Nationwide BMR?
Discussion
Simple answer: No
More complicated answer: It depends
It's nigh on impossible to judge whether another product may be more suitable for you having zero information to go on.
How long ago did you take the mortgage out with Nationwide as their current SVR is 3.99% so you must have taken it out a long (circa 5yrs+?) when the mortgage offers dictated that the reversionary rate was linked directly to the base rate rather than their SVR, which is what it is now.
More complicated answer: It depends
It's nigh on impossible to judge whether another product may be more suitable for you having zero information to go on.
How long ago did you take the mortgage out with Nationwide as their current SVR is 3.99% so you must have taken it out a long (circa 5yrs+?) when the mortgage offers dictated that the reversionary rate was linked directly to the base rate rather than their SVR, which is what it is now.
Simple answer is no.
I secured one of my mortgages in early '09 on a fixed rate and then reverting to BR + 2%, by the time we were a month into the buying process it was replaced by the 3.99% deal but our rate was honoured, so about 4 years ago.
I secured one of my mortgages in early '09 on a fixed rate and then reverting to BR + 2%, by the time we were a month into the buying process it was replaced by the 3.99% deal but our rate was honoured, so about 4 years ago.
Edited by Sir Bagalot on Wednesday 16th January 18:02
We took it out in 2008, on a 5 year fixed at an eye watering 6.05% - early redemption was never an option as the overall saving was around £1200 over the 5 year term.
We have around £150000 left over 18 years, we were thinking of leaving the payment the same so roughly overpaying by around £600.
With all the change with financial advisors at the moment, not sure if there is any truly independent mortgage advisors any more.
We have around £150000 left over 18 years, we were thinking of leaving the payment the same so roughly overpaying by around £600.
With all the change with financial advisors at the moment, not sure if there is any truly independent mortgage advisors any more.
The wife has spoken to 3 mortgage brokers, 2 of them have suggested a new product and 1 told us we would be mad to leave. Now given that our circumstances have not changed since we took out the original mortgage and having yourself pretty much confirm my thoughts already. The only reason ( that I can see) for recommending a new product would be commission.
Now the brokers she spoke to who suggested a change were associated with the products they were selling - my thoughts here we're because it was a "chat" they were not giving financial advice.
Now the brokers she spoke to who suggested a change were associated with the products they were selling - my thoughts here we're because it was a "chat" they were not giving financial advice.
Stumps690 said:
The wife has spoken to 3 mortgage brokers, 2 of them have suggested a new product and 1 told us we would be mad to leave. Now given that our circumstances have not changed since we took out the original mortgage and having yourself pretty much confirm my thoughts already. The only reason ( that I can see) for recommending a new product would be commission.
Now the brokers she spoke to who suggested a change were associated with the products they were selling - my thoughts here we're because it was a "chat" they were not giving financial advice.
If they were associated with the products they were selling, then they are not brokers.Now the brokers she spoke to who suggested a change were associated with the products they were selling - my thoughts here we're because it was a "chat" they were not giving financial advice.
Your initial post asked if there was anything better than the 2.5% rate you were moving to, and yes there are better rates available but whether they are even applicable to you, nobody can judge on the information provided.
There certainly isn't anything significantly better by any means, and the fee's would probably negate any benefit of doing so, hence my original answer that there probably wasn't anything better than the 2.5% rate you are reverting to.
You suffered in the beginning on such a high rate but you can now enjoy the rewards of doing so. You are doing exactly the right thing in staying on the mortgage. I think you'd need around a 60% LTV to get a better interest rate but as has been said, with the fee and standard limitations on overpayments, you are not really saving.
For me, paying off the mortgage is more important than investments and any spare money I have goes into that. Some would say its better to balance and have some investments too but with the UK economy in such poor shape I think removing debt whilst debt is cheap (comparatively speaking) is more important.
Keep the mortgage and pay as much as you can. The only reason to move off it would be if you move house but even if you do, see if you can port it. Overpay even more if you can.
For me, paying off the mortgage is more important than investments and any spare money I have goes into that. Some would say its better to balance and have some investments too but with the UK economy in such poor shape I think removing debt whilst debt is cheap (comparatively speaking) is more important.
Keep the mortgage and pay as much as you can. The only reason to move off it would be if you move house but even if you do, see if you can port it. Overpay even more if you can.
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