A little advice please !!!!!

archer85

Hello
Please can someone explain to me how a take over of Northern Rock would effect existing mortgage clients ???

I have been with them for a bit now and have a pretty good package with them, but am slighty un certain at the moment. Especially with people at work saying ''id watch northern rock if i were you'' therefore casting unwanted stress.

Can the company who take over NR change Term and Conditions etc ???

Also........:o


At the moment they have granted me a 5month maternity payment break that finishes next Feb 08. I did prior to this temporaily switch from repayment to interest so we could save for our babies nursery and NR were understanding enough.:j
I am worried that after all this going on with NR they may try and change our terms and conditions when i ask to switch back to repayment i.e interest etc.

I would appreciate advice .... thankyou

dunstonh

Please can someone explain to me how a take over of Northern Rock would effect existing mortgage clients ???

No different to any other takeover or merger. They cannot change the terms of your mortgage if you are in a tie in. They can change new business and the variable rate available to you after deal expires but thats about it.

Especially with people at work saying ''id watch northern rock if i were you'' therefore casting unwanted stress.

And these people at work are experts in the financial services?

I am worried that after all this going on with NR they may try and change our terms and conditions when i ask to switch back to repayment i.e interest etc.

Switching between interest only or repayment doesnt alter the terms of the mortgage. That is just the repayment method.

archer85

Hi,
Thankyou for that :j it doesn't help with the media hype casting more shadows over existing NR clients. Especially having people at work who like you say are not financial experts and in opinion know alls he he

:beer:

dunstonh

The media was a disgrace with Northern Rock coverage. They were scaremongering and instead of asking experts to give opinion on the news, they went to people in the queues asking them what they thought. As if the average person has a clue of the financial security of the bank or the safeguards that are in place.

archer85

dunstonh wrote: »

The media was a disgrace with Northern Rock coverage. They were scaremongering and instead of asking experts to give opinion on the news, they went to people in the queues asking them what they thought. As if the average person has a clue of the financial security of the bank or the safeguards that are in place.

Very true it certainly put unwanted stress on thousands of family's, there is one more person at my work who has a mortgage with NR and is concerned just like me. It really doesn't help with individuals who have no tact and make unwanted comments.
Thankyou very much for your reassurance it has been very helpful for me :money: If there were more people out there who know exactly what happens in these scenarios there would be less panic and more understanding.

But instead the media blow it out of the water as per usual :mad: