Remortgage advises the Nationwide

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by Kay Murchie

The Nationwide is suggesting that those coming to the end of their fixed-rate term on their mortgages should think about remortgaging to avoid a large increase in payments.

Between October and December, several 2-5 year fixed-rate mortgages are set to revert to a standard variable rate, which is currently 7.75% said the Nationwide. The bank claims that if borrowers do not switch, they could end up paying an extra £200 a month.

A spokesperson for Nationwide said that those who prefer to avoid the unexpected may be considering fixing for a longer period. Since the Bank of England base rate has been increasing, Nationwide has received a lot of enquiries on their longer term deals, including the 25-year fixed-rate deal.