Northern Rock End of Mortgaged Deal (Merged Threads)

Thrugelmir

I-Heart-Me wrote: »

hmmm...our 5 year fixed term is coming to an end this Dec and NRAM have not contacted us - should they have?

Only just September.

Post up your mortgage balance and remaining term of mortgage, and we'll give you the answer.

Is the mortgage interest only or repayment?

spidermev

bhindi wrote: »

Spidermev, sadly though I feel that was one of the culprits that brought down my divorce, theres no feel good factor when paying twice what everyone else is paying for the same type of property.

I'm sorry to hear that. I hear that money is one of the main things couples argue about.
I had a relationship breakdown a couple of years ago, I'm still paying for the house we owned together now needless to say it's not me living there!

bhindi wrote: »

Properties can be a rocky ride, we didn't have people around to help guide us and blundered our way through mortgage options. But you quickly learn to be savy after harsh experiences.

Yes I know exactly what you mean, when I first moved out I really struggled for quite a while which is how I found this site and various others. I have had a lot of help from so many people, I'm glad this knowledge is so easily shared now. Now I'm in a much better situation and I have knowledge to share with the community that has helped me out so much.
As mentioned above though, still paying for a house I don't live in so the battle's not over yet

m4rky01

Hi im currently with n/r or nram and i have a fixed rate repayment mortgage which i took over 5 years and ends in december 2012, can i opt out of the fixed rate and stay with my current lender? as they have already waved goodbye to the early repayment charges if i leave them. Thanks

MarkyMarkD

The right answer to m4rky's question is "no". You can't change products with NRAM. The ERC waiver is if you redeem, not so you can opt out of a fixed rate and pay them less.

bradsin

Hi everyone

I have an NRAM mortgage which is on a standard variable rate, as my fixed rate ended 2 years ago. Due to buying the house at the height of the market I am now in negative equity and therefore cannot change my mortgage (with NRAM or remortgage with another lender).

Does anyone know of, or have they been able to settle their existing mortgage with their current lender, by making a settlement offer which means the lender accepts an amount that is less than the outstanding balance - purely based on the property being worth less than the mortgage?

Also, if this does happen, does it have an adverse affect on a person's credit rating?

Many thanks.

chips78

I cant see this ever happening as the mortgage company is in effect just lending you the money. It is the homeowner who accepts all the risk of fluctuating house prices

Thrugelmir

bradsin wrote: »

I have an NRAM mortgage which is on a standard variable rate, as my fixed rate ended 2 years ago. Due to buying the house at the height of the market I am now in negative equity and therefore cannot change my mortgage (with NRAM or remortgage with another lender).

Then you need to pay your mortgage down to move into positive equity. May be a long road. So make overpayments (however small) if your can afford to.

msween

Hey has anyone heard anything about Ward and partners 100% mortgages? They say that it gives people the chance to become a first time buyer

swift274

m4rky01 wrote: »

Hi im currently with n/r or nram and i have a fixed rate repayment mortgage which i took over 5 years and ends in december 2012, can i opt out of the fixed rate and stay with my current lender? as they have already waved goodbye to the early repayment charges if i leave them. Thanks

I wish they would im on the verge of repossetion due to my fixed interest rate if i switched to the variable i could feed my family and pay my debts
but apperently taking the house and forcing me into bankruptcy is better than making mortgages affordable (and making a huge loss for themselves)

also be very careful if your on customer assistance if you have any arrears acrued before you were on the assistance deal make sure you have the money to pay them the day your deal finishes or they will reposess the house even if you do make the cmi

makes you wonder whats the point of having a customer assistance team in the first place if you ask me

Barny1979

swift274 wrote: »

I wish they would im on the verge of repossetion due to my fixed interest rate if i switched to the variable i could feed my family and pay my debts
but apperently taking the house and forcing me into bankruptcy is better than making mortgages affordable (and making a huge loss for themselves)

also be very careful if your on customer assistance if you have any arrears acrued before you were on the assistance deal make sure you have the money to pay them the day your deal finishes or they will reposess the house even if you do make the cmi

makes you wonder whats the point of having a customer assistance team in the first place if you ask me

But the fixed rate means you know what is having to be paid, when you took the mortgage on they'd have checked and the onus is also on you to be able to afford the payments. The variable rate could be much higher than the fixed rate if circumstances were different.