Northern Rock...downright sneaky tactic.

Ian_Griffiths_Halifax

lethal0r wrote: »

mortgages are complex enough as it is without extra nuances like this.

how many people after half an hour with a mortgage advisor - however good - glaze over with confusion/boredom and just say yes to everything? Im sure its a considerable proportion.

and then some of these wont bother to read the KFI thoroughly, which the banks of course know will happen. so why not through in a couple of little extra money earners for these people.

I can't see how anybody can do a Mortgage Appointment in only half an hour!

It takes me at least 1 1/2 hours just to do a first appointment! How can you 'Know your client' in only half an hour?

Peelerfart

I'm comin' down on the side of sneaky here.Even it was in the KFI and even it was understood.

Of course there is no comeback on Northern Crock but why was it there in the first place ?
As a lever to keep you as a customer in order to limit your choice .
No-one could have foreseen what has happened to NR ,but given that it has then surely the honourable thing would be for them to waive the charge.

Or is that a naughty word these days ?

Dan_Collins_2

This one is easy! Dont take it then moan later you greedy gits!

cecmfs

What they used to do was a 2 year tie-in for Help with Costs (HWC), as long as you took a 2 year deal, it tied in with the ERC of the main mortgage product. Then they changed the tie in for thr HWC to 3 years, so you didnt do a 2 but a 3 year fixed, again not a problem. From around 2005 onwards, the tie-in for HWC was moved to 3 1/2 years, therefore if you changed any deal after 2 or 3 years, this was a problem, unsurprisingly they didnt to a 3 1/2 year, forcing either a 5 year, or no HWC.

Not sneaky but hopefully your broker at the time explained it in this manner, if he was doing his job right. It will have been on the KFI illistration and mortgage offer as well.

I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.