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Nationwide mortgage advice
chubbina
Posts: 47 Forumite
We’re thinking of selling our house soon and had a meeting with Nationwide to discuss new mortgage products. We have 3 years left of a 5 year fixed rate of 4.79% and currently have around £67,000 left to pay. Our house has been valued at £125,000 and we are looking at houses around £160-£170,000.
Nationwide said we could borrow a further £80,000 with a 3 year fixed rate of 5.98%. However, what confuses us is that we will then have two mortgages at different rates and I presume that when the fixed rate of our original mortgage ends the Base Mortgage Rate will apply. Does this mean that we will have to look for another fixed rate product for whatever is left of the £67,000? Is this the norm?! We’re going to have to go back to see them as we both left the meeting feeling a bit confused (the advisor was lousy).
They also told us that if we come out of our existing fixed rate early we have to repay £2,000. Ouch!
Is this confusing to anyone else or is it just me being dense?
Nationwide said we could borrow a further £80,000 with a 3 year fixed rate of 5.98%. However, what confuses us is that we will then have two mortgages at different rates and I presume that when the fixed rate of our original mortgage ends the Base Mortgage Rate will apply. Does this mean that we will have to look for another fixed rate product for whatever is left of the £67,000? Is this the norm?! We’re going to have to go back to see them as we both left the meeting feeling a bit confused (the advisor was lousy).
They also told us that if we come out of our existing fixed rate early we have to repay £2,000. Ouch!
Is this confusing to anyone else or is it just me being dense?
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