Advice needed please

NorthernRockerRemortgager

Hi, my fixed rate northern rock mortgage ends in October. I currently pay £563 per month on my mortgage, I rang NR yesterday asking what i'll pay on the SVR and they said £638.

I have the house up for sale, hoping it well sell around September time but just suppose it doesn't sell (which is very likely in todays housing market) Is it worth shopping around for a cheaper mortgage or do I stick to Northern Rocks SVR?


SVR = standard variable rate

DaftMule

If it were me, I'd look around at an alternative to NR...it can't hurt and any money saved is a good thing. Are you thinking of porting your current NR mortgage to a new property if you move before Oct? I would think you will be unlikely to stay with NR whatever happens as their offers, which seem to be TSB mortgages now too, are rubbish.

Just make sure that if you do re-mortgage before you move, the new mortgage is either portable to a new property without hideous charges or does not have any early redemption charges attached so you can ditch it any time if you want to.

NorthernRockerRemortgager

I'm not planning to buy another house, I want to rent and then apply for emigration. Probably not worth a remortgage, but just wanted to see what other peoples opinions were.

Thanks for the info.....

DaftMule

Hmm...well, it's always worth looking at whether a no fee's, nor early redemption offer is going to be cheaper.

Not sure what rate you are paying but we are re-mortgaging from NR now too and going for a Woollich rate of 5.89%...lifetime tracker. That, for example, is going to be cheaper than the NR SVR for sure...even if the BoE base rate goes up a quarter percent or two. There are no fees and no early redemption clauses, only a £275 "fee" when you repay the mortgage in full.

If your house doesn't sell for a year say, that may save you several hundred pounds. Just a case of doing the maths really.

NorthernRockerRemortgager

Thanks Mule, you're not daft. I find you to be most helpful.