Northern Rock End of Mortgaged Deal (Merged Threads)

jamesd · 4 May 2008 at 8:26AM

Northern Rock are in a worse position than other banks, so they don't have a lot of choice unless you want tax payers to actually subsidise your mortgage. The government is committed to not doing that and I hope that a Conservative government won't be daft enough to try it either.

Mad_about_Money · 5 May 2008 at 1:45PM

Hi - First post so please go easy on me!!:D

Wondered if anyone could help me. We have been with NR for a good few years and moved home just under 2 years ago.

However, we now need to remortgage as our house is worth far more than we bought it for and we want to add to our mortgage using the extra equity. Obviously NR told us to "go elsewhere" to do this and so we asked for a redemption statement from them. The blooming cheeky blighters have had the nerve to ask for £1000 back from us for Help with Costs as we are ending our mortgage deal with them earlier than 3 years (I'm assuming when we moved house we must have struck up a new deal that gave us £1000 as long as we stayed with them for a further 3 years which obviously at that time we had no problem with!! ) The only reason we're ending it with them is cos they told us to literally "take a hike" so why are WE having to pay back £1000 when we didn't even want to have to move to a new lender in the first place???:mad:

Does anyone out there know if they are legally allowed to charge us this £1000 considering we are moving due to their problems?

Many thanks for any replies.

MarkyMarkD · 5 May 2008 at 11:27PM

Of course. They aren't obliging you to redeem, you are choosing to do so. They'd happily keep you on their SVR for your current mortgage amount.

Buying a mortgage with an overhanging "Help With Costs" liability is a long-running NR scam to make people stay with them. You chose to agree to it.

Mary_Hartnell · 6 May 2008 at 9:52AM

What are you intending to do with the MEW?
Presumably you are intending to spend the money on something that will last the 25 years you will spend paying for it?

Could investigate a second secured loan (mortgage) but somehow I think that is likely to be more expensive.

Since when have we had a right to rent other peoples money?

JRPeach · 9 May 2008 at 11:57AM

Word of advice to all you who are about to redeem your NR mortgage, if you had a 'Help with costs' offer on your mortgage, make sure the expiry date
coincides with the mortgage expiry date!! I have just redeemed mine and they had 2 dates, 2/5 for the mortgage and 6/5 for the help with costs. I fought them and argued there was no transparency in their letters to me, only clarifying the mortgage expiry date of 2/5. They have since conceded and gave me my refund less the extra 4 days interest. It was a very underhand way of trying to keep £700. Pass this on to anyone you know about to do the same.

JRPeach · 9 May 2008 at 11:59AM

Word of advice to all you who are about to redeem your NR mortgage, if you had a 'Help with costs' offer on your mortgage, make sure the expiry date
coincides with the mortgage expiry date!! I have just redeemed mine and they had 2 dates, 2/5 for the mortgage and 6/5 for the help with costs. I fought them and argued there was no transparency in their letters to me, only clarifying the mortgage expiry date of 2/5. They have since conceded and gave me my refund less the extra 4 days interest. It was a very underhand way of trying to keep £700. Pass this on to anyone you know about to do the same.:beer:

sweetcheeks · 9 May 2008 at 8:11PM

i currently work for northern rock in the debt management department.
in repsonse to the lady whose mortgage is due to come to the end of its fixed rate in january 2009 - you are fine until then - do not worry.

rachman - do you work for northern rock - you seem very angry at this?!

Mary_Hartnell · 10 May 2008 at 4:35PM

I've read Rachmans postings. They are written a bit in "tabloid" style but I agree with them.
There is no way to sugar the pill.
I am annoyed and angry too that my savings are now in a third world currency. I should have bought Polish Zlottys, when they were about 7 to the pound before they became about 4 to the pound or perhaps Euro's when they were worth 0.60 GBP.

As a pensioner I am seriously worried that a good dose of inflation will rescue some of these foolish NR borrowers but leaving me scratching for a living.

Billions of pounds and dollars have gone to money heaven, frittered away on garbage and ridiculous extravagances, like vehicles that produce 250+ grams per kilometer. But the prudent amongst us are expected to pick up the tab for the spendthrift.

At the top end we have something like:
Range Rover 4.4 V8 A6 Petrol 352

For those thinking of tightening their belts, here is a list of low running cost cars (some of which I would not touch with a barge pole.)
Reading Maker->Model->Engine Size->Transmission->CO2 g/km

CITROEN C1 1398 M5 109
TOYOTA Aygo 1398 5MT 109
PEUGEOT 206 1398 M5 112
CITROEN C2 1398 M5 113
FIAT Panda 1248 M5 114
RENAULT Clio 1461 M5 115
VAUXHALL Corsa 1248 MTA5 115
CITROEN C3 1398 M5 115
FORD Fiesta 1560 M5 116
MINI R56 Cooper D 1560 M6 118
HYUNDAI Getz 1493 M5 118
VAUXHALL Corsa 1248 M5 119
FIAT Gd Punto 1248 M5 119
FORD Fiesta 1399 M5 or ASM 119
FORD Fusion 1399 M5 119
FORD Fusion 1560 M5 119
TOYOTA Yaris 1364 M5 or Multi5 119
VOLKSWAGEN Polo 1422 M5 119
CITROEN C3 1560 M5 120
CITROEN C4 1560 A6 120
RENAULT Modus 1461 M5 120
RENAULT Megane 1461 M5 120
PEUGEOT 207 1398 M5 120
PEUGEOT 207 1560 M5 120
SKODA Fabia 1422 M5 120

teapot2 · 10 May 2008 at 11:31PM

JRPeach wrote: »

Word of advice to all you who are about to redeem your NR mortgage, if you had a 'Help with costs' offer on your mortgage, make sure the expiry date
coincides with the mortgage expiry date!! I have just redeemed mine and they had 2 dates, 2/5 for the mortgage and 6/5 for the help with costs. I fought them and argued there was no transparency in their letters to me, only clarifying the mortgage expiry date of 2/5. They have since conceded and gave me my refund less the extra 4 days interest. It was a very underhand way of trying to keep £700. Pass this on to anyone you know about to do the same.:beer:

Hi we had one of those £700 help deals with NR - can you tell me where you found the date for the Help with Costs offer? Can't rememebr seeing it anywhere but have all the paperwork so if you can point us in the right direction that'd help

Thanks, Teapot

cflarry · 24 May 2008 at 8:05PM

I have a fixed rate coming to an end aug 08, my mortgage is going up to 1285 a month so I asked to be put on interest only which is 10pounds more a month than I am paying now!

They sent me the forms to change from repayment and said it was intially for 3 months then I rang again to ask for it to be extended they said ok write a letter so they could put this on file! Now they are saying they cant offer me this and speak with a mortgage advisor!!!

I have already spoke to a broker who couldnt find me a mortgage cheap enough!! so have to stay with NR for the meantime!!

Have NR not got a duty of care to help me ? cant afford the 230pound price hike....do i give up and tell them to shove the house or fight?

Northern Rock End of Mortgaged Deal (Merged Threads)

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