Too early to book a remortgage deal?

ferry

Two questions actually!Our Fixed 2 yr rate ends end of Jan with Nationwide.
Is it too early to book a new deal either with them ro a new lender?
Also how do Nationwides remortgage rates for existing customers fair in todays market compared to other lenders.

Thanks as usual...

F

dimbo61

Its nearly october so you can start looking now and if you give Nationwide a call at the mortgage centre you will have an idea what they can offer you.
Do you go onto the BMR of 2.5% when your current fix ends or SVR at 3.99% you need to ask!

kingstreet

Yes. You should be applying ideally in November for a 1 Feb completion.

These are retention products, not remortgage products. Remortgages are only available to new borrowers to Nationwide. I've just been through the product guide and they don't publish products for existing borrowers not moving home on there. I 'spose you have to ring them to see what they are offering. Let me check.

I found this on their site though;-

http://www.nationwide.co.uk/mortgages/existingcustomers/switchmortgagedealending.htm

Should tell you what you need to know.

dimbo61

They have a 5 year fixed at 3.89% with LTV of 50%
They have a 5 year fixed at 4.14% with LTV of 75%
Long term security but we know nothing about you or your plans for the future so maybe a good idea to see a " whole of market mortgage broker " to find out whats on offer

ferry

Thanks guys - good advice
To fill you in we have a 48%ish LTV and would be looking to borrow £123k against a property of £256K

We would like to lower our mortgage payments as much as possible over the next 2 years to ease some financial pressure as we've been paying 4.79% on a fixed repayment mortgage and have suffered a drop in household income since taking this out but all payments up to date if that matters.

A tracker mortgage for this new period seems favourable in terms of keeping costs down-are we thinking along the right lines?
We have an appointment booked with our IFA mid Oct but wanted to get a feel for the market as it realistically stands(Nationwide in particular compared to others as our current lender)

Thanks for the ongoing advice

F

dimbo61

Please check what you go onto next ? if its the BMR of 2.5% thats nearly 1/2 what you are paying now!
For long term security I still like the 5 year fix at 3.89%