Northern Rock

rustyballz

I applied for a northern rock secured loan over 2 weeks ago now.

They did credit checks, the underwriters did their thing, they DESKTOP valued my house, and then got 3 months payslips and statements.

Now I hate to whinge, but i keep getting told different things on the phone. Last thursday a bloke said its done and paperwork should be on its way.

Today no letter, so i phoned again, only to be told that the underwriters have not authorized the load yet, but paperwork should be here by end of week.

Its really starting to annoy me now!

rant over.

Mindspace

I'm not sure if this applies to you or any other customers of northern rock!!!

Recent Credit crunch in financial markets, have put more pressure on Northern rock to sell debt on wholesale markets. So, they have slowed down a bit on lending. In fact, my reasoning should not apply to you individually, but when you take the lending market as a whole, the credit crunch might be the root cause. NR, insists that they have enough liquidity to meet their current lending arrangements.

There is not much to do right now rather than wait and put up with their excuses!

rustyballz

Paperwork arrived today for the full loan amount!

I dont see how others are having problems, as my credit isnt exactly good, in fact its quite poor!

Phantom_Flan_Flinger

The secured loan process take longer because of the checks they do.

Their unsecured loan paperwork usually comes through in a day or two.