Mortgage deal due to end in 10 months - wait or change now??

saintdan

Hi all,

I know nobody has a crystal ball but what would you good good people predict that the best mortgage rates will be this time next year??

I have 10 months to run on my current deal with Northern Rock & am paying a rate of 4.89%.

Should I try & find a long term fixed rate now & pay the exit fee to Northern Rock or shall I just wait & hope? I know I am not going to get a rate like I am currently paying.

To be honest I am not the most clued up when it comes to mortgagtes & I am poo-ing my pants a little. I am saving like hell to pay into my mortgage account when I change it & I have already cancelled mine & my missus's mobile phone contracts & switched to PAYG & SKY TV will be next.

Any comments & advice will be much appreciated.

Thanks

Dan

riad_2

Stick with NR for the rest of the term, you're on a fantastic rate and it's silly to throw away good money in exit fees.

Contrary to a lot of speculation, people with mortgages are in the safest position if NR were to go under (which is HIGHLY unlikely!!). If they were to go under, it's more likely that a larger lenger (HBOS perhaps) would buy up NR's loan book. Whatever the outcome, what will NOT happen is that NR boys will come knocking on your door to repossess your property to get their money back. Don't worry!!

Take a read of this:
http://news.bbc.co.uk/1/hi/business/6994746.stm

"If a mortgage lender goes bust, no-one will come round trying to repossess borrowers' homes to get the money back"