Northern Rock End of Mortgaged Deal (Merged Threads)

ajelly

Just a simple question - when our fixed rate (4.99%) deal ends on our NRAM mortgage do we simply move onto the SVR rate with no forms to fill etc?

suburbanwifey

ajelly wrote: »

Just a simple question - when our fixed rate (4.99%) deal ends on our NRAM mortgage do we simply move onto the SVR rate with no forms to fill etc?

Yes, that is exactly what happens.

ajelly

suburbanwifey wrote: »

Yes, that is exactly what happens.

Thank you! Presumably they will write to tell us this and also that they are not offering new deals.

How early do the letters go go out?

suburbanwifey

ajelly wrote: »

Thank you! Presumably they will write to tell us this and also that they are not offering new deals.

How early do the letters go go out?

You'll get a letter informing you of the new rate, don't know if they will mention that they are not offering new deals....but you will get a letter stating that you are now moved onto the standard variable rate, quoting the current SVR and the amount it will be for you.

Hope that helps

beanielou

I got mine a couple of months before the new rate kicked in.

chips78

Has anyone managed to get through on the customer service phone number yet

deefadog

Hi all, i just wanted to check with those of you who's fixed deal ended. Our 5 years will end next september, but on a screen grab i took on the old online statement, it said we could change/move in the June without penalty, can anyone advise why this is?

markeymark

ive phoned up and was informed i cannot get a new deal and if i wanted one to look elsewhere

Captain__

Northern Rock Asset Management is nothing more than a way to repay the government as quickly as possible, and has no social concsience in it's operation. Let's look at the facts.

-Northern Rock is putting one of the highest SVR's in the market!
-90% of Northern Rock's business is good business, only 10% are in difficulty
-Of the 10% in difficulty, how much of that business is truly in negative equity and would cause a loss at reposession? (figures anyone?).
- The majority of mortgages are high LTV values, subsequently the argument of promoting a high SVR to get rid of the mortgages does not follow as people are stuck with northern rock at high SVR and cannot remortgage.
- Northern Rock made a loss, NRAM made a profit, quite a good one and are paying back the loans quite quickly!

So from this, I draw the following conclusions.
- If your a little hard up, and all your money is going on your mortgage and you are vunerable... Well done Gordon Brown and Alistair Darling (Sorry I'm a little Tory biast and the Tory's did not set this up), we are going to keep you vunrable and lock you into a mortgage whilst the affluent people who just pushed the boat too far for a couple of year's can easily get out!
- The banking industry got it wrong, again! The bad bank was not supposed to make money, the good bank was!
- The banking industry got it wrong again, again! If you flush out all the people as quickly as possible who reach those magic markers to remortgage, those are the customers you need for when the bad debts all come in to keep yourself bouyant. NRAM proactively get's rid of those customer who have shown they can make the grade, so in a year or two, it really will be a bad bank for the tax payer.. In the mean time, Santader and Barclay will quite happily welcome the good customer base that NRAM so readilly p***ses off!

If NRAM stick to the dismal 4.79% and refuse to play ball with their better customers they will go. Yes for the short term they are winning in 3 ways. 1.) Everyone is passing on a huge amount of interest into the bank. 2.) Lot's of customers are moving to other providers and repaying the loan book thus improving profitability. 3.) Eventually NRAM will have a golden time (as it is now) then be left with nothing but bad debt in a few years and nothing to offset it.

If NRAM reduce their SVR then 1.) Yes the tax payer will be paid back more slowly for it's loan, but it will be able to continue it's income well into the future and stand's more chance to meet it's commitment (short term long term guys... Let's stop looking at this 5 years of parliament!). 2.) People will be able to meet their payments, surely it is in the governement interest to ensure this happens. 3.) People will be richer in pocket helping the economy.

Tories, Libdem, don't run the legacy like Labour set it up, look at the long term!

Oh - and why the title, socialist or capitalist? Socialist, stay and support a nationalised Bank, Capitalist, look after number one and get a better rate.... Which do you think I am?

chips78

This is all true and i am one of those customers that has always paid my mortgage and in the 5 years gone from 110% down to just over 85%. But what can i do I am stuck paying over the odds hoping that i can get someone to take me on at 85% before interest rates go up.
I find it extremely annoying that i cant take advantage of the lower interest rates but at the same time am very happy with the original 110% mortgage as it suited my circumstances well. As this is govt owned i was hoing that there svr would atleast be competitive