Mortgage - broker? (End of fixed rate)

[spud989]

Come the end of June I'll be at the end of my 2 year first-time buyer fixed rate 5.98% mortgage with Nationwide which costs me a sizeable £700 a month and was originally slated for around 27 years.

I've looked at Nationwide's current deals to switch to and they don't seem that great. I've also looked on a couple of comparison sites - it seems I can comfortably get it under 5% using a wide range of providers.

I've just got a small promotion at work and so my income from September will increase. I live on my own (if that's relevant? No dependents, etc.) and I'm nearly 26. I have a small loan to pay off part of my Z4MC (approx. 40% of its value) and also my student loan. No c/c or other debt.

A couple of questions:

- I'd like to both reduce the 25 years I have left but also increase my disposable income. This is possible by splitting the difference of the reduction in mortgage payment and promotion. How much do you think someone in my position should reduce the term by? Or, indeed, should I concentrate on reducing the loan (6.3% APR, Nationwide) and using 'top up' payments to reduce the mortgage as and when?
- will using a broker get me deals which are not available on comparison sites/to the general public? Are they usually worth using?
- If anyone on here is a broker, or knows of a good one, would they mind sending their details?

Thanks

Edited by spud989 on Thursday 31st May 19:31

[CaptainSlow]

We have resident advisers here...they will be here soon.

What rate do you revert to...2.5% or 3.99?

[spud989]

24 payments @ 5.98 - 699.55
303 payments @ 3.99 (variable) - 572.29

[BoRED S2upid]

Overpay. Even if it's just 50 quid a month the banks will love you and you will be surprised how much a dent you can make term wise.

[Sarnie]

I'm a Broker, more than happy to help, drop me an email

[spud989]

BoRED S2upid said:

Overpay. Even if it's just 50 quid a month the banks will love you and you will be surprised how much a dent you can make term wise.

Yeah, I've usually done an extra 50/100 for the last year or so when I've been able to unless I've had a very expensive month.

[bullitinhead]

Why would you want to go into another fixed deal, when staying as you are would save you 100-200 pounds a month.

I couldn't wait to get off my fixed and on to the variable, currently 1.9% saves 300 a month.
Plus I don't see the rates shooting up any time soon...if they do go up then it'll be a gradual increase...maybe


bullit