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

    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.

    12 Comments

    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!

    garbage456;5401923

    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!

    Banned

    This is the inherent problem in this country.

    You have a mortgage and you dont even understand how it works

    garbage456;5401962

    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.

    garbage456;5401944

    a brilliant calculator thanksa bit worrying if the rate goes up just 1% … a brilliant calculator thanksa 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?

    Banned

    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%

    garbage456;5402166

    well the term will hopefully be reduced when my parents sell up or move … 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!!!!
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