Switch and Fix mid-deal - Tracker to Fixed?

jedwards23

Hi,

I'm currently on a tracker mortgage and have the option to switch to a fixed mortgage at any point within my 2 yr term without incurring an early repayment fee (so long as I stick with Nationwide). I am currently 9 months into my initial term.

Given the base rate remained at 0.5% yesterday, is now the right time to switch to a fixed mortgage? The rates of the fixed mortgage products Nationwide offer have already increased since I looked at them in Feb. So I'm wondering whether to switch to a fixed mortgage now (in case the fixed rates continues increasing) or to risk staying on a tracker for the next few months - but worry that the fixed rates may have increased significantly by then if I wanted to switch. My LTV is 78%.

Any comments?

Peelerfart

Without a crystal ball no-one knows.

If you want my opinion,and you haven't said what the fix rates are,or what you're paying, I would stay where you are.

jedwards23

Tracker rate is 3.38% plus base rate so currently 3.88%; fixed rate would be 4.49% (plus product fee) or 4.89% (no product fee)...

Peelerfart

24 month term- 9 already done = 15 months remaining,so I doubt you would want to pay a product fee for a 15 month fix,unless its like £99,so thats one out.

3.88 vs 4.89 over 15 months, or a 1% rise in the next year and a bit,crystal ball time ,stay where you are IMHO.

I of course may be totally wrong, I'm just some bloke!

PF