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Im Stuck with Northern Rock SVR forever!
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Dan1979_2
Posts: 10 Forumite
Please help.
I have a 100% Mortgage with Northern Rock, this is for 115K. My 5 year fixed rate will be up at the end of the year. My property is now worth 138K.
The problem is that I have a FirstPlus laon secured against the property for 42K.
Please help me and advise on what I should do.....
I have a 100% Mortgage with Northern Rock, this is for 115K. My 5 year fixed rate will be up at the end of the year. My property is now worth 138K.
The problem is that I have a FirstPlus laon secured against the property for 42K.
Please help me and advise on what I should do.....
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Comments
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I believe that all the other companies that offered 100%+ have now pulled them today so I think your stuck with NR.0
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You are not "stuck" with the NR SVR. You do have the option to consider their other deals.
Your options are going to be limited though as you are the sort of borrower that is high risk and that doesnt make you attractive as a business proposition to others.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
So BM Solutions has also pulled out? Have not seen that info come through to me as yet.0
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Ditto, I thought BM were still offering that.0
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Neil said in another thread that BM have pulled. Going to check my emails now. http://forums.moneysavingexpert.com/showthread.html?t=752217&page=20
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Sorry to take this off on a slight tangent but don't firstplus even look at property value versus mortgage before giving a secured loan?? Didn't they need NR permission for a 2nd charge?0
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don't firstplus even look at property value versus mortgage before giving a secured loan??
They should have done, but they didn't - after all, house prices only ever go up, so the loan would be covered by the rise in house prices.:j
The problem comes when house prices fall below mortgage value - when the house is repossessed the 1st lender gets whatever the house can be sold for at auction, leaving the second lender empty handed.
Therefore these companies are going to the wall, starting with Picture Loans, who are "not taking on any new business, due to current market conditions"
Yes, but NR were the bank that says "Yes!":jDidn't they need NR permission for a 2nd charge?poppy100 -
Don't worry, it's always like this here but at least I can get my credit sorted. Its alright though. Dad found Josh's sco'oter.
http://www.youtube.com/watch?v=GGrPwmDECEg&feature=related
oh the wonders of youtubeI am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Yes FirstPlus did send someone round to value the house.0
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Actually being at home all day today nursing my cold I noticed whilst watching recycled propertyporn that these "get some easy money" firms are not as frequently advertising like they did 4 to 6 months ago.0
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