End of Fixed term period - what's first step?

ikkleosu

My OH has almost reached the end of the Fixed term period of his mortgage. The Lender (Northern Rock) have sent him some info on arranging a new agreement, which included some info about a product fee of £995 and a morgage renewal fee of £295.

That seems steep to me from reading this site, should his first step be to call northern Rock and try and negotiate a good deal, or go to a mortgage broker and see what deal they can find him?

He wants to stay fixed rate and was hoping for a cash insentive, as they gave him for going fixed rate in the first place.

Forgive my utter newbiesness I am completely new to all this kind of financial business. (and he isn't much better, hence me asking!)

herbiesjp

Your first port of call should be your current lender (who look like they have already given you sme deals). They do not negotiate on the deals they have offered you however.

Then you are right, unless you want to do all the legwork yourself, a fee free whole of market adviser would be you next step to find the best other deals on the market.

At that point you would be able to see if it is cost effective for you to move away from NR or not

HTH