Northern Rock Early Redemption Fees

microkid

I recently approached my mortgage company (Northern Rock - Asset Management) about borrowing some extra cash so we could build an extension and they said they were unable to help and that we would need to move to a new lender.

Problem is that we're tied in for 5 years fixed rate (Mid 2012) with NR. I asked about early redemption fees and these turned out to be about £7000.

However the advisor then went on to say that if we moved to another lender and borrowed more than the outstanding balance + the redemption fees + £3000 that we could apply to the northern rock for a refund of the redemption fees. This had to be done after the new mortgage deal was done with proof of the new borrowing / mortgage. The NR underwriters would then assess and hopefully refund my redemption fees (£7000).

But she stopped short of saying this was definite thing and said each case is individually assessed although she has never heard of anyone being refused.

Obviously I am wary about potentially spending £7000 on a credit card only to find out I can't get it refunded and then being lumbered with an additional £7000 debt.

Does anyone have experience, advice or words of wisdom on this matter? (I am currently paying about £175 per month more than I would be if i remortgaged).