Do we stay with current lender

mercedes125

Just need a bit of advice we have been with Nationwide for 8 yrs we are on the base rateplus 2% we can change to a new product for 2 yrs and our mortgage will go down about £80 a month !
Would you advise to stay With the mortgage we already have are swap to another product .
We are also unsure whether to lend a bit more for home improvements and understand this would be a seperate extra borrowing at the side of our mortgage . So would it be best to just remortgage including extra borrowing . Unsure what would be best
Thankyou

ACG

You need to look at what is out there and do the sums.

There is nowhere enar enough information to give a meaningful answer.

foxy-stoat

With the information in your post, I would stay with the current leader, save up for home improvments or take out unsecured borrowing over 2 years to fund the home improvements. Leave your equity in your home.

Good lucks !!

Thrugelmir

And after 2 years? Base +2% is no longer offered. Once gone it's lost.

mercedes125

Thankyou for replys after reading them think we might be best to just stay as we are with current mortgage , because I've realised we might be saving the £80 a month for 2 yrs but then the rate looks like it doubles so will be worse off after 2 yrs .

hufc2002

We are in same scenario, 1.99% + base rate. We have been overpaying the difference (£220) of what was our payment when we were on the fixed rate and what the payment is now we're on standard rate and have been for the last 39 months.


Just seemed to make sense plus builds some equity in the house given that the value has dropped since we bought.