Northern Rock - Changes to borrow back

angelface329

With a baby due in August I have been using any extra money to make additional payments on my Northern Rock mortgage. I phoned twice in the last few months to check that I could get my money back out again if I needed to and was told this wasnt a problem and I just had to phone and they would return it. Am now at a point where I want to get the money back as my 0% card deal is coming to an end and I want to get that cleared before the baby is born. When I called they said that their terms have now changed and that they have to run some checks before they can giv eback any overpayments (£1800 in my case). I didnt pass the first part of their 'test' and an underwriter is now due to call me back in the next 24 hours. This is very stressful and i am livid that they didnt mention the planned change when I called to check.
Annoyingly - I could apply for a 6month mortgage break when the baby is born.

I wasnt warned about these changes and def wouldnt have put my money against my mortgage if I thought I wouldnt be able to get it back (ive never missed a payment and have been slightly overpaying each month for about 2yrs too) Does anyone know where I stand on this? Have you had the same problem?

TEDDYRUKSPIN

Very strange. NR are a special gem are'nt they? To be honest, any changes in T&C has to be notified by letter or through one of them exciting booklets.

Don't quite know NR but I never ever heard of people withdrawing overpayments back before.

Don't be surprised if they tell you to get a special loan.

unite79

Angel, it is quite common, the new criteria says it is based on your current circumstances, N Rock have decided that sensibility should at last be used when they are lending money!

I like you utalised this feature, and have come a cropper!

payless

Many people borrowed upto max allowed at time ( based on income/ LTV) and immediately overpaid - thinking they then had access to the overpayment

apples1

I am in process of applying for northern rock mortgage, the broker did tell me that unlimited overpayments were allowed without penalty but he also made a point of telling me that unlike in the past the "borrowback" facility is now subject to checks. He used the example "if you overpaid and then wanted some/all of it back to build an extension or buy a car they would allow it but if you wanted it back because you had lost your job they wouldn't.

I have not had a NR mortgage before and would feel rather cross if I had been expecting to have the money back whenever I wanted it but was then told no. I got the impression this was a new thing so surely to apply it retropectively to mortgages that were already running they would have had to have notified you (if they were allowed to make such a major change at all). As I am going into it eyes open I am happy with their terms.

serendipity25

Hi All,
I am in the process of requesting to Borrow Back with NR and was wondering how you got on? What checks did they make etc?
Thanks