Northern Rock End of Mortgaged Deal (Merged Threads)

picardygirl

deefadog wrote: »

Interesting, so 2 older mortgages retained on Plc.

Its 3 ! Utopiah, Mrstittlemouse's daughter and tonyfaestoney .... and the latter has got an 80% LTV ! Whilst others on here with under 50% LTV are NRAM (sadly not me).

VIGILANT22

picardygirl

How did Northern Rock decide which accounts would be held by which company?


Accounts were allocated to ensure we deliver value to the taxpayer by becoming more capital efficient. To achieve this, the majority of mortgages and all unsecured loan accounts remain with the existing company, Northern Rock (Asset Management) plc. All customer savings accounts and a small proportion of mortgage accounts have been transferred to the new bank, Northern Rock plc.
Northern Rock is a relatively small bank and most mortgage accounts have remained with Northern Rock (Asset Management) plc as they are associated with our previous securitisation programmes.
Like all banks, Northern Rock raises funding in order to lend money to mortgage customers. In the past we have raised a large proportion of our funding from investors who are assigned groups of Northern Rock mortgages as security. This funding approach is known as securitisation. It is common practice for banks and does not affect the way customers deal with their lender.
Following the restructure, these funding programmes remain with Northern Rock (Asset Management) plc and as a result, all of those mortgages which are linked to them – the significant majority – have also remained with Northern Rock (Asset Management) plc.

http://ask.northernrock.co.uk/help/nr-general/accounts_held

Lisa1984

Held mortgage for nearly 5 years (March 2005) - fixed again for 5 years in 2007 - 68% LTV - I am NR PLC which I am surprised about - still dont get it actually not that i'm complaining!

MarkyMarkD

Exactly as VIGILANT says, not all old NR mortgages were securitised. Most were but some were not.

And whether they were, or not, doesn't necessarily reflect on their quality - although, for example, I would have expected mortgages in arrears at the time securitisations were undertaken to have been excluded.

It all boils down to it being luck more than judgement whether you end up in NR or NRAM.

utopiah

Deefadog Yes I have made overpayments on my mortgage have a borrow back mortgage with them fixed for 15 years at 5.49% (10 years remaining).I have never taken a payment holiday or borrowed back any overpayments, currently £4000, I have never been in arrears and have a 55% LTV.

picardygirl

MarkyMarkD wrote: »

It all boils down to it being luck more than judgement whether you end up in NR or NRAM.

So it seems :rolleyes:

Deleriad

I seem to recall that something like 75% of NR's mortgage book was funded through wholesale markets rather than retail deposits pre-2007. That means a max of 1/4 of people with NR mortgages could be transferred over to the new bank. I strongly suspect that no one with a Together mortgage or less than 15-20% in equity will be transferred. Clearly no one in arrears will be transferred. Take that all into consideration and you get the widely held-figure that about 10% of the current mortgages will be transferred.

tonyfaestoney

deefadog wrote: »

Interesting, so 2 older mortgages retained on Plc.

Can i ask if you have both made overpayments? Just thinking that people who have been making overpayments look like they will clear the debt first so were put on NRAM? Just a thought...

No I have never made an overpayment. One thing, although I have been with them for 7years, I moved into a new house in April 2008 so took out the new mortgage for this house. This was not long before they reported the problems they were having.

dasilva_2

I've had my mortgage with NR for 7 years in april. LTV is about 30%. Never missed a payment. I'm with NRAM. Rang up to confirm I will still get the loyalty bonus to be told because I had a mortgage review with a 2 year discounted rate in 2005, it will be 2012 before I get the loyalty bonus. After much arguing and reading from their own website where it states you have to have had 'a mortgage on the same property with northern rock for 7 years' they backed down.
Helplines that are no help. Don't you just love them.

beanielou

Whats the loyalty bonus then?