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Attention all Northern Rock mortgage customers!
Are you coming to the end of your special fixed rate or discounted period with Northern Rock?
If the answer is yes, do you realise that they are not offering any new special deals when you want to remortgage? Are you prepared to pay their standard variable rate, currently 7.49%?
We thought not!
Following the nationalisation of Northern Rock in February 2008 any existing Northern Rock mortgage customers coming to the end of their fixed rate or discounted period will NOT be offered another mortgage deal at 'the Rock' and will automatically revert to their current standard variable rate of 7.49%.
Example savings to be made by switching from Northern Rock
So if you borrowed £150,000 using their 2 year flexible fixed rate mortgage (which had a £695 product fee and initial rate of 4.79% - available from Northern Rock in April 2006) you would have been paying around £850 per month (for a capital & interest repayment mortgage) or £600 per month (interest only)
Two years later, your mortgage will revert to Northern Rock's standard variable rate - currently 7.49% - meaning your monthly repayments will jump over £300 per month to around £1,100 (capital & interest) or £930 (interest only)
By remortgaging onto a new 2 year fixed rate deal at 5.75%, your potential monthly savings could be over £210 per month.
Do I have to pay you a broker’s fee?
No, you do not. People often think they have to pay a mortgage brokers fee for arranging their remortgage. This couldn’t be further from the truth. Be very wary of firms that claim to be able to get a mortgage in ‘problem cases’ by paying them fees of 1% or 2% of the amount you borrow. When arranging a mortgage for £150,000 this broker fee can cost you as much as £3,000! So be wary!
Time to switch? Get a free remortgage quote today
To get your free remortgage quotes, you just need to enter some basic information into our simple
online remortgage quote form and your dedicated adviser will search the entire marketplace to find you the best mortgage deals available.
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