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28 July 2011

Fixed rate mortgage - Selling but have a penalty

Hi there I'm thinking of selling my flat this summer which is on a 5 year fixed rate mortage with Nationwide at 4.99% which expires on 31st June 2014. The penalty on my £190,000 mortgage is 2.5% so would be £9500. I live with my husband and we are having a baby so we are trying to sell both properties in stages for various reasons. We will sell his property in March/April 2012 and move. What I want to know is, that although Nationwide have said they will put my fixed rate mortgage on 'ice' for 6 months or so, so I can transfer it to our new purchase.....is it worth it or should I pay the penalty? There are far better deals out there but who knows what will be available next spring. I was 'scared' into fixing a while back whilst on a low tracker....very annoyed!

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