Whether to end my Northern Rock deal early or not?

PRINCESSKERRY

Hello

I posted this on another thread then realised it may be overlooked so have reposted here.

I wondered if anyone could help

I have been reading this thread with interest, I have a NR mortgage fixed rate for 5 years 5.15% set to expire early 2011.
Our mortgage is for £63,000 and our property is valued at between £145,000 - £150,000 now.
But we are putting our house on the market in the next few months and are wanting to move to a house up to the value of £190,000.

But my question is I was considering paying off NR as they were great to us starting on the property ladder but there are always such steep get out clauses and as we are moving I'm wondering if it will make more sense to get out now. Also that is assuming they would lend us the extra money, obviously the extra money would go on there SVR. As far as whether we could afford it or not that wouldn't be a problem I'm just not sure if they are lending anymore at present anyway.

Any advice would be appreciated

Martin_Moore

Kerry,

You need to check if the mortgage was portable to another property. If it is then you should take that option. You are in a good positionas 63k is a relative low mortgage into days market.

You might be able to get a fixed rate for 2/3 years as an add on to your existing borrowing with NR. If you rang them they should give you the available options and it might require a further credit search with the NR. You are the type of customer they will be looking to keep as you have low Loan To Value. Hope this helps