Northern Rock Together Mortgage

emmajane2203

Hi I am a new member and would like some advice or info on other peoples experience with Northern Rock.

3 & 1/2 yrs ago me an my fiance took a NR Together mortgage and thought we had a fantastic deal at 5.9% + 25% extra borrowing.
I now owe around 25k over what my property is worth, and with the slump and mortgage deals changing I am a bit worried about what will happen when our fixed rate ends.
We arent due to renew our mortgage till August 2010, but have read that some people have been left high and dry with NR as they are putting their rates upto really high rates to try and lose the perceived bad debt. However these customers cannot borrow elsewhere as the majority of lenders will only lend if you have a deposit and not a large chunk of extra borrowing.

Is anyone in the same situation as me? Has anyones fixed with NR Together come to an end and what was offered from NR?

Thanks
Emma

beecher

As things stand you'd be put onto their Standard Variable rate. It is 5.09% at the moment and so you'd be paying less. However when interest rates do go back up you risk being stuck as you're in negative equity.

However, no-one knows where we'll be in August as NR are rumoured to be possibly starting to offer new deals for their customers. Maybe they'll cherrypick customers, and maybe you'll be lucky.

http://www.independent.co.uk/news/business/news/rock-set-to-boost-mortgage-lending-1451518.html