Northern Rock End of Mortgaged Deal (Merged Threads)

_Andy_

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padee

Freemantel wrote: »

I've read all of this thread and am still a bit confused about how my situation will be affected. Currently I have a £75k Together Mortgage with NR which is made up of a £58k mortgage and a 17k personal loan. The purchase price of my flat was £60k. As I am in Scotland, the price of my flat has continued to rise and one very similar in my streeet sold for £75k last week. My question is, when I am looking to remortgage (Jan 09), what can I expect? Could I remortgage with another lender to get £75k (or possible more) and use the extra money (75 - 58) to pay the unsecured part of the loan? Or will a lender not allow that and only give me a mortgage to pay off the £58k currently outstanding meaning I will need to get another personal loan from somewhere. Sorry for all the questions but I'm so confused!

Thanks in advance

I'm in a similar situation. Deal ends 1/11/08.

I have 62k outstanding on 2gether mortgage and 13k on unsecured loan. I estimate my house is worth 73k now.

I am just starting to look into this and my assumption is that I should;

1) Get a new 95% mortgage with a new lender (ie 69k mortgage against valuation of 73k) - mthyl cost circa £460. This would allow me to pay off 7k of loan as well as mortgage balance.

2) Take out a separate loan with a bank for 6k over maybe 5yrs @ £120pm

Can someone clarify if this is correct. I will be speaking to an IFA shortly.

Thanks.,

LULULU1

Hi,

My Northern Rock mortage finishes in May next year. I`ve heard about Lloydstsb and also HSBC doing some kind of rate matching deal. I was wondering if anyone has any ideas of what I should be doing and when.
NR have said I would be charged a fee if I leave early.

Who has the best deals

When should I move

My mortage is 75k on a property valued at 200k

Thanks

paul2468

Our deal with NR ends this October, house is worth £100k we have a mortage of £35K...The mortage is in my wifes name as she got it before we met.....just phoned the Royal bank of Scotland to get a better deal........But since Febuary my wife has been working part time on a wage of £8k per year.
RBS have said that i would need to be on the deeds as my wife is on such a low wage....is there a better way to go about this as it seems silly to spend £250.00 to get my name added and then to change to another lender....

lisyloo

Can you not get the deeds changed at remortgage time?
You will have to pay extra as the normal stuff that lenders do for remortgages only includes standard remortgaging, however it may be somewhat cheaper to get it done at the SAME time as they are changing the deeds for the new charge.
It should be clsoer to £100 for the extra work rather than £250 for doing it seperately.

paul2468

The man at RBS said that as the wife was earning so little that she had no chance of getting remortage.
Looks like we may have to stick with the silly rate that NR will throw at us.

bernice_2

can anyone help me
i have a mortgage with NR £117,520 repayment fixed for 5yrs. early penilty until 2012.montly £891.19
a secured loan with first plus for £50,000. £650.00 a month
various cc for £20,000(which was for home improvements) £400 a month.
i need advise as to wether anyone thinks i would be able to get a morgage to consolidate it all together
joint income is £45,000

jamesd

bernice, try two posts, one in the debt-free wannabe section and one in the mortgage section.

With a five year fixed rate mortgage deal it doesn't look as though it would be a good idea to remortgage. Treating it as a debt problem and using very tight budgeting combined with seeking a zero percent credit card deal or two for balance transfers looks like a better idea.

What would be more interesting immediately for the mortgage is asking to switch to interest only to free up some money to help you to clear the credit card debts. Also worth asking about a repayment holiday, which will add the missed payments to the mortgage balance, effectively transferring some of the credit card bill to the mortgage when you use the missed mortgage payments to reduce the credit card debt. Start with the card with the highest interest rate and move on through them in decreasing interest rate order.

From the look of it you're quite close to the edge of not being able to handle the amount of debt you have so now's the time to be asking for help from NR to give you a chance to reduce the problem before it becomes worse.

SJM70

Im worried sick about my mortgage payments with NR. I am on a fixed rate until November but worried how I will afford the mortgage after that. I can't switch to another lender (I don't think anyway) as I have a bad credit record. I am currently on a DMP via the CCCS as I have credit card debts and CCJs against me after a marriage breakdown. I am a single parent with 2 children working part-time and struggling to meet the payments at the moment as it is, never mind when they go up. Would any other lender offer me a good rate due to my circumstances or will I be stuck with NR until my debts are cleared?

pinksparkle_2

SJM70 wrote: »

Im worried sick about my mortgage payments with NR. I am on a fixed rate until November but worried how I will afford the mortgage after that. I can't switch to another lender (I don't think anyway) as I have a bad credit record. I am currently on a DMP via the CCCS as I have credit card debts and CCJs against me after a marriage breakdown. I am a single parent with 2 children working part-time and struggling to meet the payments at the moment as it is, never mind when they go up. Would any other lender offer me a good rate due to my circumstances or will I be stuck with NR until my debts are cleared?

Hi SJM70,

Im on a fixed rate with NR for another 3 years, i know its 3 years away, but im already worried sick, that im not going to be able to remortgage due to my credit record...Can NR actually say no, we do not want to give you another mortgage deal???

Anyone help us???

Pinksparkle
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