advice needed about mortgage please

melly_g

Hi everyone,
Our 5 year fixed rate mortgage is coming to an end in May and i would like some advice as to where we go next.
We are with Nationwide at the moment and are not sure whether to stay with them or not.
The problem is that we are in a bad position financially and in a lot of debt.
We have never not paid our mortgage or any bills.
I have gone over my authorised overdraft a couple of times and over my credit card limit a few times resuliting in charges with both.
Would this affect my credit rating a huge amount and make it difficult to get a mortgage with another company other than i am with now ?
I was thinking of staying with Nationwide as i have never had any problems with them and they know i am a reliable payer so this would be a safe bet.
They are also offering me £300 to stay with them.
Just not sure whether to go with the fixed rate so we know exactly how much we have to pay each month or go down a different route.
We also have additional borrowing with them which we got for building work on our house.
We have 17 years left on the mortgage.
Sorry i really haven't much of a clue about these things.
Many thanks in advance for any advice.

dimbo61

Well you need to get a copy of your credit report and see if you have any problems,defaults, CCJ,s etc
I would see what Nationwide can offer you in the way of another long term fix and try to reduce your debts

dan83_2

Hi,

If you've taken out a mortgage with Nationwide before 29th April 2009 your deal will automatically switch to their 'Base Mortgage Rate' which is a 2% above the Bank of England interest rate tracker. Which makes it 2.5% at the moment. No fixed rate can top that right now and the deal is open ended so if rates did go up you could switch then if you wanted. This is the deal I have and its cut my mortgage by 150 a month.

And in the mean time you've a little extra cash to screw down other debts! :T

kev.s

a friend of mine was recently in the position you're in, he was refused twice but then got his remortgage through santander 2.9% fixed over 2 or 3 yr, think it was a company just remortgages or something similar.