Changing Mortgage providers

rajinder

Dear all,

Need some help and advice:

I've got an apartment on a 3 year tracker with Nationwide Building Society and am only 1 year into the mortgage at the rate of 3.78%
I have £170k left on the mortgage of £180k as it was 80% LTV
I am thinking of remortage and see if I can benefit from a lover rate mortgage rate.

I am not sure if I will benefit from the change of mortgage as there is an early repayment fee which is about £5k
and I'm also not sure whether to move into a fixed rate or variable tracker as I am also thinking of buying a new property
later on next year once I am some deposit ready.

All advice will highly appreciated/

Many thanks in advance,

Raj

kingstreet

Are you on a fixed rate or on a tracker? You've managed to mix the terminology a bit so it's unclear.

In addition, you need to let us know what the property value is currently like to be, so we can work out what the loan to value would be.

So far, my advice would be do nothing until you decide whether you are moving or not.

rajinder

apologies for the mix up - I am on a 3 year tracker mortgage (have editted the original post as well)

regarding the move - I am thinking of letting the current property and then move to a 3 bed house.

regarding the current value - dont think there has been much change to what the old price was - but can get it valued to confirmed.

if it were the same value what advice would you give?

thank you

dimbo61

Thats a good rate you are on and without going through all the figures i doubt you will get a better deal with your LTV and the £5K ERC
So overpay your mortgage each month I think Nationwide allow £500 a month but check with them!
The more you pay off and save towards the new bigger place the better chance that you can PORT the mortgage to the next place