Need to Remortgage as with NR!! Help

zebthespring

Hi All,
I currently have a fixed rate mortgage at 4.79% with Northern Rock which ends 1st June 08. NR cannot offer anything competitive (no surprise there!) and on phoning a financial advisor, he stated that a tracker type of mortgage might be the way to go. I have always had 2 yr fixed rates since the property was purchased 6 yrs ago and the NR allowed lump sums, overpayments etc so was quite flexible. I owe approx 90K and have ten yrs left to pay, but whereas I used to simply revert to the next 2yr fixed deal that NR offered (rates have always been very good) I'm am unsure of the best way forward eg tracker / discount / fixed and who currently offers the best deals....only 2.5 months to sort this out.
Any help or comments welcome
Zeb

MortgageMamma

why are you not having this discussion with your adviser? thats what he/she is there for

I am not being obstructive or nasty but you will get sound advice from your adviser and nobody on this forum qualified will make a recommendation

Its clear you will have to move to another lender to get a competitive deal, but the product you choose should be thought out carefully. If you are planning on staying in the property long term and only have 10 years on your mortgage why not save yourself money on arrangement fee;s etc and fix for a longer term? e.g. five or ten years?

zebthespring

Many thanks for your quick reply and advice...I have a meeting arranged for next week but was looking for any advice anyone could offer as this is like a minefield and may give me some ideas before I speak with the financial advisor

owitemisermusa

Hi MM,

What about tracker rates? I have noticed a trend towards advising fixing for a longer term but I wonder if this also applies to trackers. If one was planning to hold on to the property for the same length of time won't a tracker be ok?