Northern Rock End of Mortgaged Deal (Merged Threads)

Tom_Kelly

The 'help with costs' was effectively a reduction of their fees when you arranged the tracker mortgage. It was an amount of money that would be sent to you or your solicitor around one month after completion to reimburse you for your legal fees and valuation fees. If you came out of the deal early (which you don't appear to have done) then this £1,000 needed to be repaid.

I suggest that you speak to the solicitor who done the conveyancing as they will have the file with the information and a record of this payment. The offer letter will clarify the detail and the date at which you would be clear of the repayment date.

BigC+WeeS

BigC+WeeS wrote: »

On the back of all the current "NR won't help current customers" - we just had a curious letter from them this morning.... our deal finishes at the end of the year as well, and they've actually suggested I call them to see if they can offer me something. No idea if they'll actually do so given our current circumstances though - our current mortgage payment is £1059, going up to £1242 on the SVR, there will be around £156,000 outstanding by the New Year and another 20 years to go.

I'd be happy if we could settle somewhere in the middle. But.... and it 's a big but.... we're on a DMP via Payplan, owing NR roughly £33000 (on a £25K unsecured personal loan), £7800 to Barclaycard, £9000 to First Direct (personal loan), and another £1500 to FD on our old overdraft. We also have a secured loan with Picture (which we know is bad!!!) of £25000, which we've been paying 3 years this month, and still owe £31000.

We're coping at the moment - our DMP is £113 a month (take around 40 years to clear :rolleyes: ) but with the mortgage increase my wife will have to take on a second job, with crap hours to cope with it.

Payplan say they can't fix us up with a new mortgage through their own setup. So, I'm going to call NR in the morning when I get home from work to see what they have to say.... wish me luck, and I'll post back here when I have some answers!

We've finally gone through the whole process with NR / C&G, and as expected we've been declined - apparently we would have been OK if our DMP was cleared, little hope of that in the forseeable future:rolleyes: . Next step... NR are putting us in touch with a broker they have dealings with and who are going to call me tomorrow evening with a view to trying to help us out.... we shall see... and I'll keep you all posted.

sihibbs

neverdespairgirl wrote: »

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

Absolutley.

http://petitions.pm.gov.uk/nr-rate-cuts/

Be great if Martin Lewis could raise this to the media attention it should get

Nonshy

That petition is ludicrous.

angel6_2

Hi all,

well my northern rock fixed rate ends 01 December 2008, previous rate was...wait for it 3.99% so mortgage payments going up by £350 a month which is just not do-able, I have tried to get another mortgage but have no chance as my income on paper is not what I actually earn being self employed, as I owe 81% of the house value I cant get another self cert mortgage as the most I can borrow is 75%.

I spoke to nothern rock who basically dont give a damn about my situation. Subsequently I have just put my house on the market for less than I paid for it as I just cant afford to stay here, I called northern rock and asked them to move me onto interest only so at least I have a fighting chance of making the mortgage payment each month, only to be told yes but they will charge me £75.00 for the privelidge, I just couldnt believe it, they stated it was "admin charges" how much god damn admin could there possibly be to switch me onto an interest only mortgage. I cannot believe what a bunch of !!!!!! this bank are, I need help and they just want to stick the knife in some more.

I have been in tears so many times over this and dont know what the hell to do for the best.

sorry for the rant im just so upset and needed to get it out.
thanks for listening and if by any stroke of luck you have any advice then id welcome it.

Angelx

_Andy_

angel6 wrote: »

Hi all,

well my northern rock fixed rate ends 01 December 2008, previous rate was...wait for it 3.99% so mortgage payments going up by £350 a month which is just not do-able, I have tried to get another mortgage but have no chance as my income on paper is not what I actually earn being self employed, as I owe 81% of the house value I cant get another self cert mortgage as the most I can borrow is 75%.

I spoke to nothern rock who basically dont give a damn about my situation. Subsequently I have just put my house on the market for less than I paid for it as I just cant afford to stay here, I called northern rock and asked them to move me onto interest only so at least I have a fighting chance of making the mortgage payment each month, only to be told yes but they will charge me £75.00 for the privelidge, I just couldnt believe it, they stated it was "admin charges" how much god damn admin could there possibly be to switch me onto an interest only mortgage. I cannot believe what a bunch of !!!!!! this bank are, I need help and they just want to stick the knife in some more.

I have been in tears so many times over this and dont know what the hell to do for the best.

sorry for the rant im just so upset and needed to get it out.
thanks for listening and if by any stroke of luck you have any advice then id welcome it.

Angelx

Sorry but you need to take some responsibility here - the KFi and offer would have shown you would go to a variable rate after the deal ended. If you didn't budget for that then that's your own fault.
As for the admin charge it's perfectly fair.

lotto-dreamer

Sorry to hear that Angel!

I am also with Northern Rock and changed to interest only after my fixed rate ended - I sent off my cheque for £75 and my mortgage was changed to interest only straight away (no waiting for a few months or anything)

I did note when I received the paperwork about the change to interest only it appeared I could have added the £75 to the mortgage. Ask them if they'll do that rather - they probably don't encourage it but if you insist they may do that. It's worth a try. At least if you change to interest only it will give you some breathing space.

lotto-dreamer

_Andy_ wrote: »

Sorry but you need to take some responsibility here - the KFi and offer would have shown you would go to a variable rate after the deal ended. If you didn't budget for that then that's your own fault.
As for the admin charge it's perfectly fair.

How about having a little compassion Andy.

A lot of people are very worried. The banks made ridiculous errors as well and they are being bailed out. It's ordinary people who are having to bear the brunt of their own mistakes. The banks have been offered a lifeline but ordinary people haven't.

_Andy_

lotto-dreamer wrote: »

How about having a little compassion Andy.

A lot of people are very worried. The banks made ridiculous errors as well and they are being bailed out. It's ordinary people who are having to bear the brunt of their own mistakes. The banks have been offered a lifeline but ordinary people haven't.

Agree with you - to an extent. I can see that my post was a little blunt - and to clarify, I do sympathise with anyone struggling to keep up their payments and it's not something I'd wish upon anyone.
Also I do think it's lame that NR are offering new customers deals and not existing ones and I don't condone the ethics of that.
That said, I do stand by my point which is that the person in question needs to accept that they agreed to a mortgage contract whereby once that fixed rate ended, it went on to the SVR. That should have been factored in and budgeted for to begin with.

To the poster in question - have you had a proper chat with a decent mortgage broker just to explore all avenues?

Nonshy

angel6 wrote: »

Hi all,

well my northern rock fixed rate ends 01 December 2008, previous rate was...wait for it 3.99% so mortgage payments going up by £350 a month which is just not do-able, I have tried to get another mortgage but have no chance as my income on paper is not what I actually earn being self employed, as I owe 81% of the house value I cant get another self cert mortgage as the most I can borrow is 75%.

I spoke to nothern rock who basically dont give a damn about my situation. Subsequently I have just put my house on the market for less than I paid for it as I just cant afford to stay here, I called northern rock and asked them to move me onto interest only so at least I have a fighting chance of making the mortgage payment each month, only to be told yes but they will charge me £75.00 for the privelidge, I just couldnt believe it, they stated it was "admin charges" how much god damn admin could there possibly be to switch me onto an interest only mortgage. I cannot believe what a bunch of !!!!!! this bank are, I need help and they just want to stick the knife in some more.

I have been in tears so many times over this and dont know what the hell to do for the best.

sorry for the rant im just so upset and needed to get it out.
thanks for listening and if by any stroke of luck you have any advice then id welcome it.

Angelx

Tax payers want their money back and the quickest way to do this is if NR have as many redemptions as possible, this is the choice of directors who the Government have brought in to rectify the situation.

The £75 can be added to your mortgage so don't need to worry about that.

If you have been a good payer for the last 27 months you can take 3 payment holidays, interest added to the balance but means you won't default.... then after that they would more than likely offer you reduced payments if still struggling... so there is 5 months.

You were happy enough to take on the investment and the risk that goes with it and on every piece of correspondence you recieve it advises you about risks of taking a mortgage. Taking such a low interest rate was always going to result in big hike in prices when your fixed deal ended.