Less than 2 years can i remortgage?

stationhouse26

Hi
The good news is I have only 1 year 11 months left on my mortgage.

The bad news is my current deal has expired & to get a new deal with them I need at least two years left on the mortgage so Nationwide have put me on their SVR. which is 3.74% !!!!

Would it be possible to extend the mortgage for a few months to get a new deal or are there other options?

stationhouse26

I have checked with Nationwide if I extend the mortgage by one month I would have to convert the mortgage from part repayment part interest only to all repayment which is a no go.

Lesson learnt I should have been more on the ball and switched my deal two months ago.

Thrugelmir

How much do you owe?

What are your plans for repaying the interest only part?

stationhouse26

Hi, thanks for your reply.

Currently outstanding is circa £75k of which £73.5k is interest only.

We had two endowments for the interest only element one of which has matured and is in premium bonds £15,5k & one which matures next year circa £55k we have also been overpaying our mortgage by approx £450 per month with any remaining amount being settled with savings.

We may be in a position to settle the mortgage next year which is possible as we are currently with Nationwide.