Hi, any advice appreciated! Nationwide, we thinking remortgage? currently 140k remaining on svr

Greatknieghton1

Hi, 
myself and my partner have a mortgage with nationwide on svr, as of jan 2020 140k remaining, new letter last week saying current svr is 3.74% paying £726.66 pcm
a few weeks ago the property was worth £300k but god knows how much now  
we are hoping to get costs down further and we wondered if it would now be a good time to remortgage with nationwide? (we would stick with the same lender to save the hassle of going through affordability checks ect with a new lender)
,our questions are  
with the base rates changing lately have the lenders adjusted there rates yet or would it be better to wait for better deals?
is it better to go direct or through a broker even if we are staying with same lender, do they have access to better deals than going direct?
thanks in advance for any advice,  greatly appreciated. 
 
. 

Thrugelmir

Switching product with your existing lender is not a remortgage. First port of call is to ascertain what the Nationwide will offer you. Link below.
https://www.nationwide.co.uk/products/mortgages/existing-customer-switching/what-we-can-offer
Valuation will be desktop. 

Switching to a new lender will involve costs such as valuation, legal fees. Given current climate of social distancing maybe fraught with difficulties to arrange ! 
Start with the NW and see if there's a competitive rate on offer. One certainty is that it'll be better than the rate you are currently on. 

Greatknieghton1

Hi, Thanks very much for responding. 
After checking nationwide i have these options:
all with £999 fee upfront (figures rise slightly if addd to end)
2 yr fixed 1.14% £545
3 yr fixed 1.39% £561
5 yr fixed 1.39% £561
10 yr fixed 2.34% £625 (probably too long to fix for us)
2 yr tracker 1.24% £551 (BR plus 0.99%)
do you think a could a broker achieve better rates? (still staying with nationwide) 
is there any chance nationwide could possibly lower their rates further?
Thank you!

Petriix

There aren't many better prices than those, but double check using a comparison site. The 5yr fix looks particularly good. The tracker would be cheaper initially but could be a costly gamble if rates go up. Double check that paying the £999 fee actually saves you at least that much over the higher rate offered with no fee. 

Thrugelmir

Direction of rates. Who knows. Toss a coin. My personal view if in doubt opt to fix. At least provides certainty as to outgoings. 
Broker may well be able to find a product marginally cheaper. Enough to cover the potential remortgage costs of a £1k or so. That's another matter. 
Using the 5 year as an example (excluding the product fee) . You are currently paying around £9 a day in extra interest.

Greatknieghton1

Thanks very much to you both, 
i appreciate nobody has a crystal ball regarding rate changes, I was just not sure if they had adjusted there rates yet with regards to the recent base rate drop. 
i would guess the base rate wont go up for a while, just not sure if Nationwide could or would lower there rate in near future, 
any recommended brokers just to check? 
Thanks again