Northern Rock End of Mortgaged Deal (Merged Threads)

MarkyMarkD

You are pretty much stuck with NR until you can get the LTV well under 100% - preferably under 90%.

The best way to achieve that is to overpay on the mortgage - but obviously that's hard when you are paying SVR.

Alternatively you could obtain some money from somewhere else - preferably as a gift not a loan - do you have any wealthy relatives?

Jo_2k

Unfortunately not Mark - I just feel like I am flogging a dead horse. Me and my husband are both in decent, well respected jobs, I dread to think what situation we would be in if were on minimum wage. I feel so sorry for people in a worse situation than me. We have a joint salary of approx 48k but are still struggling and am goona be stuck paying this 860 quid mortgage for the next god knows how long gutted.

Debs12

Does anyone know anyone that will buy my house for a few days so I can therfore buy it back and become a new NR customer (joke)?

I am just trying to show how silly this is?

Really it it improving the LTV rate for most of us..the good news is that in the medium term house prices will have to rise again as their is going to be a short supply (their is not enough homes out there and they are not building any)!

Again this is about savings and how we should all save for a rainy day.

scotty1971

i'm with NR i have been on the SVR after my deal ended a few years ago,my tie in with NR finishes in december which leaves me free to leave without a redemption penalty,i currently owe £27000 my house value is £140000,asked NR for new deal,same as everybody else,only ner customers,and all the other mortgage companies if i move to them,by the time i add on there fees i end owing them more than i started with.any advice or is it just wise to stay with NR?

johnd72

Does anyone seriously know why the Northern Rock (now nationalised) is not lowering it's Standard Variable Rate, even though the Bank rate came down last week by 1/2%?

Is this a case of having being "caught" (or "hoiked in" as in the TV advert), with no chance of re-mortgaging to another lender, that the Government is now able to earn massive revenues from all those on the SVR?

Fullspizz

It's pretty hypocritical of the government to slate building societies for not passing on rate cuts, when they don't do it themselves.

I know that the money needs to be repaid back to the government, but from what I last heard they are well on course to pay it back in full by next year.

zipman23

Fullspizz wrote: »

It's pretty hypocritical of the government to slate building societies for not passing on rate cuts, when they don't do it themselves.

I know that the money needs to be repaid back to the government, but from what I last heard they are well on course to pay it back in full by next year.

Especially if you read this...

http://companyinfo.northernrock.co.uk/corporateRelations/news/article.asp?newsID=185

neverdespairgirl

johnd72 wrote: »

Does anyone seriously know why the Northern Rock (now nationalised) is not lowering it's Standard Variable Rate, even though the Bank rate came down last week by 1/2%?

I agree, it should go down the full .05%

fedupofgettingscrewed

I was until last week a NR customer. My 3 year tracker deal came to an end as of the 1st of October and they wrote to me saying that they can't offer me deal at this time therefore I will be paying their standard variable rate of 7.49%. So i rang them to see what they could offer me but they said nothing at this time.

I shopped around and got a fairly good deal elsewhere, anyway it all completed on Friday but now I have been landed with a £1000 bill from NR claiming help with costs. I rang them to explain but it made no sense over the phone so I asked them to send out the terms and conditions which basically stated that if we pulled out of our Mortgage within 1 year 9 months then we would be subject to the help with cost charge, however we have had our mortgage with them for 3 years and are not exiting early. I rang them as I thought they had made a mistake but they say as we moved house during the 3 year deal we are subject to new terms and conditions from when we moved which was within the 1 year 9 months period but only just. This doesn't seem right and has never been explained but they won't refund the money.

Sorry for the war and peace i'm just fuming at the moment.

Thanks for any advice given.

fedupofgettingscrewed

I was until last week a NR customer. My 3 year tracker deal came to an end as of the 1st of October and they wrote to me saying that they can't offer me deal at this time therefore I will be paying their standard variable rate of 7.49%. So i rang them to see what they could offer me but they said nothing at this time.

I shopped around and got a fairly good deal elsewhere, anyway it all completed on Friday but now I have been landed with a £1000 bill from NR claiming help with costs. I rang them to explain but it made no sense over the phone so I asked them to send out the terms and conditions which basically stated that if we pulled out of our Mortgage within 1 year 9 months then we would be subject to the help with cost charge, however we have had our mortgage with them for 3 years and are not exiting early. I rang them as I thought they had made a mistake but they say as we moved house during the 3 year deal we are subject to new terms and conditions from when we moved which was within the 1 year 9 months period but only just. This doesn't seem right and has never been explained but they won't refund the money.

Sorry for the war and peace i'm just fuming at the moment.

Thanks for any advice given.