Unfortunately Northern Rock have been pretty inflexible (unreasonable) now that they have been bailed out, and should you have needed to move and rent out, they would likely not be very helpful.

With the mortgage LTV that you have you the rate that you are on is not bad.

Also as you are on the SVR they can put the rate up (and possibly down) when they like. It is not tied to the BOE base rate, hence it is at 4.79%.

Sparky.

My partner and I got our mortgage early in 2007 on a fixed rate for two years which ended may of this year. We are now paying the standard base rate of 4.79% which is hardly a drop from what it was when it was fixed. This is our first mortgage and it was a 100% mortgage, so we are just wondering what happens next. We could not afford to change provider as we do not have the funds for a deposit. We have never missed a payment or had any problems. Firstly we were wondering how it is we are paying 4.79% when the bank of england base rate is 0.5%, and secondly when the economy eventually recovers and the bank of england base rate goes back up will that give the provider liscence to hike my mortgage intrest rate up? Our mortgage provider is northern rock by the way.