Ellie - the results I worked out were for over 22 years. I figured that your rate for 4.79% was probably for a three year fix, and that you didn't want to extend the term, so no worries if you hadn't mentioned it in your first post.

Hi...the rates brought out last week are not the best but are available from 6.49%, much better rates around but this may be helpful for some folk who can't change for whatever reason?? Your choices seem to be try Abbey first and if not and if it is necessary you could consider the consolidation route, you are at risk of having your house repossessed if you fail to keep up payments on any loan secured against the property. Obviously you will have to decide on the risk assessment but realistically speaking if there are substantial savings and your circumstances would be made easier there is a good reason for this choice. Take independence advice if you are at all unsure either from a fees free broker or the lender you apply to.

With regards to NR and exisiting customers:

We are unable to offer you a competitive deal at this time. If you have an existing relationship with a mortgage or Independent Financial Advisor, we suggest you contact them to help you find the best deal available to suit your monthly budget.

Alternatively, if you would like our assistance on how to obtain independent mortgage advice or find a new mortgage lender, you can contact us on 0845 604 4871 or 0191 279 4417.*

* Lines are open 8.30am to 5.00pm weekdays. Calls are charged at your service providers prevailing rate and may be monitored and recorded.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

The above is from their website and is backed up by a letter we received. Do you know if they are changing their stance on exisiting borrowers?

Thanks Ian.

We probably would look to consolidate if it meant increasing our chances of finding a lender.

I'll certainly explore Abbey though.

Hi Principality and Nationwide use affordability calculators and remaining debt does have an adverse affect on your ability to borrow with these lenders. By consolidating you will increase your chances but you may not wish to do this I understand, however NR have just released new rates and are becoming more existing customer friendly in respect of charges. Give them a call to see what's on offer or try Abbey who are a much more approachable lender in todays climate.

Hi,

Sorry to hijack the thread - But we're in a similar situation with Northern Rock.

Our 2 year fixed rate ends on 1/7/08. We've already applied to Principality and Nationwide but unfortunately have been declined for both.

Both lenders said that it was due to a low credit score. This might be due to us having just over £20k in unsecured debt between us.

My question is this... Is it better to take extra on our mortgage to repay some of the unsecured debt or is it better to just leave it where it is and take only the amount reuired to repay the NR loan?

Hang on a minute...where does it say in the first post that the loan is over 22 years???? Is this a special moment???

ellie - yes the results are over 22 years.

Hi ellie....MS products are out of date again :( The best rates are with Abbey at the moment especially if you are looking for free valuation and free legals. They have 2, 3 and 5 year products with varying arrangement fees, my choice but I am a broker and we don't have access to bank deals so you should look there as well?? You will probably looking 610 - 630 p.m for most deals as a ball park figure over 22 years.

Was this the results over a 22 year period as I req'd

I put your figures thru the MS calculator and it offered:

Principality BS: 5.58% fixed until 2018: £612.38 per month

Nationwide: 5.74% for 3 years £618.37

I'm not sure about the HSBC rate matcher, but the idea of fixing with Principality for 10 years at that cost seems like a good thing to me, considering your income.

I am currently on a 4.79 fixed rate which ends 01/07/08. Current outstanding balance is 85k and house value 125k.

I earn £30,900 annual income as an accountant. I have loan commitments of £400 per month.

I would like to consolidate between 5-7k of redit card debt at this juncture and add it onto the £85k and start afresh.

I have seen the HSBC rate matcher advertising-can you tell me if this would be okay for me to you use.

Also any other advice re mortgage lender changover would be gratefully received.