Remortgage with Nationwide or revert to SVR?

geochr

Hi all,

I have 2 Nationwide mortgages running side by side for our family home. I had to take a 'further advance' when we purchased our current home. In a nutshell, I have a mortgage around 60K with a fixed rate (2.04%) expiring in June 2022...... and also a 'further advance' of around 21K with the fixed rate (1.64%) ending in January 2022.

As these fixed deals usually end at different times, I normally have to stick with Nationwide since i cannot have 2 different mortgage providers for the same property. I would like to have the option of shopping around for the best deal.

To do this, I was planning to let my smaller mortgage revert to Nationwide' Standard Mortgage Rate (SMR) in January. I would pay the SMR for 6 months to coincide with the end of my 60K mortgage fixed rate. Then i would be free to remortgage the whole 81K without having to pay the Early Repayment Charge of £1238.

Now im hearing that mortgage rates are due to rise, possibly as early as this week???......should i just take out another deal with Nationwide for the smaller mortgage???......or pay the SMR and remortgage the whole amount in June???

I would love to hear anyones thoughts or advice on this...

getmore4less

Nationwide are usually up there with the best rates anyway how much do you think you would save changing lender.

Your total borrowing is likely to be in the no fee rates region, no penalties for 2 product switch against one.

What's your LTV.

geochr

LTV is 34%. I think you may be right. Nationwide are usually up there. I was just thinking that I could have greater 'flexibility' if I only had 1 mortgage instead of having 2. Thanks for the reply