Should I stay or should I go

stationairy

Looking for a bit of help

Just accepted an offer on my house and had an offer accepted on a house and am just working through the mine field of deciding which mortgage to go with

Current situation in a 4 year fixed deal with nationwide which runs out in April so will have to pay 1% on my current 65.5k mortgage to leave

Now spoke to them and with no fees they can offer 2.54 on a 205k mortgage with me putting 35k down as deposit which is 82% LTV now I do have further savings of around 10k so could put the extra 6k in to take it under 80% LTV but it doesn’t change rate with nationwide

Now from my research Sainsbury’s and metro seem to be best deal and I can get

82% ltv

Sainsbury
2.14 £995 fee £250 cashback and free valuation
2.34 £0 fee £250 cashback and free valuation

Metro
2.14 £804 fees

80%LTV

Sainsbury
2.08 £995 fee £250 cashback and free valuation
2.24 £0 fee £250 cashback and free valuation

Metro
2.04 £804 fees

Now question is how much worse off would I be staying with nationwide and if it’s better to leave is it worth over 5 years putting the extra deposit in now and not keeping the savings for decorating and doing that gradually

Huge thanks in advance

getmore4less

The quick calc is rate difference * mortgage * years

The real saving is less by a few £100 max.

First check is fee/no fee 0.002*200k*5=£2k. fee are better

82%ltv £4k
80%ltv £4.5k

To get that actual saving for your term add fees make payment the same and see how much is left in 5 years.

stationairy

So sounds for a few hundred better o stay with nationwide and not to increase deposit ?

getmore4less

It is not a few hundred it is £1000s, less a few hundred because you are on repayment.

stationairy

Appologies if I misread your post and it’s 1000s not 100s

Which do you think is best option

Stay with nationwide
Got with sainsbury
Go with metro

getmore4less

There is more to changing than rate.

You could look at 2 years and getting down to 75%

What about overpayment retention deal other fees SVR. Etc