Northern Rock End of Mortgaged Deal (Merged Threads)

cleomolly

Hi, our mortagage fixed rate came to an end July.08 with NR and we have been looking for a re-mortgage ever since with no luck! we decided to apply for a fixed rate with HSBC and have today heard from them that we have been declined. I cant face going through another application and was thinking as we have been declined would the best thing be to go through a mortgage broker or advisery service ?? I'm tiered of this now and am ready to give up and just pay NR the extortionate prices they charge!

_Andy_

rebecca.hobson wrote: »

Hi, our mortagage fixed rate came to an end July.08 with NR and we have been looking for a re-mortgage ever since with no luck! we decided to apply for a fixed rate with HSBC and have today heard from them that we have been declined. I cant face going through another application and was thinking as we have been declined would the best thing be to go through a mortgage broker or advisery service ?? I'm tiered of this now and am ready to give up and just pay NR the extortionate prices they charge!

Hi

You firstly need to establish why you've been declined, this could have been

1) LTV (loan to value - how much you want to borrow versus how much the home's actually worth)
2) Adverse credit
3) Credit scoring
4) Income
5) Affordability (i.e. too high outgoings on debts)

cleomolly

although I haven't had anything through the post yet they say it was because of income and credit scoring! although I had a good credit rating as I have checked this before, I'm unsure of my partners. My partner was self employed untill 01/09/08 so maybe I am going about things the wrong way I dont know but we did tell them that he was previously self employed, therefore hasn't yet been paid from his permanant job? could this be the reason?

MarkyMarkD

knighty76 wrote: »

When I said £12k profit, I was referring to that portion of my repayments which has been interest, since only around 2 or 3k has come off my outstanding loan amount. Isn't this profit for NR?

Any yes, I am aware that 7.89 is a higher number than 7.49.

The basis of my post was to ask for helppful advice, if anyone was in the same boat (struggling to move their mortgage, yet being a reliable and profitable customer for NR) had they had any luck speaking with NR? Or was there anything I hadn't thought of?

At this higher repayment rate, overpaying will simply not be an option.. unless Walkers crisps decide they liked my "do me a flavour" suggestion and throw their 50k prize money my way.. !

You keep saying that you've been a profitable customer for NR, as if they owe you a favour.

No, the £12k you have paid in interest isn't all profit for them. Do you not realise that banks have to borrow money, and pay interest on it, in order to lend it to you? And they have to pay your mortgage intermediary, and their processing staff, and their administration staff, and all the rest of their staff ...

They probably made between -£500 and +£1,000 during the period you were on your product rate. Not £12k.

NR are not offering anyone a new deal. Account conduct makes no difference.

I'm sorry that you can't afford to overpay in any way ... it is going to be difficult to get a better value deal anywhere else, for almost everybody who is with NR and on Together.

Sorry I can't suggest any better alternative.

Debs12

Is this right?

"NR are not offering anyone a new deal. Account conduct makes no difference."

Or is this just people who are on together mortgages?

Fixed rate running out in Feb 09 (5.09%) scared of 7.45% variable but always aware that this could happen when we took on any mortgage. Saving as much as I can so I can afford the variable rate payments if the come? Or so I can pay off some of the morgage at re-mortgage time so better Loan Value Ratio if someone will re-mortgage us?

Does NR give any existing customer a deal?

Surely?

How can they be taken on new customers for them to get in same posistion in a few years time?

Always scared especially when you read previous posts how re-mortgages have been turned down.

Advice welcome...A few months ago hoped the banks would start lending again and things would improve but now looking that it may take longer than ouor timeframe although I suppose the thing to do is keep up payments with NR until something reasonable below 6.5% turns up for us.

Debs...not worrying never missed a payment on any debt ever! But as prices for other outgoings keep going up how long will that last.

Doublespresso

Debs12 wrote: »

Is this right?

"NR are not offering anyone a new deal. Account conduct makes no difference."


Does NR give any existing customer a deal?

Surely?

NR is not offering ANY deals to ANY of their exisiting customers which is ABSURD, let alone unfair.

They are practically encouraging people to default by forcing them to pay the SVR at 7.49%
The lucky few who do manage to switch banks, would have been able to get the best deals around anyway.

There must be pressure groups to make NR see sense, if they offered the same deals offered to new accounts to their existing customers there will be far less defaulters and their loan book will be healthier.

This is a disaster just waiting to happen.

MarkyMarkD

It is ludicrous.

They are letting (making?) their best risk customers walk away (just to get down the size of their government borrowings) whilst keeping those who can't get a remortgage elsewhere. All that can happen is that the quality of their loans, on average, goes down and their arrears will go up.

Debs12

How do we start the pressure group perhaps us and the B&B people can get together..maybe we start with a petition?

Can we complain to the FSA?

Debs

zipman23

katew87 wrote: »

Hi
I just fixed a deal with NR yesterday and it was the most competitive rate I could find. 5.69% fixed for 5 years with no early repayment charges and £995 fee, I think this is a great rate.

Isn't that for 75% LTV though?

juliesg

just a little question as yet im not negative equailty i brought my house 2 years ago i paid £113,000 on a right to buy i also took out £28,000 loan as part of the together mortgage which gives me a total £141,000 the houses are roughly going for £175,000-£180,000 at the moment with house prices dropping who knows where i be at in sept 09 when my fixed deal runs out so who knows if i can re-mortgage or not. what i really want to know can i go from a repayment to interest only if i cant re-mortgage not ideal and not something i really want to do but at least it would be another option if i really had too.