Northern Rock 5 year fixed early exit

Jewel_2

What are the chances, if we sell our house, of not having to pay exit fees to Northern Rock given their circumstances?

maninthestreet

What do the terms and conditions of your mortgage agreement state with regards to exit fees?

eaglesrjh

Reading other threads I dont think northern rock have got to the point or waiving fees yet to get rid of customers. They are getting rid of customers by offering uncompetitive deals when current deals end so that customers switch. No need for them to panic offload and waive fees at this point.

Jewel_2

Thanks - it was just a thought as we are putting our house the market but not in a rush, and I wondered whether we could negotiate a deal with them!

Rafter

No reason why the terms of your original contract would change (ie you won't get out of early redemption penalties.

Your best bet would seem to be to 'port' your current mortgage onto your new mortgage and take out a shorter term or flexible mortgage for any additional borrowing you need.

Then you can refinance the lot away from the northern rock when then 5 years are up. It is unlikely that NR will be that competitive for a while, given that their strategy is to shrink!

R.