Northern Rock End of Mortgaged Deal (Merged Threads)

deefadog

If your on a fixed and have been moved to NRAM is there anyway they can waive the fixed get out fee? As i have 11 months fixed left of the 5 years.

Thanks

tidyfinance

Hi all,
sorry to jump on this thread, but I've been looking for the appropriate page and concluded that this is the place I need to be.

My 5 year fixed rate (repayment 4.74%) is due for review.
For piece of mind, I was thinking of remortgaging with another fixed rate (2/3 years).

Britannia have sent me illustrations of various new deals, including a tracker that is 2.? above base rate. I can move from this at any time if things begin to move again.

Basically, I'm wondering what other deals are out there from other banks/BS's. I'm raising my mortgage from 75K to 105K (schools fees!) over a period of 10 years, with the ability to overpay should I have any spare cash!?!

Any of you hardened MSE people have your finger on the pulse?
Any guidance is very welcome,

Thank you

Captain__

tidyfinance wrote: »

Hi all,
sorry to jump on this thread, but I've been looking for the appropriate page and concluded that this is the place I need to be.

My 5 year fixed rate (repayment 4.74%) is due for review.
For piece of mind, I was thinking of remortgaging with another fixed rate (2/3 years).

Britannia have sent me illustrations of various new deals, including a tracker that is 2.? above base rate. I can move from this at any time if things begin to move again.

Basically, I'm wondering what other deals are out there from other banks/BS's. I'm raising my mortgage from 75K to 105K (schools fees!) over a period of 10 years, with the ability to overpay should I have any spare cash!?!

Any of you hardened MSE people have your finger on the pulse?
Any guidance is very welcome,

Thank you

I am not a mortgage advisor, but would just say.
Britannia SVR is quite bad, so switching is a good idea.
Fixed rate Variable rate, gamble and save a bit now, pay more later?
It would also be worth looking at the application fees, as on a 2 year fixed rate, you may spend more on the application fee with the size of mortgage than you actually save, but most of all, go see a mortgage advisor or 2 if you don't like what the first one says.

tidyfinance

Thanks for that Captain_.

semanticist

deefadog wrote: »

If your on a fixed and have been moved to NRAM is there anyway they can waive the fixed get out fee? As i have 11 months fixed left of the 5 years.

Thanks

Your best bet is to call them and ask, but people posting earlier in the thread have said that they've not been able to get out of the charge.

semanticist

tidyfinance wrote: »

Hi all,
sorry to jump on this thread, but I've been looking for the appropriate page and concluded that this is the place I need to be.

You might be better off posting in another thread, or starting one of your own. This thread is mostly about people complaining about Northern Rock/NRAM!

tidyfinance

Semanticist,
Thanks, I might well do that.

I've been sorted for 5 years (fixed) and I now need to get sorted for another 2, 3 or 5 for piece of mind really. Although trackers are entering the equation as well.
I always start to get wound up at times like this, but I guess the sensible thing would be to get a couple of IFA's to do some ground work for me.

Really appreciate you taking the time to reply.

spidermev

Hi all, new to this thread
Well now the BoE base rate appears set to increase next year, anybody else worried about being stuck with NRAM in negative equity when the SVR goes up??

chips78

who says its going up? I know it will eventually but havent heard of anything happening soon

Kerry12345

chips78 wrote: »

who says its going up?

A Bank of England MPC member did.

"The Bank of England gave its clearest warning yet that interest rates will rise next year when MPC member Paul Fisher warned of rates 'normalised' at 5%. "

"Mr Fisher said the increase was likely to happen as soon as possible, meaning families could be hit by a sharp jump in mortgage costs early next year if the Bank bumps up the base rate to put a lid on rapidly rising prices. "
http://www.thisismoney.co.uk/news/article.html?in_article_id=520355&in_page_id=2&in_page_id=2