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Mortgage advice
Sonic_1980
Posts: 3 Newbie
Hi all
1st post!
We have a £165000 mortgage left. It is split between two mortgages - one is £100000 and is base rate tracker that we brought on house move (2.25%). The second mortgage is £65000 and is on a fixed (4.69%). Both with nationwide.
The tracker is available to remortgage now. The other is finishing 4year fixed in July 2017.
I heard on news that mortgages are set to move and there are good current mortgage deals to be had. I guess I can't do anything with the 4year fixed rate and I am assuming the base rate tracker is a good deal anyway.
Any advice welcome!
Ta
C
1st post!
We have a £165000 mortgage left. It is split between two mortgages - one is £100000 and is base rate tracker that we brought on house move (2.25%). The second mortgage is £65000 and is on a fixed (4.69%). Both with nationwide.
The tracker is available to remortgage now. The other is finishing 4year fixed in July 2017.
I heard on news that mortgages are set to move and there are good current mortgage deals to be had. I guess I can't do anything with the 4year fixed rate and I am assuming the base rate tracker is a good deal anyway.
Any advice welcome!
Ta
C
0
Comments
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You have one mortgage split into two sub accounts.
You could remortgage to a new lender but this involves repaying Nationwide completely and the probability of an early repayment penalty on the fixed rate element.
Your only option to avoid this is to take a Nationwide customer retention product on the variable element if you can improve the rate, but it sounds like this is on BMR and you may wish to hold on to this as changing products would mean reversion to SVR and not BMR when it ends next time.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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