Northern Rock Borrow Back

serendipity25

Hi All,
My first post here !! I have read the other posts on Northern Rock changing their criteria with regards to their borrow back scheme and was just looking for some input.

I paid £400,000 off my mortgage earlier this year. I knew that I would need access to these funds later in the year so I spoke to Northern Rock several times for them to confirm that there wouldn't be any problems in Borrowing this Money back and even asked them to send me a letter in writing (which they did).

I now need to Borrow Back most of these funds, when I phoned them up they said they would send me a form.

After reading the posts on this site and other information on the internet, I am worried that they may not sanction the release of my money.

I refurb property and also do freelance IT work, when I took out my mortgage about 2 years ago I used their fast track mortgage with an 85% LTV as it is difficult for me to prove my income.

I was wondering if anybody has any thoughts on my situation, if anybody has actually been turned down for the BorrowBack. I am looking to buy a holiday let with the cash and was wondering if Northern Rock might look on this in a negative light.

Any advise/thoughts would be appreciated.

Conrad

Borrowing back will still be caught by the 'responsible lending' rules, so there is a chance they could decline a request. Otherwise you would get situations where for example a person had since become an alcholic, lost thier job and so on, borrowed back and then spent the money which leads to a repossession order - but the innocent parter / children would then make a noise in court complaining the lender had not leant responsibly.