Advice PLEASE on remortgaging

chivz

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.

payless

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.

chivz

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

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

chivz

Thanks for the suggestions.

The hunt begins!

angelak_3

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