Opinions on Northern Rock???

mhay_3

Northern rock do not do any deals with extended tie ins anymore, just be careful if you the cashback offered alongside the deals, this may have a longer commitment

dwight-van-man

Re above, Help With Costs (£700 cashback) has a tie in of its own of 3.5 years, regardless of the term of the product, for purchases. There are no products which carry an erc overhang anymore.

mhay_3

a believe if you take a new mortgage out with northern rock they tie in is 1.5yrs. it's only 3.5yr tie in if you are an existing borrower. this was the case a few weeks ago mind, may have changed.

ElSkinto_3

:eek: think I should just live in a caravan :rotfl:

dwight-van-man

mhay wrote:

a believe if you take a new mortgage out with northern rock they tie in is 1.5yrs. it's only 3.5yr tie in if you are an existing borrower. this was the case a few weeks ago mind, may have changed.

Its the other way round - for purchases, the HWC tie in is 3.5 years, for remortgages its 1.5 years, whether you are a new borrower or an exisiting borrower.

dwight-van-man

ElSkinto wrote:

:eek: think I should just live in a caravan :rotfl:

A caravan in Scotland - you're a brave man (or woman!) - have you seen the weather today:think:

ElSkinto_3

yeah I know my work building is actually shaking

There's a flat going to closing tomorrow that I wanted to offer on but solicitor says I need to offer 95+ to be in with a chance. Lots to think about tonight then :undecided

dwight-van-man

Key thing is to only offer what you're comfortable with - you never know who you're bidding against - you might find at this time of year thatyou are up against fewer buyers and the seller may well be under pressure to move so may accept less than they would say two months down the line. So you might get lucky!

mhay_3

existing borrowers definately 3.5yr tie in dwight

dwight-van-man

Thats what I was saying - but for a purchase, whether a new borrower or an existing borrower moving or porting, the HWC tie in is 3.5 years. Your initial post said you thought the HWC tie in for new borrowers was only 1.5 years - this is correct only for new remortgage business.