Help with remortgage - Nationwide / Egg

angela31_2

Hi

Im really sorry if Im repeating the same question that everyone else is asking, I know nothing about finances / mortgages and am really struggling so any advice would be reall appreciated.

My mortgage with nationwide is up this month, it was a great deal and so were looking at a big increase in monthly payments whatever offer we choose now. They have offered either SVR (6.74% but i think it might be going down by.25%) or a 5 year fixed deal for 5.83%. There are big charges for early repayment on that and 5 years feels like a long time as we will definielty move in that time, although we can take that mortgage with us. We are looking to borrow £95000 over 20 years.

Today ive found a tracker deal with egg which tracks at .75% above the bank of england base rate for the life of the mortgage, so currently 5.75% and therefore a better deal right now than even the offer from nationwide. there are hardly any set-up fees or repayment fees, though obviously will need solicitor (anyone have any idea of rough price of this - the amount were borrowing is £95000). The Egg offer seems better and the payments will be about the same but without any big charges, although obviously could go up or down with interest rates. I cant find many reviews or anyone with much to say about egg for mortgages so feeling bit stuck.

has anyone got any ideas of what I should do?

thanks to anyone who reads this

angela

Josepina

Hi I'm in exactly the same position and I agree Egg's Tracker looks like a good option. I was thinking of using it until something better comes along as there seem to be very few charges but like you I haven't seen much independant info on it.