Hi - I'm currently on a 5 fixed rate mortgage with the Nationwide that is due to expire early next year. I've checked their web site to look at what the current SVR is and was pleasantly surprised to read that existing customers who had a Nationwide Mortgage pre April 2009 will revert to a SVR of no more than 2% above the bank of england rate (currently this would mean an SVR of 2.5%). Assuming there are no more increases in the base rate between now and my existing mortgage expiring can someone advise me on what the reduction is interest rate will have on my monthly repayments. I'm currently on a rate of 5.20%. Is there a calculator that I can use to work out what my reduced monthly repayments will be?
Thanks for all help.