Possible to get a 1 year fixed mortgage???

lombrozo

Is it possible to get a 1 year fixed rate mortgage?

My Northern Rock 'Together' (???) mortgage is up in a few months and I have a few remortgaging options:

1) Don't remortgage, just stick with the rate it defaults to once the fixed period expires (expensive surely?)

2) Try and get a one year fixed with Northern Rock and extend (minimal fees?)

3) Transfer to another lender and get a 1 year fixed (big time fees?)

Any help/advice would be most appreciated.

Thanks,

Simon.

toonfish

why are you specifically looking for a one year fix?

I would incline towards a longer term fix, with no redemption penaties at any time, more choice there. You also need to take the fees into account as you may not recoup the outlay in 12 months

lombrozo

toonfish wrote:

why are you specifically looking for a one year fix?

I would incline towards a longer term fix, with no redemption penaties at any time, more choice there. You also need to take the fees into account as you may not recoup the outlay in 12 months

I'm looking for a short term one because I currently have a joint mortgage with my bro and I want to move in with my girlfriend but am giving my bro another year to sort himself out. Our 2 year fixed Northern Rock mortgage expires in May so I'll need to either run with it at the new non-fixed interest rate or remortgage...

I like the idea of getting a longer-term mortgage with no redemption penalties, but why would the lender offer these mortgages? Surely the idea is for them to lock the customer down so they get a certain amount of interest over that fixed-period (hence redemption charges). If there are NO redemption charges then what's in it for the lender?

payless

There's a number of longer term deals with no ties although usually these are tracker/ variables

Certain brokers have access to a 4.99% 1 yr fix with a major provider ( inc remtg package)... why not contact some to see if they know about it/ have access .
Yes need to watch out for the arrangement & exit fees ... although of course each case is individual , as the loan size and the structure of any broker fees or incentives ( if any) will differ

I personally don't like mentioning lenders here ... but the product has been mentioned in another recent thread