Northern rock - remortgage?
Hello all,just need some advice...have a northern rock 5 year fixed rate mortgage (ends feb 2011) with early redemption charge. what do you folks think about jumping mortgage lenders at this point in time considering the fact that there may not be a buyer, or that jc flowers/cerberus/lloyds tsb buy them out? also if they go into administration - how will this effect mortgagees?thanks in advance,k
Answer
I suggest that you do nothing.
if they go into administration then the early redemption charge could not
be enforced, as you have not asked to close out the mortgage.
if someone else buys them out you have nothing to lose, just a different name on their letterheads.
ian m
