Northern Rock End of Mortgaged Deal (Merged Threads)

Becles

I got the C&G letter and rang up. I was offered a few deals and went for a 5.69% fix for 5 years.

I've got a squeaky clean credit record and only around 30% LTV, but I was declined by C&G. No idea why as he said he couldn't give the reason. I suspect it might be either because I'm self employed or affordability as I'm working less hours now since I married and they wouldn't take my husbands income into account.

I've only got a small mortgage so it's only going to be about £50 a month more on SVR, but I think I'll still shop around and see if anyone else can offer me something.

luckyfool

Becles wrote: »

I got the C&G letter and rang up. I was offered a few deals and went for a 5.69% fix for 5 years.

I've got a squeaky clean credit record and only around 30% LTV, but I was declined by C&G. No idea why as he said he couldn't give the reason. I suspect it might be either because I'm self employed or affordability as I'm working less hours now since I married and they wouldn't take my husbands income into account.

I've only got a small mortgage so it's only going to be about £50 a month more on SVR, but I think I'll still shop around and see if anyone else can offer me something.

The C&G credit score has become ridiculous recently . . . you might not have much of a credit profile, or have had a few credit scores recently?

I had a client the other day who failed the score, despite the case being a 41% ltv and the client being employed on a £250k income and squeaky clean credit.

The credit crunch is clearly biting, I wouldn't give up, as long as you are confident you dont have any adverse credit history then there will be another high street lender more than happy to do the business.

Becles

Yes - got a few footprints from buying things on "buy now pay later" although they are all paid off now.

Credit history is fine. Everything has been paid on time and no missed payments or CCJ's etc.

I was going to try Co-op or Nationwide. My current account is with Smile and I've got savings in Nationwide so I'm well known to both branches. Got a big exam looming for uni, so I'll look at the mortgage more once the exam is out of the way!

thorny99

Hi,

My NR Together Mortgage comes to an end in May and I was just wondering if you can just remortgage the actual secured bit and leave the unsecured with them?

Sorry if this has already been posted so many posts in this thread really couldn't look through them all:T

luckyfool

thorny99 wrote: »

Hi,

My NR Together Mortgage comes to an end in May and I was just wondering if you can just remortgage the actual secured bit and leave the unsecured with them?

Sorry if this has already been posted so many posts in this thread really couldn't look through them all:T

You can, but depending on when you took your Northern Rock Together mortgage out then the conditions will say that the Unsecured loan will revert to either 5% (or 8% latterly) over the Northern Rock SVR. This would mean a rate of around 12.49% to 15.49%. Of course the term would still be the same mortgage type term such as 25 years, but you have to weigh up the benefits of the lower rate on the mortgage.

Check your offer paperwork or call Northern Rock to find out how your particular deal works.

DNKPets

My deal ends january. Currentlly owe £94000 on a £137000 house and C&G also turned me down on credit score. Not sure whether to keep shopping around or wait six months and remortgage then.

luckyfool

DNKPets wrote: »

My deal ends january. Currentlly owe £94000 on a £137000 house and C&G also turned me down on credit score. Not sure whether to keep shopping around or wait six months and remortgage then.

Speak to your own bank, or a good broker. If you consider your credit history to be good in general then with that kind of equity you should be able to sort something out.

Doublespresso

neverdespairgirl wrote: »

They aren't encouraging people to default, the SVR isn't that high.

People aren't forced onto the SVR either, they can, like anyone else, seek a re mortgage somewhere else.

Yes the SVR *is* that high and re mortgaging elsewhere is not an option to many right now and is becoming even less so as time passes by.

The point is that NR have lots of reasonable deals on offer but for some (IMO) illogical reason they will not offer to existing customers, who would have qualified if they were "new business", therefore pushing them necessarily to the brink. This is a classic lose/lose scenario.

Sometimes I am shocked at the lack of compassion of the moralising "I told you so" brigade of these forum.

lj31

Hi, I hope some one may be able to offer us some advice.

Our 3 year fixed rate together mortgage with northern rock is coming to an end at the end of march 09. When we took out the mortgage it was for just over 100% of the value of the property. I am now in a very worring position that we have negative equity and I dont really know what to do. We are suppost to pay NR the £1000 they gave us (for fees etc) back so we can move mortgages or stay on their standard rate for 6 months. We could afford to pay their standard rate for a while and wait and see what happens.

We dont have any savings to help us out either!

I know that no one is offering 100% mortages now, would it be a solution to get a 95 or 90% mortgage and get a personal loan to cover the remaining percentage plus the negative equity aspect? Or does any one else have any ideas? We have a fairly good credit rating.

Any advice would be greatly received!

LJ

Jo_2k

I'm one of the ones who borrowed 100% over an 18mth fixed rate and now haven't paid enough off to move mortgage companies so am stuck on the SVR. Just wondered if anyone can confirm that I have this right or is there anything at all that I can do to get a mortgage with someone else?

Thanks In Advance