Nationwide Mortgage still competitive?

jnielow

Dear All,

Hope everyone is well!.

I currently have a Nationwide lifetime tracker mortgage (+0.39%) repayment mortgage, the balance is £39,000 and my new rate to begin in Feb is 5.64%. I am currently in the process of selling my house and buying another where the new mortgage will be £90,000 sickens me but ho hum!.I like the flexibility of Nationwide, but will have a penalty to pay should I possibly look elsewhere for a better deal.I do not have the disposable funds to buy my way out.

I just wanted to ask if this mortgage is still relatively competitive, the new mortgage will be split into 2 accounts 1st balance ported over variable rate 5.14% this is 53 monthly payments then 2nd account at 4.93% for 247 monthly payments. Hope this makes sense!.

I think I am making a reasonable decision, prefer to pay off the small mortgage and remain free but ????.

Your comments would be welcomed!

Thanks

Jason

TEDDYRUKSPIN

Any reason that you picked tracker? You won't be tied in but nationwide will usually charge you a exit fee around £200. Since you are asking for more money, it will be better to pop into the branch and also shop around to compare prices.

Have you made a good profit on the original house? If so, the tracker above is surely not the best and if you don't overpay, fixing the rate will benefit you more!

jimmyboy420

If you do end up with two sepearte rates, remember to put a really long term on the cheapest of them, and instead over pay massively on the more expensive one - savings to be made there