Northern Rock - portability

foolishqueen

Thanks for the reply. I am a bit confused though with regards to what you said about the unsecured element. I would transfer this over in terms of keeping it with my mortgage deal, but I would not be in a position to pay it off. Therefore I assume if I port, the rate on this will shoot up? I will give them a call over the weekend.

Indispensable_Hobbes

i think the £250 porting fee is applicable where additional funds are taken.

you'd have to pay discharge fee on old account to release charge on property, valuation fee, early repayment charge - possibly part of this will be waived when you complete on the new property.

if you dont repay the unsecured the rate will increase, call up and ask to speak to homemovers they'll be able to go through it all.

MarkyMarkD

MarkyMarkD wrote: »

Who exactly charges the arrangement fee again?

It's not fair, or true portability, if that's the case. Once you've paid the fee, you're entitled to the product for its term - irrespective of whether you port it to a new property.

Mysterious lack of reply from leon. Perhaps NOBODY charges the arrangement fee again, eh?

pickles_pink

jenyking wrote: »

i think the £250 porting fee is applicable where additional funds are taken.

you'd have to pay discharge fee on old account to release charge on property, valuation fee, early repayment charge - possibly part of this will be waived when you complete on the new property.

if you dont repay the unsecured the rate will increase, call up and ask to speak to homemovers they'll be able to go through it all.

I've just looked into this as I'm hoping to be on the move soon. They Charge £250 porting fee, £250 additional borrowing fee an absolutley extortionate valuation fee (their basic valuation costs more than some lenders offer homebuyers for). In addition you still have to pay the ERC and they will refund it within 3 months, why they dont offer similtaneous port and waive the fee all together is beyond me?

homer_j_3

:T Well done for using the search function. What a refreshing change!

HelpWhereIcan

pickles_pink wrote: »

In addition you still have to pay the ERC and they will refund it within 3 months, why they dont offer similtaneous port and waive the fee all together is beyond me?

Unless things have changed dramaticaly in the last 2 months, NR won't actually take 3 months to refund the erc to you.

If you take your new mortgage out simultaneously they do (AFAIK) waive the fee (although in practice they charge it on repayment of the old one and refund it when they send the money for the new property).

AFAIK the 3 months is the amount of time they give you to take out a new mortgage after repayment of the old one.

I have a customer who paid off a NR BTL mortgage in December, paid his erc and is waiting to complete on a new property at which point he will receive his erc back and keep his old, very attractice deal.

pickles_pink

HelpWhereIcan wrote: »

Unless things have changed dramaticaly in the last 2 months, NR won't actually take 3 months to refund the erc to you.

If you take your new mortgage out simultaneously they do (AFAIK) waive the fee (although in practice they charge it on repayment of the old one and refund it when they send the money for the new property).

AFAIK the 3 months is the amount of time they give you to take out a new mortgage after repayment of the old one.

I have a customer who paid off a NR BTL mortgage in December, paid his erc and is waiting to complete on a new property at which point he will receive his erc back and keep his old, very attractice deal.

That is excellent news thank you.

Thank you to you also homer (I think) .