Northern Rock End of Mortgaged Deal (Merged Threads)

andyguk

now the news reader has said only the Abbey and Lloyds TSB are going to pass on the cuts :mad:

wish they'd make their minds up. Watch the 8am news and they will go back to that reporter again, she's the one who had the list

stephensdan

Just caught this Andy, didn't mention Northern Rock - maybe they slipped up earlier

Some old guy that's on now doesn't seem very optimistic! That inter-bank rate gets sorted today so hopefully that will go down as well. We may be waiting untill next week to hear anything concrete from the Rock.

discostu1978

i wouldn't get too excited about a reduction in the SVR. the interest rate could always go back up again before your fix term ends.
Mine ends in March and my mortgage is going up 200 sheets a month from then, so i want the cut as much as the next man/woman!!!

stephensdan

It's unlikely that it's going to go up for quite some time now. 2009 is looking more and more like it's going to be a year of low rates in an attempt to get things moving again by 2010 and hopefully for us by then, the banks will be lending to each other more and there will be other deals on the market as a result that we can move to.

In my opinion, it's all about holding out to remortgage which shouldn't be so bad as long as down is the only direction the rates can go from here.

Nonshy

BOE won't increase the base rate for a while. I very much doubt they will over the next year. The reason for the big cut was the fear of disinflation concerns and the economy heading into recession.

I haven't had a go at anyone on this thread just stating the fact that people need to take personal responsibility for their actions and it amazes me how people can come on here and call NR "toss*rs" and it's all their fault and that is within the spirit of MSE is it!? Like I said earlier: Banks, Government and the ublic are all to blame... collectively.

The very very last resort for NR is to repossess your home... it takes severe arrears before that happens and many months! Their was a woman on BBC breakfast saying she was being bullied and forced out of her home... turns out she was in two months arrears and hadn't even had a respossession order yet.

lotto-dreamer

when my fixed rate came to an end with Northern Rock last year I received a letter saying they had arranged some fixed deals with C & G and sent me forms. The rates were around 6.49% but the arrangement fees were very high and so were the penalties - so I dithered at bit.

Finally, decided to stick with NR's SVR for the time being - thank goodness.

In any event, it's immaterial now as I've just sold my house.

andyguk

Lenders heed calls for rate cuts

The main mortgage lenders have started to respond to the government's demand that they should cut their mortgage lending rates.

The Nationwide, HBOS, the RBS/NatWest group and nationalised Northern Rock will cut their main variable lending rates by the full 1.5% on 1 December.

http://news.bbc.co.uk/1/hi/business/7716086.stm
so there we go, we can all relax for a while :beer:

angel6_2

yay thats fab news at least some of us will get a bit of relief.
angelx

katchambers

OMG!! Thanks Andy! If that is true and NR really are cutting their SVR down to 5.84% then we are very, very happy, because that is less than our fixed rate was anyway! I hope it is december too, and not january, as out rate has already gone up and we are paying £500 extra this month!

Kat x

Nonshy

Good news for NR customers... :j

Kat what kind of product are you on?

and was it yourself that mentioned earlier you didn't get full two/three year fixed rate?