Help! Mortgage deal coming to an end!

[_josie_]

Hi
I bought my flat in December 2007 with a big deposit from parents and £70k mortgage from Nationwide - fixed rate. I can't remember off the top of my head what the rate is...

Basically, the 2 year fixed deal comes to an end next month. What do i do in terms of renewing it? I think i want to stay fixed rate so i know what money is coming out each month (i am on a failry low income). Also, im thinking of buying a house (small one!) with my boyfriend (who know lives with me and contributes to me mortgage repayments) some time next year.

Could somebody please tell me my options? He doesn't have a mortgage of any kind (he was renting his previous flat before moving in). He is on about 20K a year, so not megabucks wither - although a little bit more than me. Do you think i should renew the mortgage with him? Or should i wait until we buy the house some point next year?

If anyone could help, that would be brilliant. Im really stuck at what I should do. I know variable might be a good option (low interest rates) but I really want to know what to expect every month in terms of mortgage repayments. Also, who should i go with? Currently with Nationwide - should I stay? Would i have to pay a fine to leave them if i chose someone else??

Thanks guys

josie

[CheekyChops]

You need to look around to see who is offering the best fixed rate deals at the moment. If you leave Nationwide, you won't need to pay a 'fine' as long as your 2yrs is up.

If you choose another fixed rate and then decide next year to sell your flat and buy a house with your boyfriend, you will probably have to pay penalties for ending your fixed rate early so that is something to think about.

Maybe you should be having a chat with an independant mortgage advisor.