Northern Rock End of Mortgaged Deal (Merged Threads)

Paza02

I rang N-Ram today and they told me from today they have written off the early repayment charges for all customers, wish they did this a few months ago before property prices starting going down plus there were some cracking deals a few months ago.

spidermev

Yep, check this out for the waiver
http://www.n-ram.co.uk/customers/mortgages/existing-mortgage-customers/redemptions.aspx

cathh70

About time. They have finally worked out that their mortgage book will close much sooner if we can leave without the ERC.

erica7682

mircea wrote: »

Hi
Thank you for all the 'comments' none of which so far have really answered my question or offered any advice. If anyone out there could offer some advice or information which would be useful rather than arguing the 'agenda which NR has' I would really appreciate it!!!

Hi, i was in the same situation as you. We moved the mortgage part in 2009 but we kept the un-secured loan part with Nothern Rock. It will go up by 5% above base rate (ours at the mo is 10.5%). When we spoke to them about it they said it was because they were trying to get all their money back from theiire customers, hence the hike. Because of our loan amount is £20000 no one will lend that type of money at the moment and have no alternative but to keep it with NR. We are currently seeking legal advicer about this and will keep you posted. my only advice is hold on tight :-(

Barny1979

Why are you seeking legal advice, the T&Cs tell you that if you move the mortgage, the loan interest rate goes up?

Thrugelmir

erica7682 wrote: »

Because of our loan amount is £20000 no one will lend that type of money at the moment and have no alternative but to keep it with NR. We are currently seeking legal advicer about this and will keep you posted. my only advice is hold on tight :-(

Don't waste your money on legal fees. Use it to repay the unsecured loan.

densol_2

Has anyone called to see if their mortgage is applicable to the ERC waiver ? I called today but they are closed - I was just looking around at new deals today as mine ends in October and I wanted to get one ASAP as I am currently on 5.29% and I can get some good deals at much lower - so out for me ASAP is the way to go. I couldnt believe it when I read the above posts about the waiver !!!

Denise :rotfl:

goaten2000

I found this while quickly looking at their website, there's info re the early repayment waiver:-

www dot n-ram.co.uk/customers/mortgages/existing-mortgage-customers/redemptions.aspx

FCRangers

Another question that is basically up in the air but:
If the base rate increases will NR/ NR RAM increase the SVR? as in if the base rate increase 0.5 the SVR will also increase by this rate.

poppy10_2

FCRangers wrote: »

If the base rate increases will NR/ NR RAM increase the SVR? as in if the base rate increase 0.5 the SVR will also increase by this rate.

Yes, but not necessarily by the same amount