Northern Rock End of Mortgaged Deal (Merged Threads)

Thrugelmir

want2bmortgage3 wrote: »

Hi everyone. My deal with NR ended almost a year ago and I have been paying 4.79% (their SVR) since.
I have looked into a re-mortgage but was told due to my income and other debts I had no chance of a new deal. However, in the last 6 months I have paid back all my other debts and might be able to get a deal now. Would you advise fixing for 2 years? I have seen rates as low as 2.99% available. My details are it will be a 5x income and LTV is 66%. Thanks guys.

You'll find it hard to obtain 5x income from any mainstream lender irrespective of your LTV %. So your best option is to overpay your mortgage and reduce the debt owing.

picardygirl

zipman23 wrote: »

I was in my local NR branch last week and they told me that now Virgin Money are taking over there will be some very competitive mortgages on offer! I'm currently with NRAM on SVR so I don't think I'll be able to get a better deal as I think we owe about 96% but got an appt booked anyway!

I know Virgin are taking over Northern Rock, but are they taking over NRAM too???

I was under the impression they wasnt, but please correct me .....

zipman23

picardygirl wrote: »

I know Virgin are taking over Northern Rock, but are they taking over NRAM too???

I was under the impression they wasnt, but please correct me .....

To be honest I don't really know. I was in abit of a hurry and I just agreed for them to call me with being on the SVR but that won't be til Jan 3rd so if you can wait abit longer for an answer I'll let you know?

Edit: (My impression was that it was just NR aswell mind)

luckwudaveit

zipman23 wrote: »

Edit: (My impression was that it was just NR aswell mind)

That was my understanding too. NRAM aren't considered as profiable and hence the split between the 'good' and 'bad' debts.

carlw

picardygirl wrote: »

I know Virgin are taking over Northern Rock, but are they taking over NRAM too???

I was under the impression they wasnt, but please correct me .....

its definitely just Northern Rock, NOT NRAM

catwoman150

I thought that they had just got Northern Rock as well. You maybe able to remortgage with Northern rock now that they have been taken over and get away from NRAM

mary1949

NRAM are not offering any new deals and remortgaging to Northern Rock or Virgin would be the same process as using any other lender so I would go to a whole of market broker if I were you, as the bank salesman will most likely string you along for a bit and then try and sell you some over priced buildings insurance etc.

It always gets me when sales people from banks and the electricity companies call themselves 'advisers'. It's not 'advice' to sell me something!

zipman23

zipman23 wrote: »

To be honest I don't really know. I was in abit of a hurry and I just agreed for them to call me with being on the SVR but that won't be til Jan 3rd so if you can wait abit longer for an answer I'll let you know?

Edit: (My impression was that it was just NR aswell mind)

In a nutshell. Not enough equity so mortgage consultant at NR suggested to keep overpaying as much as I can/am and by the time Virgin take over completely (I think she said June) there might be something available!

picardygirl

zipman23 wrote: »

In a nutshell. Not enough equity so mortgage consultant at NR suggested to keep overpaying as much as I can/am and by the time Virgin take over completely (I think she said June) there might be something available!

The mortgage consultant completely wasted your time and hers IMO! Obviously looks good on their booking records (for the referral figures).

...... if you are able to remortgage away from NRAM later in the year, as mary1949 said go and see a whole of market broker, all the lady at NR/Virgin would be interested in is a Virgin mortgage for you, that maybe or maybe not your best option!

clausorin_radu

Disperate for an advice, what risk is there if I take up a loan from a different lender before completion date? We accepted the mortgage offer but need a new car. Will I have problems with my credit scoring?