Current mortgage with Northen Rock

Ara_3

Hi,

My fixed period with Northern Rock has just ended. I've seen on other threads that is it possible to ring up the current mortgage provider and they can organise another fixed period. Northern Rock are also one of my creditors (I got a together mortgage five years ago) and i wondered how likely they are to give me another fixed period. Does anyone know?

Also, as part of my IVA I had to change my mortgage to interest only. NR have only agreed this for 12 months, I'll have to try and re-apply for another 12 months in February 2011. Is it normally to re-apply for this every year and what happens if they dont agree?

Any advise will be much appreciated.

Charco_2

Why would they not agree? They're the company who insist that you go Interest Only when you include them in an IVA! First bank to have it's hand out for bail out when the !!!!!! hit the fan and yet they have no mercy when grinding the same taxpayers into the ground in their moments of need!

I suppose they only do it on an annual basis incase you fail your IVA - coz then they'll be able to put you back on capital repayment instead of feeling you're getting away with anything for a few years.

It should be straight forward enough getting a new fixed period with them. It would be a vicious circle otherwise. You'll only have a set amount of income, only have so much to go around so either NR increase your Mortgage and you reduce or IVA payments or they renew on the same terms and you your IVA isn't affected!