Sorry for the silly question - mortgage

bundance

I am with nationwide and have a repayment mortgage.
My mortgage is paid off at the end of December 2025.
My current deal of 1.24% ends in November 2023.
The man at the Nationwide very kindly informed me, that I could reserve a deal rather than wait till November as interest rates may go up further.
I owe roughy £7.5K
I am currently paying 265.15 a month.
I reserved a new mortgage, and as the interest rates are much higher now, the repayments will be slightly more, £282 something.
I have one last month outside of this new deal that I will have to pay using the standard variable rate.
I can't quite get my head around what to do about the last month, as I "foresee" interest rates rising for the forseeable future.
Am I right in saying that the last month's payment outside my deal won't be that much, even if the interest rates skyrocket?
Is there anything I can do to mitigate worry about that last month on SVR?
Many thanks

kingstreet

Your final month's payment will have practically no interest included. You could always overpay slightly each month until Nov 25 and repay the mortgage a month early.

bluelad1927

There is a possibility that you may have to pay a mortgage exit fee even if you arent repaying early. This may be applicable to your mortgage. As far as the variable rate on the last mont, as above the difference if any would be neglible

RelievedSheff

You have such a small amount owing that any change in interest rates really won't affect your repayment much at all.

As above you will likely have a mortgage exit fee to pay in addition to your final payment.

kingstreet

£65 to repay a Nationwide mortgage looking at an illustration issued 6 July.

bundance

Many thanks for your help.

stuartm100

Check your new mortgage offer when it comes through about the £65 fee. I secured a new rate with Nationwide a couple of weeks ago and my offer says I only have to pay the £65 if I pay the mortgage off more than 10 years early (part 7 of the offer)

bundance

stuartm100 said:

Check your new mortgage offer when it comes through about the £65 fee. I secured a new rate with Nationwide a couple of weeks ago and my offer says I only have to pay the £65 if I pay the mortgage off more than 10 years early (part 7 of the offer)

I didn't see a £65 fee, I only have 29 months left to pay.

johnhenstock

You’re worrying for nothing. Those amounts are so low, you’d need societal collapse type interest rates for it to start becoming a thought, let alone a problem.

Enjoy your house!

bundance

johnhenstock said:

You’re worrying for nothing. Those amounts are so low, you’d need societal collapse type interest rates for it to start becoming a thought, let alone a problem.

Enjoy your house!

Many thanks.

bundance

stuartm100 said:

Check your new mortgage offer when it comes through about the £65 fee. I secured a new rate with Nationwide a couple of weeks ago and my offer says I only have to pay the £65 if I pay the mortgage off more than 10 years early (part 7 of the offer)

Hello and thanks. My letter from the nationwide says I do not need to take any further action, and as a double check, I phoned them and they confirmed I do not need to pay any fees. I appreciate your post.