Mortgage Advice

CC801340

Hi - I'm after some mortgage advice as I'm pretty lost in the minefield of mortgages!

I've had a property 3 years and currently have 60k outstanding mortgage with Northern Rock on a rate of 7.34%. ERC end date 1/4/2011. (Originally had 2yr discount period only paying 1.95%). NR have told me over the phone that the ERC is £3033. NR will reduce the ERC by 50% if I take another NR product.

Im looking at buying with my partner. NR will lend us 254k. Looking to spend 200k. My house is on the market for 90k and I'm expecting an offer shortly.

So - if all goes according to plan with the sale I will have some spare cash and we will only require a 90% mortgage. Looking for monthly repayments of £1200 max.

Would prefer a variable rate with 2 year tie in (surely rates are going to drop over the next 2 years!?).

New Mortgage - if I stay with NR but move product I have the ERC (£1500) to pay. On a 2 year tie:

NR will track 0.54% above with £0 arrangement fee.
With a fee of £495 they will track at 0.34% above
With a fee of £995 they will track at 0.14% above.

NR fixed for 2 years at 6.09% (no fee).
NR fixed for 2 years at 5.89% (£495 fee)
NR fixed for 2 years at 4.69% (£995 fee)

How do these compare with other lenders considering I will have to pay the full ERC of £3033 if I leave NR??

Thanks

payless

Before you do the maths ( or someone does it for you)

perhaps check- if looking at 90% LTV are you sure those rates are right -(or are they specials ) for example the fixed rates seem to be 85% ltv range or are they for only 1.5 yrs
also last one ... should that be 5.69% or even 5.79%???

The variables don't look right either

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plus note they have already announced an interest to that range from next Sunday