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Stay on Nationwide BMR 2.5%?
jennynoo
Posts: 1,516 Forumite
Hello, I'm moving house and have the option to stay on Nationwides BMR at 2.5%.
Current mortgage is £30k but I can also draw down £80k so old mortgage will total £110k on the BMR then I need to only take out a new mortgage of £50k at 2.79% on a five year fix.
So can anyone advise if they think doing the draw down and porting my existing mortgage would be a good idea or if I would be better having the whole mortgage on the 5 year fix?
Money will be tight for the first year as I have two in nursery but it will get easier after that.
Thanks
Current mortgage is £30k but I can also draw down £80k so old mortgage will total £110k on the BMR then I need to only take out a new mortgage of £50k at 2.79% on a five year fix.
So can anyone advise if they think doing the draw down and porting my existing mortgage would be a good idea or if I would be better having the whole mortgage on the 5 year fix?
Money will be tight for the first year as I have two in nursery but it will get easier after that.
Thanks
Mum to DD born Oct 2009
:j DS born April 2013 :j
Breastfeeding peer supporter with the breastfeeding network. National breastfeeding helpline 0300 100 0212.
:question: Ask me if you have any baby feeding questions :question:
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We haven't applied yet but have spoken to Nationwide.Mum to DD born Oct 2009 :j DS born April 2013 :jBreastfeeding peer supporter with the breastfeeding network. National breastfeeding helpline 0300 100 0212.:question: Ask me if you have any baby feeding questions :question:0
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It's your decision.
If you were my client, I would explain the options to you, but I would not tell you which is best for you.
The choice of fixed, variable or a mixture of the two is pretty much personal to the individual.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
I think the security of a 5 year fix at 2.79% would give you security while the kids are very young and at Nursery/Pre school.
That is a very good rate
This is only my view and not advice !!!0
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