nationwide lifetime tracker

asturdy2

im currently on a nationwide lifetime tracker br +0.44% that i took out in march 08. As i understand it i can't make more than £500 a month in overpayments but from march i can pay more.

Now for the question, i have an outstanding mortgage of around 60k and a term of 20 years, i have built up enough savings to pay off the mortgage so would it be ok to more or less pay off the mortgage but keep it open ? I ask this as its getting harder to find a decent return on my savings with rates dropping, would it then be possible to take the money back out if i needed it ?

mrsmchapman

I had friends who were in the same position they paid off majority of the mortgage keeping a small amount owing and making payments, they did this as they knew they wanted to move with a year or so, and so would be easier to move with a mortgage than to pay off and start a whole new mortgage process.

kent_money_saver

if you owe them a tiny amount ,you make tiny payments too, they have to look after the documents for you, free of charge haha.

asturdy2

change of plan, looks like were goin to be moving. Has anybody had any trouble porting one of these really low rate life time trackers ? An estate agent mortgage adviser said that nationwide might not let me port such a good rate.