Hello MSE community. Quick question about shopping around for a new mortgage deal for you here.
Coming up to the end of a 3 year fixed deal with Nationwide, we were first time buyers taking this out so not had to find a new deal before.
When I'm shopping around comparing rates, do I enter the original mortgage value and duration (we borrowed £140k against a property worth £165k over 25 years), or do I figure out what the current mortgage balance is and enter that figure over 22 years instead?
Our 3 year fixed rate was 5.9% (I think) and will automatically switch to the SVR which is currently 3.99% so should be quids in, although I need to find out how the SVR has fluctuated over the past 3 years before I decide to stick with it.
Many thanks!
Coming up to the end of a 3 year fixed deal with Nationwide, we were first time buyers taking this out so not had to find a new deal before.
When I'm shopping around comparing rates, do I enter the original mortgage value and duration (we borrowed £140k against a property worth £165k over 25 years), or do I figure out what the current mortgage balance is and enter that figure over 22 years instead?
Our 3 year fixed rate was 5.9% (I think) and will automatically switch to the SVR which is currently 3.99% so should be quids in, although I need to find out how the SVR has fluctuated over the past 3 years before I decide to stick with it.
Many thanks!