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Northern Rock borrow back overpayments
payless
Posts: 6,957 Forumite
Whilst I never suggested this myself ( prefer the offset option ) I know a lot of people remortgaging to NR borrowed more, and then overpaid a lump sum straightaway - thinking they could re-borrow
( brokers were told by local reps - no restrictions + earn bigger commission as its % of original debt!)
well looks like those relying on this borrowback flex option might find it more difficult if their circumstances have changed since application ( or maybe not changed but NR lending criteria changed!)
http://www.telegraph.co.uk/finance/personalfinance/borrowing/mortgages/5137486/Northern-Rock-makes-it-harder-to-borrow-back-on-flexible-mortgages.html
( brokers were told by local reps - no restrictions + earn bigger commission as its % of original debt!)
well looks like those relying on this borrowback flex option might find it more difficult if their circumstances have changed since application ( or maybe not changed but NR lending criteria changed!)
http://www.telegraph.co.uk/finance/personalfinance/borrowing/mortgages/5137486/Northern-Rock-makes-it-harder-to-borrow-back-on-flexible-mortgages.html
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