Northern Rock remortgage dilemma?

A reader from Manchester is happy with his mortgage from Northern Rock, but is worried about rising repayments when his fixed-deal expires.

Drawing on years of experience, mortgage adviser Katie Tucker - technical manager at fee-free whole of market mortgage broker charcol.co.uk - takes him through the situation and what it means for his finances.

Wayne from Ashton-under-Lyne asks:

I'm worried about my mortgage with Northern Rock. It's due to be renewed. I like Northern Rock and don't really want to change.

Do I have to find someone else or can I carry on with Northern Rock and get a good deal on my mortgage?

Katie replies:

Hi Wayne, a very topical question!

Unfortunately Northern Rock is not offering good rates now as they actively want their customers to leave. You should prepare to remortgage elsewhere.

Thankfully, many other lenders can offer good flexibility and many of the other features that made Northern Rock good, so you should use a whole-of-market broker to narrow down the choices for you.

If you have a question for Katie, go to the myfinances.co.uk Ask the Mortgage Expert section.

For more information on the issues discussed here, go to mortgage broker charcol.co.uk or call 0800 358 5560.

Charcol Limited is authorised and regulated by the Financial Services Authority (FSA registration number 427339). The FSA does not regulate credit cards, personal loans or some investment mortgage contracts. Some buy-to-let mortgages are regulated by the Consumer Credit Act (CCA).