I have a mortgage with NRAM (previously Northern Rock before the world all went wrong).

I have received a letter from NRAM stating that my special rate will end soon, and as of 1st July will revert to their standard variable rate of 4.79%

The mortgage balance is approx £90k, property is worth (I think) around £120k

NRAM are currently closed to new mortgage business and are unable to offer new mortgages or further loans.

So…

Do I leave my mortgage with NRAM @ the standard variable rate, or look to remortgage with another lender?

Pro’s & Con’s ?
Do’s & Don’ts ?

Thanks

At that rate look to change providers, you could save 1.5% per year by doing so (£1350 or over a hundred a month). This is the answer unless there are some crazy high transfer/closing fees.

That’s one thing I need to check with NRAM – exit fees …

i’ve never seen a mortgauge with exit fees after the special rate has finished

If you’re happy with a variable rate, there’s better to go for – I think hsbc to a bank + 1.5%

I have an IFA working for me, Free chat with him if you like pm me your mobile and an approprite time to call, He does whole of market, Fees only charged on instruction costs nothing for a chat !

Feel free to drop me a line for a free chat too – website address in profile.