Anyone able to advise on new mortgage calculation please?

goldiethedog

Hello, I was looking to remortgage and have the following dilemma.
Existing mortgage:

REMAINING	RATE	MONTHLY	END DATE
£30,103.40	2.10%	£344.77	01 May 2028	SVR	BMR	Base Mortgage Rate
£13,642.85	2.10%	£164.23	01 December 2027	SVR	BMR	Base Mortgage Rate
£14,941.32	3.59%	£186.51	01 February 2028	tracker	SMR	Standard Mortgage Rate
		TOTAL £695.51

So I've been offered a mortgage from Nationwide on the following terms:

Duration of the loan: a term of 9 years 0 months

Product description: 3 Year Fixed Rate

The Standard Mortgage Rate will apply after the initial interest rate for any remaining part of the mortgage term.

This is a variable rate, set by Nationwide without a minimum or maximum value. An initial fixed interest rate of

1.69% for 3 years.
So the minimum term they will allow is 9 years where as there is a max of 8 years with the existing mortgage. Of course i could overpay and reduce the term of 9 years back down to 8.
But my MAIN question is as the new mortgage drops the entire amount onto the SMR will i be better off staying with the existing none fixed mortgage components where 2 of them are on the lower BMR?
It's difficult to see the short term (3 year) benefits because of the longer term of the new morgtage lowering the monthly payments.

Can anyone work out if its worth the switch?
Thanks in advance
Paul 

getmore4less

You just take another  deal at the end of the 3 years.

goldiethedog

getmore4less said:

You just take another  deal at the end of the 3 years.

Yeah i see that would be the thing to do. Given the hoops we had to jump  through this time it maybe too much hassle! 

goldiethedog

I also feel like im being mis sold a more expensive package unless i keep on top of it. 

getmore4less

Is your current lender Nationwide?
should be able to do it online next time simple product switch
Merging 3 sub accounts onto the same longer term is like a full application.