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Remortgage with Nationwide or someone else...
Matt002
Posts: 83 Forumite
I am just in the last 3 months of a 5 year fix with Nationwide at 5.08%. I currently have around 110k left to pay and the property is worth 230k.
I make an over payment every month of between £200 and £500 on the current mortgage and have done so every month since taking it out and this is a feature I would like to keep.
I can fix now for 3 years (starting in sept 2011) with nationwide at 3.69% with a 999 fee and 400 cash back. Does this sound reasonable or is it worth visiting a broker to check out other deals?
I make an over payment every month of between £200 and £500 on the current mortgage and have done so every month since taking it out and this is a feature I would like to keep.
I can fix now for 3 years (starting in sept 2011) with nationwide at 3.69% with a 999 fee and 400 cash back. Does this sound reasonable or is it worth visiting a broker to check out other deals?
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Comments
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If you fix with Nationwide you lose the BMR rate (2.5% currently) and will go onto their SVR when the new fix ends (currently 3.99%). BMR is a very good deal.0
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Are there any downsides to going on the BMR? Assume I can switch onto a fix if the rate starts to go up? it probably wont be fixed at 3.69% by then though?0
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If you remortgaged onto a new deal you will lose the ability to withdraw overpayments as well, I think - check this carefully if it is important to you.
The people who mind don't matter, and the people who matter don't mind
Getting married 19th August 2011 to a lovely, lovely man :-)0 -
Personally I'd go on to BMR and overpay like crazy whilst rates are low.0
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I'm starting to think the BMR is the way forward then:beer:. Is the overpayment amount totally unlimited on the BMR? I could probably afford overpayments of around 800 a month on that. I have a 10k lump sum coming my way in the near future, is it worth paying that in towards paying the mortgage or dumping it in a savings account?
I see that some people manage to change onto the BMR early with their nationwide fixes. I take it they have stopped that now as I had no option to do it on the online switcher...0 -
I'm starting to think the BMR is the way forward then:beer:. Is the overpayment amount totally unlimited on the BMR? I could probably afford overpayments of around 800 a month on that. I have a 10k lump sum coming my way in the near future, is it worth paying that in towards paying the mortgage or dumping it in a savings account?
Yep, on the BMR, you can overpay as much as you like so, chuck as much as you can into it!!
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sounds like better deal not to fix, but I recently did a fix of less %, no fee and £300 cash back....direct with my lender. (I hate paying these fees lol!) LTV similar to yours.0
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