Mortgage - 5 year Fixed

darkcloudi

I have currently reserved a mortgage a 5 year fixed deal with First Direct @ 4.29% which is going to go active on 14th July

I have noticed Nationwide are now offering 4.34%

I am currently on the BMR at 2.5% which I am overpaying. I've seen quite a few threads to suggest to stay on the BMR as if I change I will gon on the SVR and the rate is more. My personal preference is to fix for 5 years so I know how much I am paying.

I want to get out of the First Direct and reserve the Nationwide rate, I am just wondering will First Direct charge me for the legal fees and surveyor which was free as part of a promotional offer? The primary reason to change to the slightly higher rate with Nationwide is I want to reserve the rate and not switch for 6 months so that I am still paying the 2.5% BMR rate and if the bank of england rate goes up at least i've secured something. I presume I can reserve the rate with Nationwide for 6 months? Can't ring Nationwide till tomorrow morning as there closed so was wondering if anyone knew.

My view is if something better comes along in 6 months and the BMR is still 2.5% then secure a new deal and stay on the BMR as long as possible.

darkcloudi

Sorted my first question won't be charged by First Direct and will only lose my fees which I paid.

Anyone know if you can fix the product with Nationwide for 6 months? I am an existing customer, call centre closed at 8pm

Chin

What LTV is this?

darkcloudi

It comes out at 75%, this is on a recent valuation that was done 6 months ago with First Direct.

Although with Nationwide I got a chance of 70% LTV based on valuation they did when I remortgaged with them 2.5 years ago, although not sure if they will be using this. If they do then I can get the 4.09 rate which would be excellent if I can hold fire on it for 6 months and stay on the BMR.

darkcloudi

Phoned Nationwide and the rate is reserved for 90 days