New deal at Northern Rock

mattywatty

This may be merged with the other NR thread...

I am buying a property and have been given a best quote by an advisor for a mortgage with Northern Rock which is competitive based on my own research from other lenders .... just worried that I hear they are not encouraging new borrowers by not giving good new deals and what this will mean in two/three years time when I will need a new deal...are they changing their policy or am I going to have problems in the future ?

SSno1

What's the deal??

mattywatty

3.99 - 2yr fie
4.19 - 3yr fix

SSno1

I'm in a similar position and from what i've read people are generally waiting for a 5 year fixed at a decent rate (poss below 4% with low arrangement fee). I am remortgaging though, not sure what you are going for if it's your first time to me it sounds like a good deal but i'd wait for someone more knowledgeable.

mumof2girls_2

My advisor said that Northern Rock are being picky at the moment with who they lend too. U have to have crystal clear credit history otherwise ur bumped.

We applied for the 3yr 4.19% FR, after 2 weeks they came back to my broker and said I had 2 late cc payments 4.5 years ago (bearing in mind I got a Nationwide mortgage last year no probs!) and were debating whether or not to lend eventho Iwas boorowing 90k on a house valued at 180k.

So my broker applied to Abbey in the meantime who snatched his hand off, and we were accpeted in principle straight away and fast tracked.

He phoned Nothern Rock back and told them to ram it, allegedly he said we were the 4th couple they were being exceptionally picky with. fair enough to them tho.

good luck xx