Halifax / Northern Rock = Early Repayment Charge confusion

Hello4321

Hi

Can anyone help me please?

I went to Halifax a couple of months ago to change my bank account and a mortgage advisor came into the room to say ask if I had considered remortagaging.

I explained that I was tied into my mortgage with Northern Rock for a further 3 years to which she explained that Northern Rock had waived all their Early Repayment Charges.

The remortgage was due to complete at the end of this month however NR have now sent a redemption statement through with a £3K ERC on it. NR say that they are not waiving any ERCs. Halifax say that this is the first one that they have come across where the ERC has not been waived. An employee at Yorkshire Bank also informed me that NR were waiving their ERCs.

I feel very aggrieved because we only agreed to the remortgage for extra money for our wedding next year and have lost months where we could have saved but didn't due to the extra funds we were due to receive. Halifax also managed to convince us to change our life and buildings and contents to them in the process - all in all, they haven't done bad out of us.

I would be grateful for any advice from anyone. I have already asked Halifax for a copy of their complaints procedure.

Thank you in advance

Partridge89

If you mortgage is with the new Northern Rock (not NRAM) NR will not waive the ERC. NRAM (the original NR) no longer offers new products and does waive any ERCs. A case of a little knowledge being dangerous on the part of Halifax/Yorkshire.