Remortgage advice please

redginger44

I have 15 years left on my mortgage and I can switch to Co-Op for 2.79% for 5 years or would I be better to say with Nationwide as at the end of the 5 years they have a lower SVR - or I could stay with Nationwide on the variable rate they are currently offering me 2.5% -anybody with any thoughts / advice would be much appreciated

opinions4u

Are you actually asking what I think will happen with interest rates?

Haven't got a clue.

kingstreet

Was the last change to your Nationwide mortgage before 30 April 2009? If it was, your automatic follow-on rate is BMR, base plus 2%, currently 2.5%.

I suggest you consider allowing that to happen and overpay, to reduce the balance of your mortgage a bit quicker. If your mortgage payment is reducing, why not continue paying the same amount as this will have the desired effect and you are used to paying it.

As the term and mortgage amount reduces, an increase in interest rates will have less of an impact and you are already paying more than you need, allowing you to absorb the increase within your existing payment level.

No-one on here can tell you if you prefer a fix over variable, or what interest rates might do in the next five years. That's your call.