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just come off 3.99% advice pls
jumbopants
Posts: 23 Forumite
Advice please....
At the moment my situation is :-
Just come off a 5yr fixed rate at 3.99% with Portman, who have now been bought out/merged with Nationwide, they have now put me on a variable at 6.74%, so I am free to move to another lender with no penalty.
My loan is 70K (house is worth 250k) and is split between interest only 42k and the balance on repayment, as I have a 42k with profits endowment with Aviva/GA...Which I am in the process of going through being miss-sold the policy and it's due for a massive shotfall.
Nationwide at the moment are 3yr fixed at 5.75 or 3yr tracker rate at 5.99at the moment (0.74% above the variable Bank of England base rate), as I'm already with Nationwide there is no setup fee, would anyone say if the Nationwide is the best wy to go ? or play the waiting game and see if the drop as predicted will happen by the end of the year and fix for 5 yrs at a low rate again ??
My mortage at 3.99% was £349 per month and at the new variable of 6.74 I've just payed out £487.09, so at only an extra £137 a month it may be worth waiting to see just how far the rate drops..??
I also bank with the hsbc, but the rate match they offer is caped at 4.54 and will cost me over 1100 in fees, so for me is not worth it for 2 years !!
Many thanks in advance for any help/advice
At the moment my situation is :-
Just come off a 5yr fixed rate at 3.99% with Portman, who have now been bought out/merged with Nationwide, they have now put me on a variable at 6.74%, so I am free to move to another lender with no penalty.
My loan is 70K (house is worth 250k) and is split between interest only 42k and the balance on repayment, as I have a 42k with profits endowment with Aviva/GA...Which I am in the process of going through being miss-sold the policy and it's due for a massive shotfall.
Nationwide at the moment are 3yr fixed at 5.75 or 3yr tracker rate at 5.99at the moment (0.74% above the variable Bank of England base rate), as I'm already with Nationwide there is no setup fee, would anyone say if the Nationwide is the best wy to go ? or play the waiting game and see if the drop as predicted will happen by the end of the year and fix for 5 yrs at a low rate again ??
My mortage at 3.99% was £349 per month and at the new variable of 6.74 I've just payed out £487.09, so at only an extra £137 a month it may be worth waiting to see just how far the rate drops..??
I also bank with the hsbc, but the rate match they offer is caped at 4.54 and will cost me over 1100 in fees, so for me is not worth it for 2 years !!
Many thanks in advance for any help/advice
0
Comments
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cooperative bank do a 10 year for 5.54 i think, is that too long, they withdrew their 2 and 5 year fixed0
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You could try the rate match from HSBC - limited to a low of about 4.5%."The true measure of a man is how he treats someone who can do him no good."(Samuel Johnson 1709-1784)
Lots of years in financial services, still learning!0 -
cheers for the replys, does anyone think that the rates will drop to the kind of level that I got at 3.99% 5yrs ago... I'm willing to wait it out for around 5-6 months at the Nationwide 6.74% if it means that there is a slim chance of getting another cracking low rate like my last 5yrs.. Or do you think those days will never return ??:cool:0
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Fixed rates are going up not down. Once the credit crunch is sorted, then inflation needs bringing under control and that means higher rates.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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