Northern Rock!

cjconroy

My husband and I took out a mortgage with NR in Dec 05. It is a 100% loan fixed for five years at 5.79. We are now coming to the end of that period and are unsure what to do now. I have called NR and the only deal they can offer is 4.79 which doesn't decrease our payments by very much. We feel we may have to accept this as prices have dropped and if we swap we will need another 100% loan. Would appreciate help from anyone, many thanks

_Andy_

With no equity you don't have the choice of moving lenders.

GMS

cjconroy wrote: »

My husband and I took out a mortgage with NR in Dec 05. It is a 100% loan fixed for five years at 5.79. We are now coming to the end of that period and are unsure what to do now. I have called NR and the only deal they can offer is 4.79 which doesn't decrease our payments by very much. We feel we may have to accept this as prices have dropped and if we swap we will need another 100% loan. Would appreciate help from anyone, many thanks

There are no 100% mortgages available so you would need to stay where you are unfortunately. Even at 90% you would be looking at a similar rate.

Thrugelmir

You need to start to overpay your mortgage to bring the capital balance down. Reducing the capital balance will result in a lower interest charge. And so on.

Doesn't matter how small the overpayment is to start with.

Improving your LTV in the longer term will then allow you access to better interest rates.