Remortgage options with no change in situation

bretts

Hi

I am looking for a remortgage deal, I am with nationwide and I need about 60% LTV.
I have had no change in my financial situation, I am at the same salary I was when I took the mortgage and I have paid off a 10k personal loan I had to take to renovate the house.
I have about 4k on a credit card which is a balance transfer, I can pay that as I have savings to cover that but just because it was 0% i transferred my debt to it.

I have been looking for options and Yorkshire and Chelsea seems to be giving the best deal.
But with nationwide the amount it costs me to stay with nationwide or switch to Yorkshire or Chelsea in terms of my monthly mortgage payment is only 15 to 20 pounds a month.
Do you think it is worth the hassle to switch in my case or would it be easier and quicker to just be with nationwide. I feel the questions and answers the banks ask are way too much now a days and I would like to avoid all the stress of that if it is avoided by staying with nationwide.
I spoke to a mortgage advisor who suggested to me to renew mortgage but if i can afford then have it for 20 years instead of 25 or 30 as the interest rates are so low you are basically paying the principal more and with house values going up I would be needing a lot less LTV.
I can easily afford the 20 year option as it changes my mortgage by about 50 pounds a month, I dont know how or what the bank will think of it.
Can you please suggest what would be better option.
I have some savings and could put it down on the house to get LTV down further but interest rates are only 1.3% and i am earning 3% on the savings so deciding to keep it intact.
Am I right with what I am doing.

amnblog

If you have already been given mortgage advice from someone who understands your situation it will be more relevant than opinions on here based on half a dozen paragraphs of notes.

bretts

Hi Amnblog

Thanks for the reply, he only suggested going for a 20 year mortgage instead of 25 or 30 years. Rest is all what I am doing, he has sent me some quotes but they are more expensive than nationwide.
My whole point is whether it is easier to stay with existing mortgage provider or switch as its not costing me a lot extra if it saves me hassle of going through all the questions banks are asking now a days before giving mortgages.

dimbo61

You need to look at all the costs of moving lenders ! Plus all the hassle which is now involved.
What rate have you been offered by Nationwide ?
The sooner you pay off the mortgage the less interest you pay the lender

bretts

Hi Dimbo

Thanks for your reply, I have been given 1.39% by nationwide and with yorkshire or chelsea i will get about 1.2 to 1.3%

The hassle is what I really want to avoid at this point, hence the reason I would like to stay with nationwide than switch.

I can pay extra but I will pay 1.4% interest rate to them and get 3% from other banks plus I have it with me just in case of emergency.

Thrugelmir

What's the follow on SVR when the fixed term ends? Remortgaging again in a few years time will simply add yet more costs into the equation.