On Base Mortgage Rate - Should I move to a fixed rate or tracker?

michelle1506

My mortgage is with the Nationwide, and I moved from a fixed rate mortgage onto the base mortgage rate in 2008.

In view of possible mortgage interest rate increases, I am wondering whether or not I should onto a fixed or tracker rate mortgage?

My understanding is that being on the Base Mortgage rate, the rate that I would pay is guaranteed not to be more than 2% above Bank of England base rate?

Can anyone offer me some suitable advice?

Thanks in advance :j

getmore4less

You are on a tracker.

look at the follow on rates for any new fixed options?

I think you will find it hard to better base+2%.

michelle1506

Sorry for the late reply. Yes you are spot on, I certainly won't get a better deal then the one that I am on!

dimbo61

What you can do now is overpay the great rate you currently have now,
try and reduce your mortgage debt while rates are low.
The BOE base rate at 0.5% has been this low for 3 years now and may remain low for another 2/3 years ( who knows ).
Build up the equity in your home