Re-Mortgage, is it easy?

Marvel1

I will try and lay down the current facts:

This is all solo, no partner.

• Bought house in November 2007 (peak) at £65,500
• Borrowed £58,500, 2 year tracker at 0.13% above BOE rate.
• Started at 5.88% and it was £372
• Since that ended and rates dropped I have been on the Base Standard Rate which is 2% above the BOE rate, currently 2.5% and is £255 a month (I put in an extra £144)

Now we are all know rates are going up (just a matter of when) and I want to re-mortgage to a fixed rate. I think I have done this right:

• I used propertypriceadvice.co.uk/valuation for rough estimate and the lowest end valued my home at £55,000
• My remaining mortgage is £39,700
• My LTV ratio is 72.7% according to moneysupermarket.com
• I selected fixed at 10 years), and would prefer no fees, so the only result was:

Norwich & Peterborough Building Society 4.19% £264 a month

I then went on my lender site (Nationwide) for an estimate maximum borrow based on my wage and it said £42,300.

For the last 8 years,go fixed for 5 years and then 3 years, is it really this simple?

Thrugelmir

2% above base is an extremely good rate that is unlikely to be bettered in the future. If you are concerned about the likelihood of rates rising in the future. Then overpay by as much you can now. This will then reduce the debt owed along with the interest charged.