Northern Rock Together - Remortgage

Dan_Collins_2

A&L and Abbey are available through brokers and the extra is unsecured.

jay_w_uk

If we did manage to negotiate a decent rate with NR, what happens in terms of potential buyers honouring the deal - is it once we've accepted the deal or once we've completed (if at all?)

luckyfool

I was under the impression that the 100% product Abbey launched to the whole market is fully secured, and from industry press that the product offering over 100% was a pilot only available through some branches and that it involved a secured mortgage, with a 2nd charge secured loan on top.

I have had a quick look at the Abbey Intermediary site and can't see any mention of a product being launched for over 100%?

Leon_W

I think you are correct luckyfool. The whole amount is secured on the property. The mortgage is also only available through branches and selected brokers. Who these selected brokers are I do not know so if anyone is particularly interested in the Abbey 100% it's probably worth just going into a branch.

Regards.

EDIT. Perhaps I thought there were "selected" brokers. It may just be available from Abbey direct.

luckyfool

Leon_W wrote: »

I think you are correct luckyfool. The whole amount is secured on the property. The mortgage is also only available through branches and selected brokers. Who these selected brokers are I do not know so if anyone is particularly interested in the Abbey 100% it's probably worth just going into a branch.

Regards.

EDIT. Perhaps I thought there were "selected" brokers. It may just be available from Abbey direct.

Leon - I believe the 100% product is widely available, it's the "Over 100% product which is being piloted through branches. The coverage if it in the mortgage press that I have read has generally been quite negative and criticising it for veering away from the "together" model of 95% secured, £30k/30% unsecured which has been followed by other Northern Rock copycats.