Northern Rock End of Mortgaged Deal (Merged Threads)

Dan:_4

Weemac wrote: »

Evening all!! Just a quick question. Our tracker mortgage with NR finishes Jan09 and as we are on a DMP i dont think we will be able to get another mortgage easily from another company. As our mortgage will change onto the standard variable rate, could anyone tell me what this is at the moment so I can try and see if our monthly payment will jump by a lot. Thanks

7.49% at the mo

Weemac

Thanks Dan, I will try and work out roughly how much our amount will change per month

Mary_Hartnell

Dan: wrote: »

It's thanks to the BBC that NR ended up in this state.

.........................................

Mary_Hartnell

Hi to our new member from across the pond.
The "moneysavingexperts" on this forum are happy to work with Uncle Sam on matters of mutual interest, such as credit card fraud.
Here is an example of interesting example of multinational education:
http://forums.moneysavingexpert.com/showthread.html?t=450004&highlight=warcraft

However, you have posted into a thread about a "bankrupt" UK bank that has been bailed out by the British tax payers. Its sub prime borrowers are now having a hard time meeting the new stringent terms of their mortgages, as their "teaser" deals come to an end.

I think I will be difficult for the UK and the USA to work together on this major problem at a detailed level, as the regulations in our two countries are different.
For example, in the UK we cannot hand the keys back and "walkaway" from our mortgage debt. It will follow us round for 12 years.
"Going bankrupt" (sometimes called "living death") is our option for getting a "clean slate"; our other option is a voluntary agreement with creditors, but that gets difficult when some creditors are secured. [I have a feeling that we are already talking a different language?].

However as the collapse of the USA housing market is 18 months ahead of what is happening here in the UK, your experience with trying to use a Californian broker to reschedule your Georgia debts (do they understand your local regulations?) would be of interest to people here in the UK, if you were to start your own thread.

Good luck in these troubled times,

Mary.

,

zipman23

SVR is currently 7.49% (I know its been mentioned before)

If you have an unsecured loan aswell (like me), I was told that the interest rate will go up to 15%. If we were in the position where we had to stay with NR, it would cost us an extra £320 a month! Nasty!

Milly1974

cliffhangar wrote: »

Deleted

:spam: reported

sazziecee

I have a mortgage with NR for 19,000 and a secured loan for 17,000 on a repayment basis (taken out in a moment of stupidity!)

If they won't let me change to a better deal at the end of my fixed period (18 months remaining) what happens to my secured loan? I assumed I would have to remortgage for £36,000? but would there be any other penalties etc?

When I remortgage I will be changing both loans to repayment as the interest only thing was set up when me and my ex had an ISA which was meant to repay the balance, but ex wasn's actually paying into it.........

Chocs_Mum

Hi everyone, was hoping someone could give me some advice. Our mortgage is due up for renewal in November. Problem number 1 is that it is with Northern Rock and they have written to us to say that our options are to remortgage to someone else or pay their SVR rate.

Problem number 2 is that since originally getting the mortgage we have had a baby and I have given up work. We are getting by (just) with the mortgage payments without me working.

I have spoken to a broker who can get us a mortgage but it is at quite a high rate (6.79% fixed for 2 or 3 years) which means our monthly payments are going to go up by £250 which is a bit more than we can afford.

I have looked at the best buys and it seems that there are fixed deals out there with lower rates but when I put our details in with my husbands salary all the comparison sites say that they can't offer anything.

Basically, should we just accept that the broker (friend of family) is the only one who is going to be able to get us a remortgage or is it possible that a mortgage company will accept us on affordability rather than multiples in which case we'd hopefully get a better rate.

Sorry if this is longwinded and if you've got this far thanks for reading. I feel sick with worry over this so any advice would be great.
Thanks x

MarkyMarkD

I doubt very much that you will find a better deal yourself than an honest broker will do, particularly given your circumstances.

You need to consider strongly whether it is worth paying the fee which is (presumably) required for the fixed products he is suggesting, compared to simply paying NR's SVR for a bit longer and then getting a cheaper mortgage when you recommence work. How long you intend to stay home with baby is a big factor in making that decision.

Chocs_Mum

Thanks MarkyMarkD.