Fixed rate is coming to an end......

lindseyandellie

Hi everyone,

Just looking for a bit of advise.

Myself and my partner took out our first mortagage with Northern Rock, it was a fixed rate for 5years. The fixed rate is coming to an end in July 2011 and I have no idea what we are supposed to do.
What happens at the end of the fixed term?

We currently pay £696 a month, will we just be moved onto the current interest rates? Will I be charged if I wanted to move to another company? I briefly remember Countrywide mortgage advisors helping us when we first got the mortgage....I may give them a call.

Any thoughts/help appreciated!

nzmegs

You will automatically move onto their variable rate which is around 4.79% at the moment. this is quite high compared to some other lenders, so if you can get another mortgage deal it might be worthwhile.
You won't be charged as long as it is past the fixed rate deal. NR won't offer you another mortgage deal other than their variable rate. I would start looking around now and test the water as to whether you can get another deal but don't switch until july.

lindseyandellie

Thanks for the advise, I will start to look around now then