Northern rock together mortgage additional borrowing question

pstones578

Anyone know what sort of multipliers NR use? Me and the misses are looking to move but I'm wondering what additional borrowing we can get off NR, if I knew the multipliers they use obviously I could work it out. Can anyone help please?

kingkano

They are fairly flexible with regards multipliers but it really does depend on your credit rating/situation. Have you consulted a broker at all? What kind of salary do you have and what kind of multipliers are you looking for?

pstones578

kingkano wrote: »

They are fairly flexible with regards multipliers but it really does depend on your credit rating/situation. Have you consulted a broker at all? What kind of salary do you have and what kind of multipliers are you looking for?

One salary is £33,000 and the second is £15,500. Looking to get £150,000 approx.

kingkano

Only just over 3x joint? You could get that from almost anybody, although if you need the more than 100% borrowing then NR are one of the lenders that do that. Their income multipliers go well over what your looking at (5x in some instances). NR might not even be your best choice... I'd recommend you consult a Mortgage Broker who can tell you what other options you might have.

homer_j_3

On together products (over 95% lending)
Income band of £32,501 - £100,000

High/Medium/Low credit rating (1st number = income multiplier on a product which has benefit of less than 5 years. The 2nd income multiplier is for products with benefit period of 5 year of more)

High 5.1 or 5.6

Medium 4.3 or 4.8

Low 3.1 or 3.3

On Normal products

High 4.6 or 5.1

Medium 3.8 or 4.3

Low 2.9 or 3.1

These are the income multiples available to intermediaries. I would call NR direct or consult a broker who can assess your needs fully.

pstones578

The property we are looking at is about 170-180k so we will be chipping in 20-30k ourselves so it won't be anywhere near a 100% mortgage. Reason I want to stay with NR is that we are only 1 year into a 3 year fixed of 5.19% so I think the interest rate is okay and don't want any mortgage exit fee's or have to pay the £1000 cashback back that they gave us a year back.

homer_j_3

The good news is that with Northern Rock, providing your affordability is OK and pass normal underwriting, you will get the same rate on all of your additional borrowing. That is something not so common with most lenders.

I am not sure what admin fees you will have to pay but call them and they will advise. Dwight Van Man may know also as I think he works for them or has close connections.

dwight-van-man

Sadly yes, I work for an Evil Bank and am dedicated to bringing about thier downfall from within:p

NR porting policy is as previously stated - all new borrowing is available at the same rate, providing you are on one of the flexible deals which it sounds like you are. If you are taking extra borrowing, you will pay two fees - the valuation which is inclusive of the valuation commission fee, and a £250 fee for the additional borrowing. Its also worth being aware that if sale and purchase don't happen same day, the erc is charged in full and although its refunded on completion of the new mortgage, its not sent with the loan funds, rather its refunded within 14 days. I would also point out that porting applications are fully underwritten as if you were a new client and although the product/mortgage is portable, this isn't a guarantee that NR will approve your application (not implying anything, just want to make you aware of all possibilities!!)

Hope that helps...