Northern Rock restructure - can I use this to get out of ERP?

just_taylor

Hi All

I have received 'the' letter today from Northern Rock informing me of their restructure.

As part of my mortgage i have a hefty Early Repayment Fee of around £5k, which still has 2 years left.

Due to the restructure is there any angle I can exploit to to move my mortgage to another lender without incurring the ERP? Especially in light that the letter says that Northern Rock has no intentions of offering mortgages in the future,

Many thanks in advance for any help advice on this

Regards

Justin

VIGILANT22

Simple answer is NO....

just_taylor

had a feeling that would be the case!!!

I guess i'm stuck with my arm up my back for the next couple of years, although i did know that when i took out the mortgage i guess

VIGILANT22

You must have known you had a rate for x amount of years when arranging the mortgage.
If it worked like you described, it would mean the lender could do the same, how would you like receiving a letter saying can we have all our money back pls!

picardygirl

just-taylor - there is a thread dedicated to NR at the top of the Mortgage and Endowment forum ... sorry would put a link if i knew how !

VIGILANT22

picardygirl wrote: »

just-taylor - there is a thread dedicated to NR at the top of the Mortgage and Endowment forum ... sorry would put a link if i knew how !

As thoughtful as this post is, it is not going to assist him in writing of ERC's due to restructure of NR...Simply not wanting to raise just-taylor's hopes.

NR is like any other other lender, if you wish to redeem your mortgage you must abide by the terms and conditions of the contract.

picardygirl

VIGILANT22 wrote: »

As thoughtful as this post is, it is not going to assist him in writing of ERC's due to restructure of NR...Simply not wanting to raise just-taylor's hopes.

NR is like any other other lender, if you wish to redeem your mortgage you must abide by the terms and conditions of the contract.

I appreciate that ..... but just thought would point the OP to the main NR thread as i thought may be of interest to them as they obviously have a NRAM mortgage! ! Wasnt pointing them there to get further advice of trying to get ERC waivered ..... as noboby as even mentioned that !

VIGILANT22

[QUOTE=picardygirl;!_Wasnt_pointing_them_there_to_get_further_advice_of_trying_to_get_ERC_waivered_....._as noboby as even mentioned that ![/QUOTE]

Just-taylor did, that was why he posted...

Quote: " Due to the restructure is there any angle I can exploit to to move my mortgage to another lender without incurring the ERP?"

picardygirl

VIGILANT22 wrote: »

Just-taylor did, that was why he posted...

Quote: " Due to the restructure is there any angle I can exploit to to move my mortgage to another lender without incurring the ERP?"

I meant no one has even mentioned that on the Northern Rock merged thread .....

You replied saying SIMPLE ANSWER NO to try and get out of ERC ...... didnt think it needed saying twice!

VIGILANT22

picardygirl wrote: »

I meant no one has even mentioned that on the Northern Rock merged thread .....

You replied saying SIMPLE ANSWER NO to try and get out of ERC ...... didnt think it needed saying twice!

I must be confused....I understood the OP was still in a deal for the next 2 years..I thot the thread you had referred him to was the one where customers had come out of their deal bit still couldnt move, for example having a Together Mortgage etc.....

picardygirl

No the thread i was referring the OP to is a thread that lots of us NR mortgage holders are posting on ...... with just general information and thoughts really ..... thats why i thought the OP would find it interesting reading just generally reading what different peoples views are on NRAM ......

Lots of us are tied in for 1/2/3/4/5 years ..... i'm tied in for just under 2 years and so wish i wasnt!