We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Locked-in Mortgage Deal
Edvardo_2
Posts: 1 Newbie
I have a two year fixed rate mortage with Northern Rock (2.25%) with a tie-in till 2011.
The Special Rate Period is now due to elapse in June, where it will return to the standard variable rate (5.89%). At my mortgage review the advisor suggested that I should ride the mortgage out, due to the high redemption charges. Some 7% in 3rd yr, 5% in 4th yr, 4% in 5th yr, 3% in 6th yr and 2% in 7th yr. I even enquired if an overpayment was possible to reduce any future redemption charges. But the mortgage doesn't have this feature.
Ideally, I would like to re-mortgage onto another longer fixed rate deal if possible.
Is anyone in the same position? If so can anything be done to stop me being tied in for another five years.
Any contributions/suggestions would be much appreciated as I have exhausted every avenue.
Thanks in anticipation.
The Special Rate Period is now due to elapse in June, where it will return to the standard variable rate (5.89%). At my mortgage review the advisor suggested that I should ride the mortgage out, due to the high redemption charges. Some 7% in 3rd yr, 5% in 4th yr, 4% in 5th yr, 3% in 6th yr and 2% in 7th yr. I even enquired if an overpayment was possible to reduce any future redemption charges. But the mortgage doesn't have this feature.
Ideally, I would like to re-mortgage onto another longer fixed rate deal if possible.
Is anyone in the same position? If so can anything be done to stop me being tied in for another five years.
Any contributions/suggestions would be much appreciated as I have exhausted every avenue.
Thanks in anticipation.
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.7K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.1K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards