Monthly Payment goes down?

pollyanna24

My fixed rate with Nationwide is coming to an end at the end of April and I think my decision is just to go on the BMR which will be 2.50% (assuming interest rates stay the same).

Because I won't be on a fixed mortgage, does this mean that my mortgage payment will be different each month (i.e. it will go down (even if by a few pence each month)?

kingstreet

No.

If the rate stays the same, the payment stays the same. A repayment mortgage slowly changes the emphasis so more capital is paid in the later years, with less interest due because the loan balance is falling.

You go onto BMR if you took out the mortgage before 30/4/2009.