Remortgaging if you have good credit score

pollyanna24

There's a lot of headlines about at the moment about the credit crunch and how 1.5m people who have to renew their mortgage next year won't be able to etc etc.

The mortgage that I am looking at now is the 5.63% with no fees (as I am already with them) from Nationwide.

People are saying that even if interest rates go down, fixed rates won't necessarily, but what I want to know is, are they likely to go up?

AndrewSmith

Impossible to say whether rates will increase or decrease.

The 5.63% fees free switch with Nationwide is a good product, however just be sure in your mind that you are happy being tied in for 5 years with a redemption penalty of 3% for early exit.

Being an existing borrower though means that the process of product switching should be fairly seamless.

pollyanna24

Thanks for that. I'm in the boat of "I'd be happy with 5.63%, but if I can get it cheaper..."

Nationwide won't let me do anything until 1st February when there is 3 months left of my deal (already rang them to check), so hoping that this deal or a better one is around when the time comes.