Opinions on Northern Rock???

MortgageMamma

Have you looked at coventry building societys similar product? www.thecoventry.co.uk

ElSkinto_3

Thanks I'll give them a call

ElSkinto_3

hobo123 wrote:

Have you had a seperate quote for the PPI and insurance as they may not be your best option they will try to sell you it but shop around for best quote. I have the together mortgage and had taken it as 3yr fixed which runs out this year I am moving and they have allowed me to keep the same terms so I dont have an early repayment charge which in theory is good but the rate I am getting is not particularly great bear this in mind when deciding on the term.

do you know anyone who is good and reliable that provides these? :question:

mhay_3

the coventry probably do a more cost effective one called the MOREgage, but max term is 30yrs i believe.
one thing i would say is do not take out northern rock's insurance policies, they are underwritten by high premium companies, who maybe don't offer the greatest of services. Do not go for a 5 yr deal either if there is only 10% unsecured, this can be combined with the mortgage to get a lower rate in way less time.

From what i can understand from your post, you could be looking for a mortgage on anything upto a 95k flat.

in that case there would be

90250 secured
10070 unsecured (loan)

This would work out at around £558 with the cov, term being down to 30yrs though, and not inclusive of insurances. Northern Rock's isnt too different, but i'd need more details of the exact figures showing on the KFI to delve any deeper.

hope this helps

michael

ElSkinto_3

Thanks, what's a KFI?!

herbiesjp

KFI = Key Features Illustration ( a quote)

ElSkinto_3

Ah ok

Well what Northern Rock did was work out the maximum I could borrow based on my salary of 22 so it's 95 as secured (mortgage), 10.6 as unsecured (loan) over 5 years fixed with repayments of £650 (including PPI, buildings & contents - I never received a quote without these) but I just wondered if there was anyone else who would loan me similar for smaller repayments on a fixed term of less than 5 years. Abbey offered similar over 3 years which I'm quite chuffed about but need to find 3% deposit:rolleyes:

mhay_3

the abbey wont get you a loan alongside your mortgage either.

Freakishly i've just spoke to a client who i'm taking to coventry building society over northern rock, cheaper fees and rate. try these.

i would also look independently for your insurance, dont tie yourself to the company you're getting a mortgage with!

dwight-van-man

NR have probably quoted you on a five year deal as this gives a higher multiplier than the shorter term products. Would be worth checking what is on offer for a 2 or 3 year deal - the dip that was run to give you the five year figure will also contain the shorter deal figure so you would just need to phone and ask for it.

BM Solutions also do 125%, although the term is a max of 25 years, it doesnt offer interest only and I beleive the offer states you have to provide the 5% difference between secured and purchase price from your own funds, even though they send the unsecured at the same time. Best to check that out but it give you another option

maryjane01

With NR check how long the fixed period is compared to the amount of time you are tied to them with early repayment charges. My husband got stuck paying SVR for 6 months before he could switch to another lender.

To be fair he got a mortgage worth 125% with NR, bought a house that needed comlpete modernisation and he has done very well out of it all, so it is definitely a product that can work well for some, but it all depends on your personal circumstances because their rates aren't great and they have a lot of additional fees to consider.

Definitely see a broker.