Northern Rock End of Mortgaged Deal (Merged Threads)

Keith

It's 4.74 at the moment, but I'm not sure it will be next March.

semanticist

Suziebear wrote: »

Sorry ive not had time to scroll through all the back posts, i have a mortgage with northern rock asset management my fixed term will end next march and i currently pay 5.89%. Can anyone just tell me what the SVR is at the moment, i assume its less than the 5.89% and may be better off??

You can see the current rate here on their website http://www.northernrockassetmanagement.co.uk/mortgages/existing_customers/standard_variable_rate/

If you use Twitter (or an RSS reader, since Twitter automatically provides RSS feeds for accounts), I made a script that checks the website every night and will post if it changes: http://twitter.com/northernrocksvr

Despite all the paranoia that rates might shoot up right away, it hasn't changed since Janaury when I set up the monitoring - and I don't believe it's changed at all since Northern Rock was split. How long that's likely to last I really don't know - but I wouldn't expect it to be forever.

deefadog

Does anyone know if the online-balance checker is going to come back?

Cheers

Stuhod

is there anyone i should speak to about my options - i took out a 125% with NR

i have approx 90% LTV on my mortgage - which ends 5 yr fixed in october (5.99%). But because i still have an unsecured loan on top of the mortgage, they've told me if i move away from them (as they dont want my custom anymore - no deals for existing NAM customers!) my loan would see a 5% increase on its rate too??

surely this isn't fair - to be penalised with no offer to stay with them, and then penalised if i want to move??

semanticist

Stuhod wrote: »

is there anyone i should speak to about my options - i took out a 125% with NR

i have approx 90% LTV on my mortgage - which ends 5 yr fixed in october (5.99%). But because i still have an unsecured loan on top of the mortgage, they've told me if i move away from them (as they dont want my custom anymore - no deals for existing NAM customers!) my loan would see a 5% increase on its rate too??

surely this isn't fair - to be penalised with no offer to stay with them, and then penalised if i want to move??

You should speak to an independent financial adviser to find out what's best for you - but don't expect to be able to get out of the agreement you made with Northern Rock. It might make sense for you to take the hit on the unsecured loan interest rate, or it might make sense for you to get finance elsewhere and pay it off. Really depends on your personal circumstances, and you really only want advice from a qualified IFA.

I'm in the same position you are, only with two years to go until the end of my fixed term, and I don't think it's unfair. I signed the contract knowing I was taking out a high-risk mortgage. My timing was unfortunate, but that's part of the risk.

The current interest rates are actually lower than your fixed rate, so if that doesn't change by October you'll be paying back less, not more.

Numpty_Monkey

dnpuckitt is a spammer:spam:

Stuhod

thanks semanticist - yea i'm aware the rate is currently lower -
but otherwise it might be worth taking the hit with the loan, the only problem with that is it may only offset any benefit of a lower mortgage. i.e. £50 extra on the loan against £50 saving on the mortgage. I'll go do some financial digging - thanks again!

danielley

Hello there

Please be nice.... I know this topic is a fiesty one.

My partner has a mortgage & loan with Northern Rock. The total outstanding is £89,000, the breakdown being a mortgage of £76,000 and 2 secured loans totalling £13,000.

Assuming he is out of any fixed rate term on the mortgage, is it possible to refinance the loan elsewhere and just keep the mortgage part with NR, or are there penalties for this i.e. Mortgage rate increase (currently on the SVR which is 4.something)

I know this is a bit sketchy, so if you need more details I can get them but I am looking for a broad idea of the way that Northern Rock operate before I can convince him to contact them

Thanks very much in advance.

keithing-ger

Hopefully in the right thread folks!

I have been with Northern Rock for 6 years or so, and was on a normal repayment loan, everything was hunky dory and then IT happened 2 years ago!

Lost my high paying job (and been through about 8 jobs since then) and made the decision which NR accepted to go interest free for a period, thus saving myself (and my home) £300 per month.

Doing ok now and things are beginning to pick up at my new job, although I still only earn £14k as opposed to £40k 2 years ago so asked NR for 1 more year at interest free then I should be able to afford going back to repayment as I am about to be promoted at work and also doing well with my Open Uni studies. However...........

received a letter today telling me that they cannot accept my request for continuing interest-free! Nightmare! Going to call them tomorrow to plead for mercy, but wondered if anyone had any first hand experience or sensible advice for me, or am I knackered!?

Thanks in advance for any help ladies and gents.

gowfer

Im looking for any advice and help if possible. In July 2007 bought my house for 86000 on a 100% mortgage with NR. My current balance with buy out clause is around 90000. House now only valued at around 81000. Im looking for options on what i can do as it looks like i may lose my job within the next year. Now my partner and I are managing to make the payments just now but are possibly looking to get a council house to make things a lot more affordable just now as we have just had a baby.
Is my easiest option to try and sell the house myself and offer to pay the difference to NR or is there anything else other than repossession. I dont want the house anymore as it has just been bad luck as everything has went wrong wince i moved into it.

Can anyone give me any advice on what i should do?