Nationwide BMR mortgage - time to jump ship?

Harrison_Chase

Hi. Sorry for starting yet another thread on this well worn question, but I'm looking for some advice on my circumstances. Currently have £220k outstanding against a £475k property (LTV 46%) with just over 22 years left to run. Two mortgages, both with Nationwide, one is fixed at 2.59% until early 2019 while the other (£106k outstanding) is on Nationwide's legacy BMR rate - guaranteed to track at 2% above BOE base rate for the full term.

I like the certainty a fix gives you and could get 2.14% for five years with no fee from Nationwide at the moment. But is it worth giving up the BMR? Is a 2% tracker still something worth hanging on to? Never made any overpayments that I could recover and not sure of the value of the payment holiday provision. Your views very welcome.

YHM

You can get cheaper rates across the market. If you have taken the ERC on the chin, then it would be best for you to speak to a broker to see what your options are

SG27

Nationwide do a 10 year fix at 2.99% id say that would be a good bet. Seeing as your tracker would only need 0.75% rise in base rates to equal it.

emg

Don't forget though, if you have overpaid at all on the BMR it's available to have back if you need it in the future. I'm reluctant to move from the BMR for this reason as I have about £10000 'savings' in there.