Fix deal coming to an end... Advice required.

darrenwis

Hi,

Our 2 year fix deal is now coming to an end this month and we will automatically transfer onto Nationwide's 3.99% SMR rate.

We would like the security of knowing how much we pay each month so would like to fix again and we have the following options:


2 year fixed 2.44% £999 fee £434 p/m
2 year fixed 2.84% No fee £460 p/m

3 year fixed 3.14% £999 fee £479.67 p/m
3 year fixed 3.44% No fee £499.62 p/m

4 year fixed 3.14% £999 fee £479.67 p/m
4 year fixed 3.44% No fee £499.62 p/m

I am currently considering the 4 year fixed fee at 3.44%. Is this a good deal?

What are peoples views on the above deals, im assuming rates will not drop any lower, so we want to decide which is best to fix with.

I look forward to your reply.

Darren

dimbo61

We would need to know the size of the loan, LTV and term.
However the 4 year deal is less then you are paying and gives security if you plan on staying in the property long term

darrenwis

Hi,

The loan size is £118,000

LTV: 82%

Term: 33 Years left

We greatly appreciate your views.

Darren

lee111s

If you have the chance to overpay a little could you get your LTV down to 80% that's the next bracket of rates for Nationwide and it'll enable you to get a lower interest rate.

Do you currently overpay? Have you thought about reducing the term on your mortgage when you remortgage?

Both of these will save you tens of thousands of pounds in interest over the life of the mortgage.

Paully232000

https://forums.moneysavingexpert.com/discussion/1157173

this thread includes in the first post a brilliant mortgage comparison excel spreadsheet, just plug in your details and it gives you lots of figures.

darrenwis

lee111s wrote: »

If you have the chance to overpay a little could you get your LTV down to 80% that's the next bracket of rates for Nationwide and it'll enable you to get a lower interest rate.

Do you currently overpay? Have you thought about reducing the term on your mortgage when you remortgage?

Both of these will save you tens of thousands of pounds in interest over the life of the mortgage.

Thanks for this,

As an estimate, do you know how much I would be looking to overpay by to get the rate down? I'd possibly be interested in this if it wasnt too much.

Darren

marathonic

darrenwis wrote: »

Thanks for this,

As an estimate, do you know how much I would be looking to overpay by to get the rate down? I'd possibly be interested in this if it wasnt too much.

Darren

A bit under £2,900

superdon

Paully232000 wrote: »

https://forums.moneysavingexpert.com/discussion/1157173

this thread includes in the first post a brilliant mortgage comparison excel spreadsheet, just plug in your details and it gives you lots of figures.

Good advice. Its a brilliant spreadsheet. Almost too good!

darrenwis

marathonic wrote: »

A bit under £2,900

Excellent, would this be required upfront? or could i just increase my monthly payments to get down to the LTV to 80%?

Would really appreciate advice.

Darren

darrenwis

Sorry to clarify, unsure if i would first need to pay the approx £2900 upfront to get my LTV down to 80% or if i can just increase monthly payments?

darrenwis

I spoke with Nationwide last night who said that I had to work out the calculations myself and they couldn't give any figures.

When I then asked for advice as I was unsure if i would first need to pay the approx £2900 upfront to get my LTV to 80% or if i can just increase monthly payments, they said I would need to book an appointment. I'm just looking for a:

a) You need to pay it upfront
b) You can spread the difference in your monthly payments.

Would really appreciate any suggestions.

Darren