Northern Rock Base Rate Guarantee Mortgage

LPGuser_2

I have a fixed rate deal with Northern Rock that is ending.
They will put me in their Standard Variable Rate (SVR) minus 0.25% Loyalty Bonus because I've been a customer for over 7 years - mind you I had to argue for this - which makes me think they may be holding back on information given that want to get rid of customers.
I remember receiving paperwork from Northern Rock about the Base Rate Guarantee a few years back.
This guaranteed that their SVR (for me) would not exceed (say) 2% above BoE base rate.
I remember thinking; what use is a promise to hold the SVR at more than (say) 2% above BoE base rate - it'll always be cheaper than that.
Now, though, of course, 2% (for example) above BoE base rate would be a bargain - especially because their SVR is so high.
Does anyone out there qualify for the Northern Rock Base Rate Guarantee?
What do you need to be eligible?
Does anyone have paperwork relating to this?
Will I find details on my first, original Offer of Mortgage Letter from 1998?
Thanks for any help.

chivers1977

"My Northern Rock mortgage has a Base Rate Guarantee. How does a Bank of England Base Rate change affect me?

We will continue to honour all Base Rate Guarantees where applicable. Where a mortgage has a Base Rate Guarantee the interest rate charged will be amended the first day of the month following any change to the Bank of England Base Rate. Please refer to your Offer of Loan for the full terms and conditions of your mortgage deal.

We will write to you ahead of any change being made to the interest rate that is applied to your mortgage."

LPGuser_2

@Chivers1977
Thanks for that - I know what the website says but my question is about my (potential) entitlement to the Base Rate Guarantee from some time in the past. I really can't remember, but I'm hoping that the Base Rate Guarantee I was told about could say something like:-

"We guarantee that while you remain a customer of Northern Rock, if you are not on a fixed rate or other special product we guarantee that you will benefit from our Base Rate Guarantee etc. etc."

IF this were the case then this guarantee would apply (even though it's not specified in my latest offer of mortgage letter).

This is the reason I want to know who out there is qualifying for the Base Rate Guarantee, and if they can tell me where to look/what to look for/what to ask Northern Rock about

(Remember, my experience is that, although I clearly AM entitled to the Customer Loyalty Discount of 0.25%, I have also been told on one occasion that I was NOT entitled, so I'm not inclined to believe/take at face value everything I'm told by Northern Rock)

So, if there's anyone out there actually benefiting from the Base Rate Guarentee, and knows how it operates, and where its details are written down, I'd appreciate it if you could share information about it with me.

Thanks

sammyjammy

The only place where it'll be written down and apply specifically to you will be inyour own mortgage paperwork, you'll need to look at your most recent key facts andmortgage offer documents, I guess if its not in there you won't be eligible.

donstermonster

Standard Variable Mortgage Rate

• Our Standard Variable Rate for mortgages is currently 4.79%
• Our Loyalty Rate for qualifying customers is currently 4.54%

Questions and Answers:

What is the Northern Rock Loyalty Rate and how do I qualify for it?
The Northern Rock Loyalty Rate is a discount of 0.25% from our Standard Variable Rate and applies if you meet the following criteria:

• you are an existing residential Northern Rock mortgage customer and have held your mortgage with us on the same property for 7 years, and
• your mortgage payments are up to date, and
• you do not currently benefit from a special rate (such as a fixed or tracker rate), and
• you are not currently within an Early Repayment Charge period