norther rock early repayment charges

mikeburn2009

Hi,

I currenty have a mortgage with northern rock which is a five year fixed 'together' package. I am trying to move house and have been told by NR that I can move the mortgage with me however I am not sure if they will be giving me as good a deal if I move to another provider. The problem is of course that i would have to pay back early repayment charge and also the help with costs that we recived. Is there a way we can claim back these charges or avoid them altogether.

picardygirl

Are you NR plc or NRAM ??

mikeburn2009

I think I might be NRAM now but i am not sure I would need to check. but if I am what is the difference?

dimbo61

Why are you not sure ?
Have you got the money for a good deposit IE 25%
and also the money to pay the ERC and fees that another lender would ask for ?
When you took out the together mortgage and got help with costs did you borrow more than the property was worth IE Negative Equity the day you got the keys to the property !
You either stay with NR and overpay the mortgage as much as possible over the rest of the fixed term to increase the equity or pay the exit fees and other costs to move to another lender YOUR CHOICE

VIGILANT22

For reference

http://ask.northernrockassetmanagement.co.uk/help/seo/?x=y

beecher2

You'd have to pay the ERC so should factor that into your calculations when you decide whether another lender is a better option. No way of avoiding them.

picardygirl

mikeburn2009 wrote: »

I think I might be NRAM now but i am not sure I would need to check. but if I am what is the difference?

You should have received a letter in the last week or so to tell you.

The difference is NR plc customers can port their mortgage to new property if they meet NR's criteria obviously for new mortgage or apply for additional borrowing. NRAM customers cannot be offered any further borrowing or porting of their mortgage. There is a thread at the top of the mortgages forum, called Northern Rock end of mortgage ..... some of this may help you more.

rozzy_2

picardygirl wrote: »

You should have received a letter in the last week or so to tell you.

The difference is NR plc customers can port their mortgage to new property if they meet NR's criteria obviously for new mortgage or apply for additional borrowing. NRAM customers cannot be offered any further borrowing or porting of their mortgage. There is a thread at the top of the mortgages forum, called Northern Rock end of mortgage ..... some of this may help you more.

In my letter from NRAM they stated I could port my mortgage, I just wouldnt be able to borrow any more from them.

VIGILANT22

The best thing is to hear it from the horses's mouth...give them a call..

gratefulforhelp_2

picardygirl wrote: »

You should have received a letter in the last week or so to tell you.
.

They still haven't told me...

VIGILANT22

gratefulforhelp wrote: »

They still haven't told me...

well ask them...........:D