Fixed or tracker

ian5378

Hi, I am due to finish my Nationwide bank of england tracker deal in 2 months and have always felt these have been good for me. However I can't get my head around the current financial climate, Nationwide are offering me a good 5 yr fixed with no fees but am wary as I feel the BofE can still lower their rates more.

What do people think about the "credit crunch"? should I keep on with a tracker with the prospect of rates going down or should I go for a safe fixed to ride out the storm??

DNK

The only thing that's really going to help you is a crystal ball!!

My 2 year fixed mortgage is due up in October and I'll probably go for fixed again. Easy to budget for and something less to worry about.

What have Nationwide offered?

topher_2

Have you compared the fixed rate offered with HSBC? They seem to have some good offers on at the moment.

Woodgnome_2

Are you talking about the Nationwide 6.15% with no fee? Personally I am in the same boat but think HSBC 5.39% with £ 999 fee is the better option over 5 years.

dimbo61

by the time you take all the other costs into account you may well
be better off taking the nationwide deal and at least you will know
what your mortgage is going to cost you over the next 5 years.
work at overpaying and building up more equity and clearing the
mortgage. 6% is still a very good rate historically and who is to say that
rates will drop ! compare both deals and work out the cheapest.
GOOD Luck

cazzybabe

I have also been looking in to this,

Look at:

2 yr fixed - HSBC
3 Yr fixed - Barclays (was 5.29%)
5 Yr fixed - look at Leeds...

Been a loyal Nationwide customer but they seem to come bottom of the pile.

Sorry cant put more info in at moment but about to dash to work.......

ian5378

Thanks very much for this, I think in the long a 6% fixed for 5 years would be a good option and allow me not to worry and see how this market pans out, and at least i can make over payments.

thanks once again

Woodgnome_2

I would seriously consider the Hsbc 5.39 option if I were you. This will definately save you money over 5 years.


For me the nationwide are not good enough at the moment.