Northern Rock Rip off on further advances

flammable999

VIGILANT22 wrote: »

I think redstone should have been more honest with you.......

how do you mean?

VIGILANT22

flammable999 wrote: »

how do you mean?

I explained to you before when you posted about extra borrowing...

Redstone Mortgages PLC is NOT a lender.... It is an SPV (Special Purpose Vehicle) that holds securitised mortgage portfilios on behalf of investors.

Mac600

dunstonh wrote: »

Its more like having an Audi A4 and going back years later to ask for an Audi A6. The scale of what you are doing is a little more then just alloys - in audi speak

There is a list a mile long following the credit crunch.

Hardly a new A6 as I want to keep the existing mortgage and simply arrange a further advance. Not exactly difficult for a lender to do.

As for the list a mile long, would you care to elaborate as I was chating to a BDM of a large national mortgage network and he was unaware of NR stance and the senior account manager at NR was rather reluctant to confirm this situation. The BDM wasn't aware of any other big mortgage players who were also taking this stance.

loopy_lou_6

We are with NR and have been for 5 years. Now been transferred to NR asset management, no more lending. We are in a 10 year deal, which we're happy with but should we ever need to increase our borrowing we cant get it from nram and so our product is essentially not portable, in the sense that if we moved we would want to borrow more and we couldnt. but we would also have to pay heft erc's. I found out by COMPLETE accident that nr are refunding ercs in certain circumstances, and have a letter to that effect. I hope this helps someone. We are in the process of reluctantly remortgaging just to get out of nr deal while we can. Will dig letter out and quote if any one needs this info. Maybe should go up in the weekly e-mail for others whose hands are tied by this situation of no longer being able to get more funding if they need it, but are also in an awkward situation of being tied in at the same time. I must add we've always been happy with NR, and would ideally stay with them

VIGILANT22

Quote We are in the process of reluctantly remortgaging just to get out of nr deal while we can.

Whatever for?

loopy_lou_6

Because we are wanting to move soon and we will be upsizing and therefore will need additional borrowing, which NR are no longer doing under the Asset Management part, which is where we fall under. The offer to refund our ERC's should we remortgage is for a limited time only( till June) so we are getting out now while we can. Its a shame, we love this mortgage, 10 year fixed rate, flexible, so we can overpay or underpay, we have overpaid loads into it. I know we are getting our ERC's refunded, but we also paid quite a substantial arrangement fee for this mortgage, over £1,000. Thinking that we would have it for the 10 years and be able to port it, which it absolutely says in our terms and conditions. I cant help but wonder whether we could also get some of this refunded, as we are know having to unexpectedly pay more fees to remortgage. But they are not lending anymore to us people who already have a mortgage with them and have run it well. Go figure!

darden36

Hi - whats erc's? I didn't get a letter about refunding them?

VIGILANT22

Quote: whats erc's?

Check your mortgage offer..............

picardygirl

loopy_lou wrote: »

We are with NR and have been for 5 years. Now been transferred to NR asset management, no more lending. We are in a 10 year deal, which we're happy with but should we ever need to increase our borrowing we cant get it from nram and so our product is essentially not portable, in the sense that if we moved we would want to borrow more and we couldnt. but we would also have to pay heft erc's. I found out by COMPLETE accident that nr are refunding ercs in certain circumstances, and have a letter to that effect. I hope this helps someone. We are in the process of reluctantly remortgaging just to get out of nr deal while we can. Will dig letter out and quote if any one needs this info. Maybe should go up in the weekly e-mail for others whose hands are tied by this situation of no longer being able to get more funding if they need it, but are also in an awkward situation of being tied in at the same time. I must add we've always been happy with NR, and would ideally stay with them

So you are remortgaging to get away from NRAM not moving house, I was of the understanding that NRAM were only willing to "possibly" repay ERC's if your were moving house and borrowing at least an additional £3k from your new lender? Is that not correct? What did your letter say?

MortgagePerson

If you take out a mortgage for an initial fixed period, you cannot apply for a FA on the same deal That deal sell date has passed

So when you apply for additional funds, another product has to be sources and produced which is not the same as the initial mortgage/product

That said, it appears that Northern Rock "may" have offered you a secured loan as the interest is that associated with such loans It may be their policy for offering FA'S