Mortgage advice needed badly

chriz1

Hi guys this is my first post here so hi to all:j
Right here we go we need some mortgage advice really and i must admit me and my partner arent the brainiest of people when it comes to this thing...
So when we went to buy our first house a local mortgage broker handled most of it for use..and got us a deal with Northern Rock.so we were with them for around a year then he said he could get us a cheaper mortage.
So we agreed and he did the relevant bits for us and we are now with Principality but he only magaged to save us £20 where he did promise a few hundered off our monthly payments and a repayment mortgage not just a intrest only payment that were on now.
So were after some advie on where we start to try and get a cheaper mortgage,can anyone assist?
Thanks Chris

_Andy_

Are you tied in to the Principality mortgage - i.e. would they charge you for leaving?

What interest rate are you paying at the moment?

chriz1

yes mate tied with it for 3 yrs but can pay to be released,were on a fixed rate for that period

Ian_Griffiths_Halifax

Did you have to pay a penalty to come out of the Northern Rock mortgage?

_Andy_

Unlikely that on today's market you'll find a better rate (and even if you did it would be hard to justify if you're going to pay a penalty to exit). Without knowing the rate you're on though it's impossible to say.

Ian_Griffiths_Halifax

I'm more concerned that they were with Northern Rock for just one year and the broker advised changing. Perhaps some of the potential saving on outgoings was swallowed up by adding broker fees and penalties along with lenders arrangement fees.