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Nationwide Reductions - help.

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SanguineOnSaturn
SanguineOnSaturn Posts: 81 Forumite
Second Anniversary 10 Posts
edited 23 November 2022 at 10:10PM in Mortgages & endowments
It looks like some rate changes yesterday from Nationwide.


My current dilemma

Currrent 5 year fix @ 1.79% ends 28 feb 2023 with ERC

Current switch rates with NW
2 year fix @ 4.84
5 Year fix @ 4.64
2 Year tracker BOE +0.49%

I applied and have been offered a 5 year fix with Natwest at 3 79% (6 months offer so will be beyond the ERC of current mortgage).

Can anyone with a working crystal ball offer any thoughts as I can't decide. I can hang on into next year to see what happens but I'm tempted on the 3.79 fix move currently.?

Approx 33% ltv.


Comments

  • snowqueen555
    snowqueen555 Posts: 1,556 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    edited 25 November 2022 at 2:14PM
    It isn't going to go much lower than that. I'd personally take it. There is no right answer for everyone, it depends on our own perspective.
  • RelievedSheff
    RelievedSheff Posts: 12,691 Forumite
    10,000 Posts Sixth Anniversary Name Dropper Photogenic
    I would take the 3.79% personally.

    We have taken the view that when we come to remortgage again we will fix at anything below 4% for the remaining 10 years of our term.
  • SanguineOnSaturn
    SanguineOnSaturn Posts: 81 Forumite
    Second Anniversary 10 Posts
    edited 25 November 2022 at 3:23PM
    I think this is the way I'm leaning. I just wonder if we have a prolonged recession then interest rates could be lowered again, years 3, 4 & 5 I imagine I could be paying more than I need.
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