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23 August 2010

Should I sit tight on the base mortage rate?

I have a £120000 mortgage with Nationwide which has 20 years left to go. My tracker expired in October 2009. Since then I have been paying their base mortgage rate of currently 2.5% (guaranteed not to be more than 2% above the Bank of England base mortgage rate). I am likely to stay with Nationwide. They are only offering fixed rates for existing customers in my position. 2 year fixed at 3.39% with a £995 fee 2 year fixed at 3.79% with no fee 3 year fixed at 4.09% with £995 fee 5 year fixed at 4.69% with £995 fee I am overpaying on my mortgage every month to take advanateg of the low rate I am on. Should I still sit tight or is it time to take out a new deal - not necessarily with Nationwide. Any advice greatly appreciated.

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