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19 June 2011

Is it still sensible to sit tight?

Hello I have asked for advice on this issue in the past and am still in the same position I was when my mortgage deal ended in October 2009, i.e. I am with Nationwide and am currently paying their BMR of 2.5% - it is guaranteed not to be more than 2% above the Bank of England BMR. There is £114k outstanding and I have 19 years left to go. In the past it seemed that the deals offered by Nationwide were the best available. They are currently offering customers in my position 2yr fixed at 3.49% with a £999 fee, 2yr Fixed at 3.89% with no fee, 3yr Fixed at 3.69% with a £999 fee, 3yr Fixed at 3.99% with no fee, 5yr Fixed at 4.29% with a £999 fee or 5yr Fixed at 4.49% with no fee. All offer £300 cashback plus another £100 if I use the online mortgage switching facility. I currently overpay my monthly mortgage by 30%. The question is should I continue to do this or is it time to move to a fixed rate? Any advice greatly appreciated. Thanks

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