Northern Rock Overpayment / Borrow Back

kieran1979

Hi everyone,

I have a question about the NR borrow back on Together mortgages.

I've got about 6K available at the moment and since last month am able to overpay by 1K every month. Which is great becasue it means my minimun payments are coming down lower all the time.

What I want to be sure of is that I will always be able to get my overpayments back if I need them at any time, for any reason and most importantly regardless of my LTV. So effectively using the NR together mortgage to put my savings into to bring my balance and monthly minumum down (important to me for when rates start going up or my personal circumstances change). Does this make sense?

Anyway I've had assurances from NR 4 times over the phone that I can do this, and they've re-sent the T's and C's. However in the Terms it's a little less clear. It says something like "subject to NR's prior agreement".

Does the written document ruin my grand plan?

Has anyone else had any experience of using the borrow back facility?

Thanks in advance, I really would appreciate all views.

kieran1979

Cheeky bump...

Anyone?

Nonshy

you can borrow funds back at any time (aslong as above £500) and zero restrictions on this

i can give you a 110% guarantee

Tom_Kelly

I have used the facility myself at various times and never had a problem.

kieran1979

Many thanks guys for your responses.

I hope to not have to borrow it back, and to keep reducing my balance.

My only concern was if the unexpected happened and I did need to get it, they would maybe make it difficult with my LTV not being very good.

Nonshy

your LTV won't have any affect on it what so ever