Hi all
We have been offered a mortgage of 194k over 25 years from Nationwide. Its a five year fixed at 3.24% then its onto the Standard Variable Rate (SVR) whatever that will be in five years time. Nationwide do not use the bank of england base rate but set their own rates. God I dont know if this is too risky. Their current SVR is 3.99. What we are extremely concerned about is that in five years time, say the bank of england interest rates were 5%, what on earth would nationwide likely set theirs to? Obviously higher. I dont know if this is too risky. The initial mortgage repayments would be 940/month. Is this ALOT?????? I have no idea what the usual mortgage amount is that people pay??
If we dont go ahead with this deal, then we are going to have to pull out of this house sale and have to tell the lady who wants our house its all off. It took 17 months to sell. Its been the most stressful time of my entire life. We move now or never move out of this house, thats a fact. But keep my current 0.99% mortgage deal but be miserable. Dont know what to do, please help someone. :(
We have been offered a mortgage of 194k over 25 years from Nationwide. Its a five year fixed at 3.24% then its onto the Standard Variable Rate (SVR) whatever that will be in five years time. Nationwide do not use the bank of england base rate but set their own rates. God I dont know if this is too risky. Their current SVR is 3.99. What we are extremely concerned about is that in five years time, say the bank of england interest rates were 5%, what on earth would nationwide likely set theirs to? Obviously higher. I dont know if this is too risky. The initial mortgage repayments would be 940/month. Is this ALOT?????? I have no idea what the usual mortgage amount is that people pay??
If we dont go ahead with this deal, then we are going to have to pull out of this house sale and have to tell the lady who wants our house its all off. It took 17 months to sell. Its been the most stressful time of my entire life. We move now or never move out of this house, thats a fact. But keep my current 0.99% mortgage deal but be miserable. Dont know what to do, please help someone. :(