Northern Rock End of Mortgaged Deal (Merged Threads)

LionKing

Thanks dasliva. They have offered me a two yr fix for 3.69% +995 arrangement fee. There was also a 2 year fix at 3.,39% with no arrangement fee but doing some math should save money by taking the 3.69% option (85k mortgage)

There were some trackers too however pretty sure interest rates will rise in next 12+months so would rather have piece of mind in this crazy economy!!

Looney_Toon

LionKing wrote: »

They have offered me a two yr fix for 3.69% +995 arrangement fee. There was also a 2 year fix at 3.,39% with no arrangement fee but doing some math should save money by taking the 3.69% option (85k mortgage)

:think: Sorry, thats confused me. 3.69% with arrangement fee or 3.39% without the fee and you've opted for the 3.69% deal?

Anyway, i've opted for a Remortgage 3.99% 2 year fix with no arrangement/valuation fee from Northern Rock today (70%LTV) which i'm fairly happy with to be honest. I know these things change daily/weekly and it's nigh impossible to predict the future.
Good luck!:)

LionKing

Looney_Toon wrote: »

:think: Sorry, thats confused me. 3.69% with arrangement fee or 3.39% without the fee and you've opted for the 3.69% deal?

Anyway, i've opted for a Remortgage 3.99% 2 year fix with no arrangement/valuation fee from Northern Rock today (70%LTV) which i'm fairly happy with to be honest. I know these things change daily/weekly and it's nigh impossible to predict the future.
Good luck!:)

Sorry...meant it the other way round!

MarkyMarkD

Hm, glad to see that NR plc is throwing away taxpayers' money by offering customers on what is already a low SVR even lower fixed rates. Not. D'oh!

@dasilva's earlier post ... being with NRAM isn't like being with a "sub-prime bank" now, at an SVR which is almost 2% lowest than the highest one from a mainstream lender, and it's not likely to become so in future either. NR's SVR is ludicrously low for the riskiness of the combined NR/NRAM portfolio. That's been my point all along. NRAM should be charging somewhere around the top end - or just above - of other mainstream lenders, because its risks are higher than the top end of the other mainstream lenders. But at an SVR of 6.5% even, you aren't being particularly hard done by.

dasilva_2

MarkyMarkD wrote: »

@dasilva's earlier post ... being with NRAM isn't like being with a "sub-prime bank" now, at an SVR which is almost 2% lowest than the highest one from a mainstream lender, and it's not likely to become so in future either. NR's SVR is ludicrously low for the riskiness of the combined NR/NRAM portfolio. That's been my point all along. NRAM should be charging somewhere around the top end - or just above - of other mainstream lenders, because its risks are higher than the top end of the other mainstream lenders. But at an SVR of 6.5% even, you aren't being particularly hard done by.

I think you misquote me there. i have never said NRAM SVR is anything like being with a 'sub-prime bank'.
Actually NRAM is nothing like a 'sub-prime bank'. As far as I am aware NR never lent to sub prime customers. They only lent to prime customers. It was the amounts they lent and the security they took that cause the risk, not the customers credit. Infact generally a sub prime bank would want lower LTV ratios as there is a higher risk that they might repossess.

This is what I said 'As I have said before, if and that is if, NR raise their SVR at any point to a higher level because they have a less prime mortgage book that is the point that I would feel hard done by.'
So currently I don't feel hard done by.

deefadog

Has anyone on the NRAM side had any success in getting the online account to work? Since they split mine does not work.

Just wondered if you had to re-apply for it?

Cheers

dmhuk2001

I find some of these posts very unnecesarilty attacking, haughty and reflect the kind of bland, 'I know better and Im going to let you know it' or 'told you so' attitude faced by a lot of people seeking advice generally. Either be constructive or dont bother, but rounding on people is a no no please.
There are practicalities and personal responsibilities to be faced in signing any agreements but the ramifications of NR agreements are longer and deeper and contiually more surprising than most could have predicted, whether considering the current mortgage market we find ourselves in or not. Anyone who says otherwise is either not aware of the myriad situations people can find themselves in through no or little fault of their own or is not willing to listen and be open minded. It's fine to show an alternative view and see how its fits and constructively challenge someones view of their position and how they found themselves in it, but being vehmently protective of NR is extremely questionable to the point of suspecting some sort of bias or a generally self-satisfying viewpoint. Any form of 'shut up and go away' isn't what this forum is for please.

semanticist

dmhuk2001 wrote: »

being vehmently protective of NR is extremely questionable to the point of suspecting some sort of bias or a generally self-satisfying viewpoint. Any form of 'shut up and go away' isn't what this forum is for please.

I don't work for NR, I have never worked for NR, and those kind of accusations are the absolute worst possible 'shut up and go away' you can make in this kind of context.

I've been subscribed to this thread and read through the daily email and saw people repeatedly talking about how they're now 'forced' to be with a 'sub-prime' lender, and it's not their fault, and someone should do something about it, and so on and so on.

It's been repeatedly pointed out that right now, today, as I type this? You're absolutely no worse off for being with NRAM than with NR - or any other lender. NRAM's SVR is not high. We all expect it to climb, but it's a fair bet that people who have Northern Rock mortgages aren't good at predicting the future. (I wasn't! I took out my mortgage SIX WEEKS before the run on the bank at NR.)

Really, seriously, all of the wailing and gnashing of teeth could be for absolutely no reason. All of the aggravation, aggression, and blame that I'm seeing thrown around could have no point. Everyone here - including me - is speculating, but none of us know.

It's not like I'm in a better position than anyone here: I'm paying out on an interest-only mortgage at 6.9%, and if the SVR rises above that by the time my fixed period is over I'm most likely going to lose my house. I have no money to make overpayments, no reasonable way to reduce my LTV to a sensible level. I'm 30 this year - there's a very good chance that before I'm 35 I and my family will be homeless.

So it's not like I'm not personally involved in this - I'm just maybe a bit calmer and more rational than some people. That's not a call to 'shut up and go away', but a call to accept responsibility where it's due and to look for constructive solutions instead of talking about 'being forced' into things and it being 'unfair'. No amount of complaining now will change who your mortgage provider is, but perhaps some discussion about the best way forward might help people come to terms with it and work to improve their situation.

And it's not like I'm not doing my bit - if NRAM do change their SVR, my Twitter bot will find out and let me - and five other people, as of writing - know! Writing small software tools is what I do - what can other people do to help provide useful information or otherwise help to improve things for people 'forced' to stay with Northern Rock?

b0rker

semanticist wrote: »

It's been repeatedly pointed out that right now, today, as I type this? You're absolutely no worse off for being with NRAM than with NR - or any other lender.

So you would prefer big business and the government to be allowed to operate in any way they wish without the people who are affected by these operations analysing it and coming to certain conclusions?

The points being made here are specifically due to the fact that NRAM may decide to start to treat it's customers as sub prime in relation to their SVR. Clearly not because they have already done so. Mostly due to the fact that so far they have not done so. Sorry I feel that I am explaining the obvious to you and that you have totally missed the point.

I will protect my rights with or without your blessing.

VIGILANT22

Where is all this sub prime hysteria coming from....You say they may decide in the same token they may not decide....rolls eyes