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MSE News: Government sells Northern Rock mortgages: what it means for you
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Former_MSE_Paloma
Posts: 531 Forumite
Around 125,000 mortgage and loans customers of Northern Rock will be transferred to Cerberus or TSB Bank...
Read the full story:
Government sells Northern Rock mortgages: what it means for you
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Government sells Northern Rock mortgages: what it means for you
Click reply below to discuss. If you haven’t already, join the forum to reply. If you aren’t sure how it all works, read our New to Forum? Intro Guide.
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My partner will be staying with the NRAM mortgage as long as possible. Got consent to let in perpetuity just before they withdrew the option and upped the costs of applying for permission annually. The flat is let out, and the tenants ultimately pay the mortgage. To move elsewhere would mean lots of fees and a jump in interest rate given we'd have to find a buy to let mortgage.0
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Got consent to let in perpetuity just before they withdrew the option and upped the costs of applying for permission annually.
If it is BOE+1% till end of term, interest only, and you are not paying extra for permission to rent, that would be really showing off.
The tiny interest is tax deductible against rent, as well.
Laughing all the way to the bank, I'll bet.0 -
So as a together customer, I've a 63% chance my mortgage has been sold but won't find out for ages.
Assuming my mortgage has been sold, the chances it's then been sold on to TSB is 27%.
Brilliant!
(I'm hoping i'm either with UKAR/NRAM still or TSB, i don't want to be in the bucket staying with Cerebus)0 -
Does anyone know when we can expect to hear if our mortgage is part of the batch that has been sold?
Is there a negative impact if we have been sold?
Our problem is although we have an 80% LTV right now, our credit rating is awful due to getting into serious debt so if the new lender i.e. TSB were to do a credit check for a remortgage to a new product, we would fail miserably. However, the new product would be cheaper than paying 4.79% so it would seem strange to reject for a cheaper amount when the mortgage is with them anyway.....
Sorry I am rambling a bit now but hopefully it makes sense :-)
Thanks
KIDDMP Number 437
LBM May 2015 47k in debt
Starting DMP 1st July 20150 -
Does anyone know when we can expect to hear if our mortgage is part of the batch that has been sold?
Is there a negative impact if we have been sold?
Our problem is although we have an 80% LTV right now, our credit rating is awful due to getting into serious debt so if the new lender i.e. TSB were to do a credit check for a remortgage to a new product, we would fail miserably. However, the new product would be cheaper than paying 4.79% so it would seem strange to reject for a cheaper amount when the mortgage is with them anyway.....
Sorry I am rambling a bit now but hopefully it makes sense :-)
Thanks
KID
If you get transfered to TSB it will not be a remortgage and as such you will not be credit checked. I think they are also saying that the SVR will drop from 4.79% to whatever TSB are at the minute, and down to 2.5% if you are a TSB customer, might be worth opening a TSB account to try and get in on this rate come March when it all happens.0 -
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Thanks Tony, i might do that just incase we have been sold to TSB :-)DMP Number 437
LBM May 2015 47k in debt
Starting DMP 1st July 20150 -
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Tony, do you have a link for that please? My best Google searching doesn't seem to be able to find anything.If you get transfered to TSB it will not be a remortgage and as such you will not be credit checked. I think they are also saying that the SVR will drop from 4.79% to whatever TSB are at the minute, and down to 2.5% if you are a TSB customer, might be worth opening a TSB account to try and get in on this rate come March when it all happens.0 -
Tony, do you have a link for that please? My best Google searching doesn't seem to be able to find anything.
i think its on the bbc website, have a look in the loans section on here for the thread northern rock loans over £25k, there is a link on the last page of that.
here it is http://www.bbc.co.uk/news/business-34806370
just read it again, the interest rate varies depending on when you took the mortgage out 3.9% after 2010 and 2.5% if before 2010, this is for existing customers only, I guess if your not then you with be put on their SVR.
ironically after being with LloydsTSB from near 30 years I was put into a bank account with Lloyds when they split and I'm also in the middle of remortgaging out of the NR together prison so this will not have any benefit for me. I would definitely be opening a token TSB account now if I were still stuck with the NR mortgage. It could be great news for those still stuck if their interest rate drops to 3.99-2.5%
They say that the accounts will be chosen randomly from the pot.... Hmmmm I believe everything bankers tell me, I think they may cherry pick the best ones and dump the defaults and arrears with Cerebus.0
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