Assistance will be appretiated.

Julie_Mick

We have a mortgage with Northern Rock, the repayment rate is 7.53%. We owe a total of £22,500 over the next 14 years. Initaily the mortgage was for £28,000, that was over 6 years ago. The value of the property, has rose to aprox £85,000. With the uncertanty of NR, we feel it is time to move. The Question is, Were to? Any sugestions will be appretiated. We only want a straight foward switch, no cashback, or greater value mortgage. Just spoken to NR, and they stated there will be, discount of mortgage fee, of £160.

Gorgeous_George

I'd look for a mutual building society rather than a bank. I'm with Britannia.

You may need to borrow a little extra as many lenders have a minimum mortgage. An offest would allow you to borrow the extra but then to invest it at the same rate as the mortgage is charged.



GG

wardlaw

Hi Julie

I suggest you contact an independent mortgage broker who should be able to offer the most appropriate product and meet your solution

John Wardlaw
Independent Mortgage Broker
Business Development Manager

dpesky

Hi Julie, you should be able to get a deal with no fees whatsoever: no val fee, no legal fees, no lenders arrangement fees. EG Totally fees free! Beware though, the mortgage is so small most brokers may not want to take the business on as a lot of work for no fee.... I would suggest a high street lender such as Halifax, C&G or Abbey to do this for you (Dont take out their insurance though that they will try to sell you!)

Owner of a Nationwide Mortgage Brokerage and features writer for UK mortgage magazines

This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.

payless

Of course its unlikely toiu will get a totally fees free swap, as the existing lender will likely charge an exit fee ( MEAF)

A number ( but not all) of the free val/ legal deals around ( including one of the lenders mentioned in post above) will have a minimum loan value

Julie_Mick

May we thank you all, for your patience. As you may have guessed, money dealing is not our strong point! Your assistance has been appretiated.
.
Regards, Julie_Mick