Northern Rock End of Mortgaged Deal (Merged Threads)

spidermev

Thanks Kerry12345
Also they are saying that inflation will still be on the rise for the foreseeable future which will be fuelled by the VAT rise, and increasing cuts and unemployment, do they have a choice?

spidermev

That's slightly drifting from the point anyway. We know the rates are going to rise at some point and there are lots of people here asking for advice with their NRAM/Northern Rock situations but is there anyone out there who actually has a solid plan? I'm really interested to see what everyone else is thinking now...

chips78

I am still thinking of splitting my secured and unsecured parts of my mortgage, it seems its the only way i can acheive a decent LTV and get a fixed rate of around 4.5.
Has anyone else done this and what rate has northern rock moved the unsecured amount too

spidermev

I was thinking along similar lines that would give me 10%(ish) equity. I checked my Ts&Cs some time back and it said to do this would incur an interest rate rise on the unsecured debt of 8%. As mine is currently 5.99% would drive it up to 13.99%! So I'm thinking a personal loan to cover that bit, Nationwide are currently offering 7.5%.
The only way to find out what rate they would move it to is to check your contract. Everybody has been treated differently and given different rates but they cannot change what was written in your original agreement.

Bobbygogo

Hi I am new to this forum so apologies if I have posted in the wrong area.

I am hoping someone can give me some advice about our mortgage,basically we have a letter from NR stating our intrest rate will reduce to their SVR of currently 4.79% from the our previous rate of 7.29% with affect from October 2010. Well it hasnt happened and when I contacted them they said this letter was sent out in error,obviously I did not accept this as it is in black and white in front of me. I am now awaiting a call back from another department to discuss this further but the Lady did not hold out much hope.

We originally signed up to a fixed 5yr term back in October 2007 (just before the collapse),but recieved this letter in July 2009 stating our rate would reduce. Does anyone have any idea where we Stand with this. We are waiting on some advice from an Financial advisor but he will not be available till tomorrow.

Many thanks in advance

maxblumberg

Does that mean if you were on a 6% fixed rate with NRAM and it expires now, you will get the (currently) lower SVR of 4.79%?

Max

Bobbygogo

Hi Max

No the original paper work states the fixed term ends in Sept 2012.

beanielou

If you agreed to a five your fix in Oct 07 then that wont run out until Sept 12.
Surely those were the terms that you agreed too?
The letter must have been sent in error.
I wouldent hold out any hope TBH.
Welcome to MSE by the way.

Bobbygogo

Hi Beanie

I just thought that maybe because they issued what could be called new terms,that it may stand. Here's hoping. Thanks for the welcome and reply.

mrm1ke

Right, 5 years ago this September me and my partner took out a 5 year fixed NR together mortgage. We were advised at the time that this was the best thing to do with our then level of debt (a small amount). Since then we have had an amazing baby boy. My partner had trouble at work with maternity pay and had to leave 2 months earlier than she would have had too normally. Anyway.... with her reduced wage every month we struggled to pay our bills and debts, we borrowed more to pay existing and it spiralled out of control. After 12 months we had to do something about it and it's much easier now after having set up a debt management plan.

My question is, when my mortgage is up in September, what's going to happen? There is no way I'll be able to get another one, I have no deposit and am struggling to pay the £600 a month on our 2 bedroom mid terraced house on a main road.

What can I do? Will me and my family get kicked out of our home? Ideally I need an interest only mortgage at about half what I am paying now, that would leave us with enough every month to live and pay off my debt that I am desperate to get rid of.

Somebody please tell me we're not going to get booted out of our home! I apologise for the long story but wanted to make sure the experts knew the proper circumstances then I can get an accurate answer.

Thanks,

Michael. :beer: