Tracker remortgage?

Arthien

I currently have a 2 year Nationwide tracker (1.09% plus base rate). It expires end of August but I'd probably want to move in the next two or three years, so I'm wondering whether there's an opportunity to get a slightly longer tracker or a low-fee fix in the meantime. House is about 250k with 115k remaining.

I'm aware Nationwide have just pulled all of their trackers to new customers (I'm assuming that mine will stay as it is for now), so that's not an option. Given the relatively short timescale before thinking about moving, anything with a large product fee (seems to be about £1000ish as standard) or early repayment charge is probably not worth it. I'd also want to be able to overpay. 

I'm aware I'm probably asking for gold dust here, but does such a thing exist? Or should I be looking at a longer fix with the option to port? I've tried a few comparison tools but they're mostly not up to date as they're telling me to try Nationwide. Any advice gratefully received!

[Deleted User]

2 or 3 year fee free fix?   Nationwide offer these still

Arthien

Thanks! Looks like 1.69% so that's the choice - stick with the tracker for another 5 months and see what's out there then, or pay 0.5% extra now for the security?

Arthien

Also wasnt quite sure what porting might involve if I did go for a fix. Is it likely to cause problems later down the line if borrowing more?

Thrugelmir

You'd apply for a mortgage in the normal way. Your existing product would be "ported", i.e. transfered on the existing terms and conditions. Any additional borrowing would be a separate loan, i.e. sub account, under the one legal mortgage charge. 

Dandytf

Thanks OP
I didn't realise Natwide have pulled Trackers including existing Customers.
Guess with my last 2 dmp rears and 1of2 years from Natwide tracker, then next year I could be forced onto a fix.
Msers is this normal for providers to pull all tracker mortgages, I've never experienced this.
I'll continue with 1.24+boe until next year, unless I get access to a miracle switch whilst working part time+m.s. benefits.
Thanks in advance
good luck OP whichever you choose, at least Natwide and base rates are less than extortionate. 

Arthien

Thrugelmir said:

You'd apply for a mortgage in the normal way. Your existing product would be "ported", i.e. transfered on the existing terms and conditions. Any additional borrowing would be a separate loan, i.e. sub account, under the one legal mortgage charge. 

Would the additional mortgage have to be with the same lender? Food for thought at least. 

Arthien

Dandytf said:

Thanks OP
I didn't realise Natwide have pulled Trackers including existing Customers.
Guess with my last 2 dmp rears and 1of2 years from Natwide tracker, then next year I could be forced onto a fix.
Msers is this normal for providers to pull all tracker mortgages, I've never experienced this.
I'll continue with 1.24+boe until next year, unless I get access to a miracle switch whilst working part time+m.s. benefits.
Thanks in advance
good luck OP whichever you choose, at least Natwide and base rates are less than extortionate. 

Yep, it's all quite fast-moving by the looks of things, they've said it's essentially not worth their while at such a low rate. I like the look of the 0.79% offered elsewhere but the £1000 fee makes it unviable to save £30ish a month.

Thrugelmir

Arthien said:

Thrugelmir said:

You'd apply for a mortgage in the normal way. Your existing product would be "ported", i.e. transfered on the existing terms and conditions. Any additional borrowing would be a separate loan, i.e. sub account, under the one legal mortgage charge. 

Would the additional mortgage have to be with the same lender? Food for thought at least. 

Yes it would. You could apply for a second charge loan however the interest rate wouldn't be as competitive. 

Thrugelmir

Dandytf said:

Msers is this normal for providers to pull all tracker mortgages, I've never experienced this.

These are truly exceptional times. Many things that are going to happen in the weeks and months ahead won't be normal. 
Those that continue to pay their mortgages will pay for those that fail to navigate the difficult times ahead.