does anyone know anything about changing mortgage to another provider from a fixed rate? - HotUKDeals
We use cookie files to improve site functionality and personalisation. By continuing to use HUKD, you accept our cookie and privacy policy.
Get the HUKD app free at Google Play

does anyone know anything about changing mortgage to another provider from a fixed rate?

garbage456 Avatar
7y, 4m agoPosted 7 years, 4 months ago
i am currently with northern rock paying £730 a month @ fixed rate for about 4 years i think its about 6%, i just heard the HSBC are doing a rate of 2.5% at the moment what kind of difference would that be per month ot what i pay now plus how easy is it to change over?
Any advice is greatly appreciated thank you.
garbage456 Avatar
7y, 4m agoPosted 7 years, 4 months ago

All Comments

(12) Jump to unreadPost a comment
its a heck of a lot of difference. i will try and find you a mortgage calculator.

i was paying 7% with Northern Rock and was tied in for 7 years. at the end of the seven years we took a HSBC mortage and have cut it down by 60%.

it takes about 2 months to change over,

do you think the interest rate is going to stay low? it could easily rocket could you afford 10% or 12% make sure you can afford that before you change. IMO
you will most likley have a penalty to pay when you change mortage, phone northen rock and ask. it wont be worth changing if the penalty is too high. eg if you own £50,000 to settle this now would cost £55,000. what you would have to find out is would you save the £5,000. hope that helps. ps the chances are you wont!
still owe about £140000 over 30 years

ouch. woth phones to see what redemption is. probably be quite av bit! i think the only way to know would be to phone youre provider. they may be able to switch you over to another product.

i triied to change mine today. i have £3900 left over 9 years. i pay £450 a month. i am overpaying. if you can afford to overpay a lille to reduce the term!
This is the inherent problem in this country.

You have a mortgage and you dont even understand how it works
what do you mean cut it buy 60%

i was paying 510 quid a month with Northern Rock. paying far over the odds with a fixed rate 7 year deal. but we needed the security.

now paying 260 with HSBC its a .99% about base rate tracker. unfortuntaley they stopped offering these recently.
try this web site it has a great amount of good info
a brilliant calculator thanks

a bit worrying if the rate goes up just 1% then the rate will go from £750 to £930 !!!

bloody hell - thats scarey, it could easily go up, can you afford another 180 quid a month?
HSBC may be doing 2.5% but this will more than likely be a tracker not fixed, and the LTV will need to be about 60%
well the term will hopefully be reduced when my parents sell up or move on if you know what i mean in 25 years or so.

i see!best thing to do is ring northen roock and take it from there!
you need to consider how high/low you think the base rates will be in the next couple of years, you are fixed at 6% for 4 years, my opinion is to stay put, once the economy starts to pickup and we have to repay all this money the Government have borrowed & printed i can see the mortgage base rate at 8% or higher. Then you'll be wishing you were fixed at 6%!
you have to take the rough with the smooth, we are currently in the rough.
Fasten your seat belts for the upcoming ride!!!!

Post a Comment

You don't need an account to leave a comment. Just enter your email address. We'll keep it private.

...OR log in with your social account

...OR comment using your social account

Thanks for your comment! Keep it up!
We just need to have a quick look and it will be live soon.
The community is happy to hear your opinion! Keep contributing!