Rock Mortgage

cooper9666

Hi everyone, not posted before.
I have a mortgage with the rock that the fixed rate runs out on in November.
Since I took this mortgage out 3 years ago my circumstances have changed and I now have several defaults on my credit record.
I am worried regarding the sale of northern rock and if the new owners might call in the mortgages as I dont think I will get a new one based on my credit score even thoughh I have not missed a single payment in the 8 years I have a mortgage.

Can someone advise me if I am worrying for no good reason.
Thanks

NeilQuinn

Borrowers will be okay. The existing terms of your mortgage won't be affected. They can only call a mortgage in if you don't pay it.

As regards the defaults, there are plenty of lenders who ignore defaults depending on the loan to value. They're normally sub-prime lenders but their rates are mostly better than Northern Rock's current deals anyway!!

cooper9666

I think I ma expecting my mortgage to increase by approx £80 per month and can live with that, do you think I would do well to remortgage with northern rock as I have been told that they cant refuse anyone that is an existing customer of they are up to date with payments.

NeilQuinn

They'll normally switch you to another of their deals without any problems. There'll still be an arrangement fee to be added to your loan & their rates aren't fantastic at the moment. I can't see them turning you down because as you say, your payments are fine and as long as your not asking for further borrowing they've no reason to do a credit search.
Depending on the severity of your defaults, it may still be worth checking out other lenders such as Birmingham Midshires, Scarbrough B/Society and GMAC. They all ignore defaults.

cooper9666

Thanks,

I cannot believe the help that you can get on this site.
Will it matter that I have 3 currntly unsettled defaults but have made arrangements with the concerned companies that they are happy with and have no missed payments with these for last 12 months.

I am not sure if Northern rock check, possibly would try elsewhere but still aware of my credit record.