Interested in your opinion on which Nationwide product

SharkMan

Hi all,

Would appreciate your opinion. Basically existing mortgage with nwide. Buying and selling. 3 year fixed runs out end of Feb on the property we are selling. So it will be ERC free from 1st December.
Application for new mortgage is going in 1st October so need to make a choice now on:
1) Port the product and align dates with the new lending on a 5 year fixed - but if the completion happens before 1st December I have to pay an ERC of around £1400.
2) Put the new lending onto a 2 year no fee tracker until Feb, then move all of the lending onto a new 5 year fixed product.
All the options are swirling around so any help or insight from someone else would probably help a lot.

Things I've considered:
How painful will it be applying for a tracker now and then a new product in just 2 or 3 months and will the current product line up hold up or would it get even better with potential for negative interest rates etc.
Just suck it up and consider I will pay the ERC and be done with it even though it will be for the sake of 2 weeks or so (eek) 
Just take the new lending on the 5 year fixed and keep the other lending until Feb and have 2 product ranges going - but then each time will I be liable for 2 product fees? Also will prevent me moving to another lender if I wanted to at the end of each fixed term.

Thanks

SharkMan

Wow typical day before my appointments the rates are going up - which probably leads me to the secure the rate for 5 years rather than risk a tracker until Feb option!

getmore4less

You would need to provide details for anyone to have a chance of helping. 

Why can't you just have 2 subacounts?

If taking a hit on ERC you can use any lender. 

missile

"it will be for the sake of 2 weeks or so (eek) "
Could you delay completion?

SharkMan

1.89% 5 year fixed, LTV around 66%
Could delay completion yes true - exchange happens naturally and ask for an extra week or two on completion as we are all committed at that stage in the chain.
It will be 2 sub accounts, one expiring November, one in February, which I guess isn't the end of the world? But do you end up with 2 product fees every end of fixed term that way?

SharkMan

Tomorrow the big application day. I think at this stage I've written off the 1400 quid as reading this forum I should just be grateful for my offer to come through accepted and move as fast as I can with the chain!!!