Mortgage Advice

alx28

Hi All,

Bought my home 3 1/2 years ago as a first time buyer and had a fixed deal with nationwide. The last year or so, I realised I could quite comfortably over pay my mortgage by £400 p/m. (my deal allowed me to overpay up to £500 p/m)

Six months ago, my deal expired and I automatically went onto the base rate. I decided to stay on this temporarily as it allowed me to overpay as much as I wanted in a lump sum which I was due to get from an inheritance. I have now paid in this lump and I pay the base rate each month plus £500 overpayment.

My question is... Is there any reason for me to sign up for a new mortgage deal? On the base rate I pay a significantly lower amount than I would on any deal but I can overpay as much as I want and as such would possibly be able to pay off the balance more quickly.

I apologise if this is a stupid question but I am pretty clueless when it comes to mortgage issues.

Any help much appreciated.

Yorkie1

Some people prefer the security of a fixed rate for a defined number of years, but if you are on the low variable rate (i.e. not the later 3.99% rate) then that's a very good deal if you don't feel the burning need for a fix.