Northern Rock Borrow Back changed procedure - Am I screwed?

saynonto0871

2 years ago I borrowed back £4500 with absolutely no questions asked.
Last week I called borrow back £2000 & was given the 3rd degree.
My contractual mortgage payment is about £360 but I voluntarily have set the DD at £600.00 (which is what the payments were when the mortgage was new)
Borrowing back £2000 would make the monthly payment about £365.00 but they still insisted on an "affordability check" despite a history of regular overpayments over the last 4 years.

RecoveringAlcoholic

2 years ago I borrowed back £4500 with absolutely no questions asked.

The Party ended in September 2007.


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Wakey2008

saynonto0871 wrote: »

2 years ago I borrowed back £4500 with absolutely no questions asked.
Last week I called borrow back £2000 & was given the 3rd degree.
My contractual mortgage payment is about £360 but I voluntarily have set the DD at £600.00 (which is what the payments were when the mortgage was new)
Borrowing back £2000 would make the monthly payment about £365.00 but they still insisted on an "affordability check" despite a history of regular overpayments over the last 4 years.

They have to checks to ensure their lending is prudent. If they just loaned money to anyone then they would find themselves with a hell of a lot of repossessions and arrears cases because, believe it or not, people do abuse soft lenders.

For all NR know, your circumstances have changed and giving this borrowing to you is increasing the risk to themselves and the taxpayer.

Would you lend someone your money without knowing how they can pay it back?

Prudent

I used to have a NR flexible mortgage. I loved it - no penalty overpayments and it was portable. It clearly stated on every statement that re-draws were at their discretion.

trynsave

As a 'borrow-back' seems to be out of the question for your circumstances, have you asked if you'd qualify for a payment holiday instead?

I don't know how much your repayments are, but if you were able to save them up over the course of a few months would that help you out enough?