Cancel current term or wait till 2026

Bucki

Hi All

i am on a 3 year term at 4.15% via Nationwide started in Dec 2023.

i keep seeing deals at 3.15% or lower now and makes me anxious thinking the numbers will only spike up before my renewal. Apparently can renew only up to 4 month in advance meaning round August 2026

Anybody here on same boat?
whats ur suggestion like?

i got round 90k left to pay mortgage.
at it is set over 25yr plan. 

Monthly mortgage is round £630pm

gazb_2

Where/what deals have you seen at 3.15%!?

ACG

I cant see 3.15% but I can see 3.05% and even 2.9% with Skipton. But these are only retention products (if you are already with them) but in addition to that you also have to look at the arrangement fees. They come with a 2.5% arrangement fee - which on a 2 year deal equates to 1.25% on top of the rate so 4.15% overall - probably more in reality as you will start to pay interest on the fee also if you add it to the mortgage. 

Bucki

ACG said:

I cant see 3.15% but I can see 3.05% and even 2.9% with Skipton. But these are only retention products (if you are already with them) but in addition to that you also have to look at the arrangement fees. They come with a 2.5% arrangement fee - which on a 2 year deal equates to 1.25% on top of the rate so 4.15% overall - probably more in reality as you will start to pay interest on the fee also if you add it to the mortgage. 

Ah i see, thanks for explanation.
hoping by next year, the rates be better … 

BikingBud

Bucki said:

ACG said:

I cant see 3.15% but I can see 3.05% and even 2.9% with Skipton. But these are only retention products (if you are already with them) but in addition to that you also have to look at the arrangement fees. They come with a 2.5% arrangement fee - which on a 2 year deal equates to 1.25% on top of the rate so 4.15% overall - probably more in reality as you will start to pay interest on the fee also if you add it to the mortgage. 

Ah i see, thanks for explanation.
hoping by next year, the rates be better … 

Better for savers?