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Advice PLEASE on remortgaging

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I would like to know what (if anything - hopefully) is wrong with this mortgage?

https://www.northernrock.co.uk/html/mortgages/generic/mortgage_prod0100.asp

I need to borrow £120,000 over 20 years. Can I move mortgages after the period (2 years) and is there anything I'm not seeing about this deal that makes it not worthwhile - it's appears to be very good.

Thanks in advance.

Comments

  • payless
    payless Posts: 6,957 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Different products suit different people

    This NR product comes with high arrange fee and high ( compared to market) val fee, but does have a "help with costs" option ( ties you in), or a rate option with less fees.

    The big thing that you must be aware of though is
    EARLY REPAYMENT CHARGE 5/9/8/6/5/3/2% until 01/10/11

    that means 2 yrs fixed with a tie to follow on to their standard variable rate ( not currently the lowest on market) for 5 yrs, or a penalty.
    Any posts on here are for information and discussion purposes only and shouldn't be seen as (financial) advice.
  • OK - thanks

    Are you aware of a good 2 year fixed rate from anyone else? - preferably NOT being tied in after the 2 years are up.
  • payless
    payless Posts: 6,957 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Will depend on circumstances-

    [url]
    http://forum.moneysavingexpert.com/cgi-bin/yabb/YaBB.cgi?board=Mortgages;action=display;num=1063929431[/url]
    might be a  start- gives links to some sites, but also some brokers

    moneysupermarket, moneyextr and charcol all have comparison sites- but you need to know what you are looking for

    there is no straight answer  " this is the best"- hence brokers would rather talk thro' your needs- until then I don't even like suggesting that a particular type (fixed, var or term) is a good idea, let alone a particular deal.

    2yr fixed rates with no ties start just below 5%, but will depend on deposit , fees etc.., and as shown above you have to look past just the rate anyway
    Any posts on here are for information and discussion purposes only and shouldn't be seen as (financial) advice.
  • Thanks for the suggestions.

    The hunt begins! :(
  • Hi Chivz

    Abbey offered me 5.19% fixed for 2 years with no tie in's or early redemption penalties even during the 2 years fixed.

    Hope that helps

    Angela
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