switching mortgage

jse77

Hello all, my term with Nationwide is coming to an end I had a fixed mortgage for 5 years at 5.5 %. I was thinking about going through a financial advisor to find me the best deal, I have had 3 children since I took out this one so I really need to be paying less. Are there still any good 2.9 variables out there?

kingstreet

You're rolling onto Nationwide's standard rate. 2.5%.

If you give that up, you'll lose it forever.

jse77

Hi, thanks but I'm a little confused. How do you mean rolling onto the 2.5 rate.

kingstreet

When your current fixed rate ends, it has to have a "go to" rate which follows on. If you check the documentation you were given when you applied for a mortgage, a key facts illustration and a mortgage offer for example, it will tell you what this follow-on rate actually is.

Chances are, as your mortgage was taken out before 30 April 2009 it is Nationwide's base mortgage rate to which your mortgage will revert. This is guaranteed to be no more than 2% above the Bank of England base rate, so currently that means 2.5%.

Explanation here;-

http://www.nationwide.co.uk/mortgages/interestrates-types/standard-basemortgagerate.htm

jse77

Wow wow wow I was going to start looking around , thank you so much for pointing this out .