MSE Northern Rock comment

MarkyMarkD

MSE_Archna wrote: »

[SIZE=-0][FONT=Arial, Helvetica, sans-serif]The quarter of a million people whose fixed rate mortgage ends in the next three months should act immediately; there’s nothing wrong with sorting and agreeing your mortgage now, even if you don’t need it until December.”[/FONT]
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This advice is slightly dubious.

Whilst it may be a good idea to get your remortgage (if indeed you need to remortgage rather than switch products with your existing lender, which in many cases will cost less in fees) sorted as soon as possible so that you can switch seamlessly, it's also a bad idea.

Why do I say that?

If you buy a 2 year fixed rate mortgage now, it will probably have an end date around the end of September 2009.

If you wait until November, it will probably have an end date around the end of November 2009.

By selecting your fixed rate product now, as well as locking in today's rates, you also lock in today's end dates and effectively lose a few months of fixed rate.

(NB - this point doesn't apply to Nationwide as their 2 year fixed products actually last two years. But it does apply to nearly every other lender).

The other point I'd make is that fixed rates are currently falling fairly dramatically, and there's no guarantee that you won't commit to a rate now and then find before your remortgage goes through, the rates available to new customers have fallen.

savingpennies

"there’s nothing wrong with sorting and agreeing your mortgage now, even if you don’t need it until December.”

You don't need to lose a few months fixed interest - as it says you can agree a mortgage now but don't take it up until your current one ends.

hansi

roddydogs wrote: »

Cant take my money out ! im an online silver saver, online only -site has been "Down" all day!

I had no problem getting through on the online site yesterday morning. Drew out all but £200. Checked the site last night, it was down, but it's up and running again now.

roddydogs

hansi wrote: »

I had no problem getting through on the online site yesterday morning. Drew out all but £200. Checked the site last night, it was down, but it's up and running again now.

Well ive just tried it again its just says "We are busy try later" its 6.30 am how on earth will it be less busy later another thing you may have "Drawn out" but is it in your other bank, cleared funds?:eek: supposing i incur bank charges because i cant fund my current account? who is liable for these? Just highlights the problem of online banking i suppose:D

hansi

Calm down, it's only money:D Seriously though, I'm not having a problem, just tried again and got through, my transfer is showing and will be in my bank on Tuesday.

roddydogs

Just heard on the news its "business as usual" NO IT AINT`! the website is still "Busy" try later. how is this "business as usual?"PS could we have all the NR threads merged? theres too many now .PPs hows Hansi gettin thru when i cant?

hansi

It might be worth checking if your Java platform is up to date. Also, do you go in via a bookmark, or do you type the address in?

hansi

I have the Java Standard Edition 6 if that's any help.

sleepless_saver

hansi wrote: »

It might be worth checking if your Java platform is up to date. Also, do you go in via a bookmark, or do you type the address in?

My guess is that you were just lucky! Did you get through first time?

I've tried a few times since 6 am - every time got the system busy message.

roddydogs

System Busy is nothing to do with Java!