product to be told that if we wanted to do this we would have to change providers as they could not do this and that they would want us to pay the smaller mortgage penalty if we did move the original, larger mortgage.

So.... Are there any mortgage advisors out there who can offer any guidance?

Tia

beecher2

Does the first part of your mortgage go onto a 2.5% rate if you do nothing? If so I'd probably keep things are until next year, and overpay as much as possible. However, you need to post more details or work out for yourself if you could get a better rate elsewhere which would make up for paying the ERC.

Wh05apk

You should be able to change part onto another deal, but there could be fees involved, you will either be on 2.5% or 3.99%, neither too bad, personally I would wait till next year, then you can have both parts on the same deal, otherwise every year or so you will be looking to do something with one part, never being able to move away as you will always have a penalty.

dimbo61

How can anyone give you advice with so little information!
You dont give the size of either mortgage or the LTV of the property or your income
As others have asked what does your mortgage revert to at the end of the fix? what are you paying now?
Why not go onto the SVR and overpay if possible over the next couple of months until the second part of the mortgage has also finished its fixed period then look at what deals are available for your LTV

Wh05apk

dimbo61 wrote: »

How can anyone give you advice with so little information!
You dont give the size of either mortgage or the LTV of the property or your income
As others have asked what does your mortgage revert to at the end of the fix? what are you paying now?
Why not go onto the SVR and overpay if possible over the next couple of months until the second part of the mortgage has also finished its fixed period then look at what deals are available for your LTV

Dumbo, they have provided enough info at this stage, to look at their options in general, if they had asked "would it be worth remortgaging and paying the penalty, and what would be the best deal?" off course we would need to know more financial details, but they only asked for guidance, not advice.

I would always try to avoid asking people questions about their income on a public forum, and personally I would never supply it!