HELP Nationwide remortgage

silverlady_2

hi
present deal with Nationwide finishes June, but with fixed deals being withdrawn tonight need to decide now HELP PLEASE.
Been with Nationwide many years

have been offered so many options I'm confused.

just looking for best deal, can pay product fee or add to mortgage which ever works out best

almost £60,000 mortgage needed,
property vale £260,000
interest only
but can over pay up to £500 per month without penalty

have been offered
2 year
5.28% fee £799 payable on application £262.78 pm
5.44% fee £299 payable on application £270.74 pm
5.28% fee £799 added to loan £266.30 pm
5.44% fee £299 added to loan £272.10 pm
5.84% no fee £290.65 pm

3year
5.64% fee £299 payable on application £280.70 pm
5.64% fee £299 added to loan £282.10 pm

5 year fixed
5.44% no fee £270.74 pm

do I pay fees up front?
any help. suggestions please
thank you

KTF

I would find a local broker and speak to them. They will then do the research and come back with several options as there might be better deals out there than Nationwide.

lenny007

We negotiated a mortgage in principle at the weekend in order to miss the rise in fixed rates starting Tuesday and got a 5 year fixed at 5.34%.

We opted to put the fees in with the mortgage and will also be making overpayments so it'll most likely even itself out. We mainly did it so we didn't have to find the cash straightaway.

Looking at your figures, i guess the 3 year fixed is out of the water as it's not competitive rate wise.

Personally on a 2 year fix, i wouldn't want to be paying £799 fees as you'll only have to pay them or something similar in the near future, so that's those out as well.

2 year fix at 5.44% with £299 fee for £270.74pm or the same over 5 years? No brainer really, as long as you are ok with potentially missing out on drops in the rates in the future.

Other than that, get your skates on and get it sorted before the offers are gone.

silverlady_2

lenny007 wrote: »

We negotiated a mortgage in principle at the weekend in order to miss the rise in fixed rates starting Tuesday and got a 5 year fixed at 5.34%.


was 5.34% with Nationwide? as I was given 5.44% no fee

[Deleted User]

go for the 5 year fixed rate, interest rates are about to rocket over the next 2 years, many people bankrupt. When that happens you can put all the money in savings accounts and thus profit from the difference instead of making overpayments. You can save with nationwide at 5.8% fixed ISA bond and thats even before a couple of interest rate changes take effect

lenny007

Just double checked - 5.34% fixed for 5 years with £299 fees added to the loan.

I agree with Yant1 in that i think the rates will go up in the next 18 months to 2 years - probably up to 6.5% or so. Don't know about the amount of people being made bankrupt but i suppose with the amount of debt people have short term, coupled with the lack of spending in the country, would mean job losses and company closures.

Seems it really is time now to batten down the hatches as much as you can.

If you can afford overpayments, make them now in order to reduce your liabilities at the end of the fixed rate. Also try and get a bit of a fund in place earning interest at the now higher rates and use this to pay off a big lump sum of your mortgage when you come to the end of your fixed rate.

This is what we intend to do. Whether or not we go onto another fixed rate in 5 years time, i don't know - depends on the market i guess.

silverlady_2

thank you all so much
decided 5 years fixed.
wasn't offer 5.34% with £299 fee so will ask

any one good at maths

5.44% no fee or 5.34 with £299 fee for 5 years ???

kennyboy66_2

Interest only - the interest difference over 5 years is £300 so preference for the the no fee option.

golly99

For Nationwide 5yr Member exclusive with no fees, the 5.34% rate applies to people buying moving/buying to a new property, 5.44% is the rate if you are simply just remortgaging. I signed up to the latter via the phone and the other week and signed the docs, not a bad rate with no fees.

silverlady_2

just phoned Nationwide,got 5.44% no fee Nationwide members exclusive
rate fixed for 5 years, they are sending docs to be signed.

thank you to everyone for their help