Northern Rock Together

Rhonda

My partner and I are first time buyers. We have left it until our 30's to get on the property ladder.
Our IFA has offered us a NR Together mortgage as our best option at 6.1
We would like to buy a £450,000 house.
We earn £90,000 and £70,000 respectively but only have £18,000 saved which would pay our stamp duty and solicitors fees.
We have one loan of £12,000 and a very solid credit history.

does anyone know if this is a decent deal or if there would be anyone else out there willing to offer 100% on this amount

Thanks

tonydee

6.1% seems high at present. Plenty of brokers on here to advise and use.

Have a gander at Nationwides website.

MortgageMamma

Hi there,

If its only 100% you want and no more, then there are plenty of lenders that would be willing to advance you that amount, the thing is with northern rock, the better your credit history and the longer you will tie in to NR for the more they are generally willing to lend you. However you are well within the income multiples of several large lenders that I feel could offer you a better deal than this, but without knowing your full circumstances it would be foolish of me to direct you straight to an alternative lender as you may not fit their lending criteria, and mulitple credit checks can damage your rating.

I would suggest you either instruct a fee's free whole of market broker to explore other options for you or ask the advisor you have instructed so far why it is he has recommended northern rocks together product, and perhaps ask the advisor to show you the sourcing result.

shippers

We had a Northern Rock Together Mortgage and are remortgaging at present for a better rate to lower our monthly payments. The only problem being they increase the interest on the unsecured part of the loan by 5% if you remortgage to another lender in the future. Even with this interest increase our monthly payments are still less with another lender.
I would consider The Cooperative Bank they had good rates for 100% mortgages the last time I looked, hopefully they'll lend you what you need.

HelpWhereIcan

Obviously, a lot depends on what basis your IFA has decided that the Northern Rock product they have reccommended is the 'best' one for you. Moreoften than not, it comes down to a lot more than rate e.g flexible features, underwriting approach, length of deal, fees to set the deal up (particularly Higher Lending Charge - potentially £000s) etc etc.

However, I would suspect that the main thing that restricted his choice was the loan amount you are looking for. Most lenders that offer 100% deals will have a maximum loan of £250-300k on 100% deals.

Other options for the loan amount you are looking for include Scottish Widows and Standard Life Bank, but both of these lenders will look at your application on their 'professional' scheme only, ie certain occupations, normally the traditional 'professions'.

Speak with your IFA and ask them toclarify the basison which they have reccomended Northern Rock for you.