Northern Rock mortgage online balance

marky_b_2

Hi, I have just started making overpayments to my NR mortgage account and I would like to see the balance coming down each month but alas NR are saying that they don't have an online facility for this:mad:

I have only spoken to one customer service rep so he could (hopefully) be wrong, if it is true they don't have an online service.....why?

I want to start seeing the years falling off:D

Rant over

Mortgage at present 61000 ish paying back £542 to mortgage (capital and interest), just made my second overpayment of £300 so looking at a target rate of about 7 years. Although hopefully within the next year to two I will try to increase the overpayments further:T

It feels good:j

Curv

Hi Mark

I expect NR don't have an online 'watch your balance decrease and the years fall off your mortgage' facility because they wouldn't want to encourage that sort of behaviour... it's not really in their interest, is it?

You could always use one of the excellent calculators scattered around this site, or even make your own if you are an Excel whizz. I'm not but my DH is pretty slick - he's cobbled together something that might not be precise to the penny, but it allows me to input all sorts of scenarios to see what effect it has on our loan, term-wise. I'm always having a dabble with it, imagining what would happen if I got a job... if DH got a promotion... if we ate nothing but beans on toast for five years... :rotfl::rotfl:

Good luck with the overpaying - here's to having hours of fun watching those years dropping off :beer:

Curv x

marky_b_2

Thanks Curv, aye right enough.

I have a couple of calculators that show me the mortgage decreasing, I just wanted to see it in writing from NR:D

I canny believe how easy it has been to knock years off the mortgage, and I only found out by accident.

I started with a 2 year 100% fixed in Aug 2003, my mortgage was for £71500 but had a indemnity of £3000:mad:, didn't know about this till I had signed paperwork, didn't even know what it was.

After 2 years of paying £420 a month my mortgage balance was still slightly over £70000:mad:

I was looking round for a new deal and noticed that NR where doing a 15 year fixed @4.89%, I didn't think that I could have afforded the extra payments but I found out from on online calculator that I only had to up my payments to £540 a month. I took this deal in Aug 2005.

So this knocked eight years off straight away and saved £32000 in interest.

I started making overpayments of £300 at end on May 2007 and hope to have mortgage paid off in another seven years at most.

So will hopefully have paid my mortgage in Aug 2014, this is brilliant as I will have paid of my mortgage in eleven years or less:j

Kaz2904

OOOH, my worry bell is ringing now!
Does that mean you are tied in until 2020? If you are then you need to be very careful that you don't go all gung ho at the end and get stung with massive repayment penalties.

marky_b_2

Kaz2904 wrote: »

OOOH, my worry bell is ringing now!
Does that mean you are tied in until 2020? If you are then you need to be very careful that you don't go all gung ho at the end and get stung with massive repayment penalties.

Sorry should have mentioned the restructuring:o

Yeah, there is an early redemption penalty of £2000ish, I have checked with NR and I can restructure my payments at any time so when I have a few payments left I will divide this by my balance of years, they said that I can make as little as £10 a month payment, so I know I wont be exactly mortgage free but I hopefully wont miss whatever the very low payment is:D

Just a pity they couldn't waive there charge:rotfl:

comping_cat

Im with the NR, and i have access to online banking for my mortgage!!

I log in, and goto the NR review your mortgage service - its not as straight forward as normal online banking, as you need to go through the motions of re mortgaging, but you dont have to carry on to actually remortgage, just as far as balance as of that day - it tells you if the balance has changed, also how much your interest rate is, when any offers expire, any early redemption figures and finally your balance!!!

comping_cat

https://online.northernrock.com/ETS2_MRO/displayView.do

Think this might be the link you need to register.

marky_b_2

Thanks for the link, I did have a look at that earlier but didn't register.

I will be giving them a call tomorrow to register.

Thanks very much

kingkano

Interesting backdoor catowen I am about to start a NR mortgage and was also a bit miffed there is no online facility. Maybe if we all start asking for it loads they'll pull their fingers out eh!

klare_2

Im also with NR and would love to have online mortgage facility so that I can transfer stuff over easily and see how the balance is on that day.
Maybe we should start up a petition, not sure that individual letters would make a difference, they are too easy to lose or ignore.

teapot2

Me too, me too:j :j