Northern Rock - please advise

Ads1982

Hello all

I currently have a mortgage with Northern Rock. My partner and I are looking to sell our flat and upsize to a house. In order to do this we will need to borrow about an extra £50k. When we first got our mortgage we were given a low credit score. Having kept a track of this I now believe we would fall into the medium category.

My question is does anybody know if they are flexible when it comes to extending their income multiples slightly? 4.5 times our wages would leave us a little bit short if we were to move. However, we would actually have a deposit this time (due to increase in value of our home) and have been a customer for over a year and have never missed a payment. The rep from NR who I spoke to the other day suggested to me that they may be able to get the underwriters to increase the initial figure because of this, but I was not sure if he was just trying to get me to do a credit check to get business.

Has anybody got any experience in this?

Oh, and another question...does the mortgage figure they quote you expire 3 months from when they run the initial credit check (and give you an agreement in principle) or 3 months from when you actually apply for the mortgage?

Any help appreciated.

Thanks

Cazza

Hi! Northern Rock will look at applications flexibly, so definitely worth a try if they have said it's worth it! As far as the rate is concerned, this will only be secured when you send in a full application, the credit score n the Decsion in Principle is valid for three months, but the rate they've quoted is irrelvent until you've sent in the full application form. Once you've sent in the application form, you shold be ok with the rate for 6 months from the date they issue a mortgage offer. You may be alright for longer than this, but it'll be down to Northern Rock's discretion!

Ads1982

Hi again!

We have had our place valued now so will definitely have a deposit now (even allowing for potential over valuation by the estate agents). Before I speak to Northern rock I just wanted to check something out with the forum! I have a personal loan of £246 a month. My Mother contributes half towards this....she gives me the cash each month. Am I right in thinking Northern Rock will not take my Mother's contribution into account, or can I declare it as an income when I call them for an agreement in principle?

Cheers

MarkyMarkD

It's not income, and it's probably not going to count as there's presumably nothing to force your Mum to pay it.