My mortgage

pc_g

Hi,

i recently bought a mortgage from Nationwide and my 2 year fixed term is nearly up (august).

would it be best to re-arrange another fixed term with the bank or risk going onto a variable rate?

also when would be the best time to speak to the bank about this??

many thanks

kingstreet

If you think you might want to look at remortgaging to another lender you need to start considering alternatives in June.

If you feel you'll stay with your existing lender and will transfer onto one of its customer retention products, you can think about the offers available to you from about a month before your rate expires.

If you think you'll stay on standard variable rate, you don't have to do anything as that's what will apply when your fix ends. The lender will write and notify you a few weeks before.

DannyboyMidlands

I don't reckon a tracker mortgage is any more risky than a 2 year fix. They are pretty much both trackers.

Lets say interest rates rise. A 2 year fix will only shelter you for max 2 years of the term (which could be up to 25 years) before you have to remortgage and get hit with the higher rate.