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Nationwide Fixed Rate
starM
Posts: 1,464 Forumite
Hi,
I have been making overpayment of £500 on my Nationwide Fixed rate mortgage. The fixed ended - end of April and I made a lum sum payment of 6k. Currently on base rate 3.99%. I have received a letter from Nationwide saying my 6k payment has reduced the duration of the mortgage to 17yrs 3 months and my repayments will remain the same at £361pm.
The mortgage was originally 25yrs term when I took it out in December 2009. Now if I changed it to fixed rate 2.29% my payments will change it £260pm but duration of the mortgage will increased to 20.7mths. Obviously I will continue to make an overpayment of £500 every month.
Just thinking is it best to change it to fixed or should I stay on base rate? The mortgage currently stand at £50200.
Thanks
MS
I have been making overpayment of £500 on my Nationwide Fixed rate mortgage. The fixed ended - end of April and I made a lum sum payment of 6k. Currently on base rate 3.99%. I have received a letter from Nationwide saying my 6k payment has reduced the duration of the mortgage to 17yrs 3 months and my repayments will remain the same at £361pm.
The mortgage was originally 25yrs term when I took it out in December 2009. Now if I changed it to fixed rate 2.29% my payments will change it £260pm but duration of the mortgage will increased to 20.7mths. Obviously I will continue to make an overpayment of £500 every month.
Just thinking is it best to change it to fixed or should I stay on base rate? The mortgage currently stand at £50200.
Thanks
MS
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