Fixed Rate coming to end

iwomblearound

Hi,

I currently have three mortages with Nationwide.

One of which ended in March and now on SVR (2.50%) for £54,000
the second one at 7.23% for £10,000 ends on 30th April to then go onto SVR (2.5%)
the final part £133,000 (5.98%) mortage ends in Sept
(We moved a number of times hence why we have so many!)

I was just wondering whether I should stick on the SVR at the moment while the base rate is at 0.5% or remortage?
I like to stick to fixed rate deals when remortaging so I know what im paying.

It seems to me to best stay at the SVR at the moment... however when the base rate goes up (when will this be?!) I'm wondering if the fixed rate deals will be hiked up and the money we would have saved will be lost?
Do you think I will be able to get to September when my last mortage ends and then remortage altogether then?

Can anyone advise me please?

Many thanks in advance.

(I'm currently on maternity leave and will be for another 6 months so only one wage really coming in at the moment...so trying to save save save!!!)

noodle

Well it's probably wise to at least wait until you can synchronize the three deals and only have one arrangement to worry about.

Beyond that.. the gap between fixed and variable rates makes switching to a fix a tough call to make, but not doing so obviously remains a gamble. When rates do rise (which they will, one day) then the fixed rates will likely go up too, so it's not as if you get to opt for the cheaper rate now and then hop onto today's fixed rates when the mood takes you.

The reward for taking the risk of variable rates is significant the longer it is before they go up. Your decision should be based on whether you want to take it, and whether you can afford to take it.. i.e. how much slack is in your monthly budget to absorb rate increases. If current fixed rates are at the top end of your affordability, then grab one while you can and sleep soundly.