Northern Rock End of Mortgaged Deal (Merged Threads)

luckyfool

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?

It's impossible to say whether any other lender will offer anything without knowing more about your circumstances (income, etc) though given your credit history I suspect any rates offered would be likely to be comparable or worse than the SVR with Northern Rock.

NR have just started offering some decent rates to new customers to attract some business through the door, though I understand they are not available to existing customers (as they are still encouraging redemptions to run down their book and repay government loans). Unless that policy changes it looks unlikely that they will offer you anything to stay so you may find that you are stuck where you are on their SVR. Speak to a whole of market broker about your full circumstances and they will be able to give you a more solid idea.

luckyfool

pinksparkle wrote: »

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
x

Yes they can. They are only contractually obliged to let you remain on their SVR at the end of the deal, not to offer you anything else. Without knowing your credit history it's impossible to say anything for sure, but if you try to repair your credit as much as possible between now and then it will give you the best chance of obtaining a decent rate elsewhere if NR are not willing to offer you anything decent to stay.

rivig99

:mad: :eek:

How on earth can thye justfy that I'm going bananas! How can they be giving out new rates to new customers :mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad:
yet leave there old customers high and dry
IT stinks :mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad:

scotty1971

I Recently Asked Nr For A New Deal On My Mortgage,as My Old Deal Runs Out In Jan 09,they Told Me They Can't Offer Any New Deal Until Old One Runs Out!

Leokiss

Wow so many people with same probs as me(although it dosen't make me feel any better). My 2 year fixed deal runs out in july,well i thought i did apparently it runs out in march!! NR seem to have started my deal from loan offer date n not when i actually got mortgage in july!
IS this right? Is it normal practice?
Now im in panic mode,i have a 95% secured n 5% unsecured on interest only.
The house is probs worth less than when i bought it.
I would like to get on repayment ,only went interest only till i cleared sum loans.The plan was to get on repayment after 2 years.
Do i have any chance of getting a decent repayment loan bearing in mind mt lack of equity in house or am i stuck with about £350 a month extra on SVR:eek: .At moment im thinking of over paying on unsecured loan by £500 a month,currently £80 over 25y to try n get sum form of equity to help find a better deal.Good idea?
The only good news is i have cleared my other loans freeing £500 a month so in theory i could afford £1000 to 1100 on repayment and i have a very good credit rating.But thats stiil only £4000 till my deal is up do i have a chance of getting a repayment deal with no deposit as such n next to no equity.
HELP!

Leokiss

Oh and im self-employed:(

endemoniada_2

I had a nice chat with NR today as I too have concerns after reading these posts.

We are on a fixed rate till Dec08 on a Together mortgage. 180k plus 30k unsecured. Currently paying just under £1,300 per month.
We will revert to variable rate of 7.49% which is £1419 - if interest rates stay the same.....

We can manage this as we earn 4k between us a month. But it would be good to look at other options.

Easypd

i am currently with northern rock and my fixed rate is coming to an end. They only seem to be offering deals to new customers now and any existing customers that have a good history and have effectively helped keep them afloat over the last few years, they are offering stupid rates and sticking a big two fingers up to.

I am no expert on economy and i seem to have a few choices:

1/ stick with northern rock on the only deal they are offering me, a variable that currently rises my monthly repayment from £606 by £180 on a 95000 mortgage

2/ take a deal elsewhere on a fixed rate that rises my repayments by approx 80-100 per month.

I feel i would be happier knowing that my repayments are fixed at an amount i know i can afford and so think i will opt for the fixed, but i am now unsure if i should do 2 years and see the situation before i commit to another deal, or just sign up 5 years on the basis i know how much i am paying for 5 years and if the rates drop, then it is just a pity, but at least i can still afford it.

If i do 2 years there is the risk that it will be higher still and i will have to sign a worse deal, rather than better.

Please, if anyone could offer some advice, i would be grateful

Regards, jamie

Lux_K

Hi Just looking for a bit of advice from some of the more experienced money savers. My 2 year fixed deal with NR finishes in Nov this year, I've contacted a broker, I need to fix as I can't take the chance my monthly payments will go over a set amount. My house is worth £179k mortgage is for £130k I've been recommended Nationwides 6.18% for 2 years £599 arrangement fee, over 25 years this will be £856 pm. Does this seem ok or does anyone think I could get something that would be less per month without increase the loan term?

lotto-dreamer

I've just had a letter from Northern Rock to say they have entered a special deal with Lloyds TSB and Cheltenham & Gloucester Mortgages.

They are offering various fixed rates ranging from 2-year fix at 6.44% to 7-year fix of 6.29% (product fee for all options is £995)

My NR rate is going to be 7.49%

My fixed rate deal comes to an end on 1st August and if I'm interested in changing I have to make up my mind before 4th August. I don't think it's guaranteed that I'll automatically qualify though.

I changed to interest only some months ago which has meant lower payments anyway. But, I am also trying to sell - without success so far- as although there has been interest, it's either low offer or buyer can't get mortgage or they can't sell their own property.

Not sure what to do Anyone else with a similar dilemma? Or had this letter from Northern Rock. I'm confused because if I lock myself into a 2-yr fix it's then going to cost more if I do manage to sell but SVR might keep going up with NR - but if property market is plummeting all the time I might not sell. My finances are very, very tight and I am very worried.