Opinion needed - When to switch

paysa_2

Our 2 yr fixed mortgage is coming to and end this month and Northern Rock Sent a reminder to use their switching scheme to another 2yr fixed

The 1st reminder on 1st July stated a 2 yr fixed at 4.69%
The 2nd Reminder on 1st Aug stated a 2 yr fixed at 4.59%

Now checking their website the 2yr is back up at 4.69%
All the products on the website are valid until 1st October

Should I switch now or wait until their next set of products are launched on 1st October. Are they likely to lower the rate further as they have not reduced them since the base rate went down?

Is it worth risking one month of payments at 6.15% to perhaps gain a lower rate?

decisions decisions.

Rikki

I would change your mortgage before your new rate ends.

I have a tracker mortgage 0.5% above base rate so I don't have to worry every 2-3 years about changing.
Might be an idea. Worth asking they will do more than the one type they've offered you.

Scott

Well, the new rates come out on Thursday, so you have tomorrow to decide if you're doing it or not. It's your gamble, but I think many of the rates will be going up, due to the hawkish nature of the BoE's press releases recently.

donstermonster

Ask Northern Rock (or look at their website) to see what other deals they have available, they promise that all deals are available to existing as well as new customers.

I am switching on 1st oct to a 4.89 5 year fixed rate with NR , they charge a shedload to switch BUT refund it all and a little bit more two weeks later an dyou can pay it straight off the mortgage - and make payments whenever you like and borrow it back or stop paying until you have used up your overpayments

looks hgood :T