Northern Rock End of Mortgaged Deal (Merged Threads)

andyguk

Kudos to Stephensdan for keeping us all sane throughout this

I know the lower rates won't last forever as these cuts are something to get the economy going again. So my plan is to save any spare bit of cash I will save from this cut and any other from payrise in Jan, so that I have some spare if my house hasn't recovered any value by the time the rates go back up.

Nonshy

andy... if you have extra why don't you pay it off your mortgage and borrow it back if need be... mortgage reduces quicker... debt reduces quicker and always there if need funds at a future date?

unless you can get interest rate better than 5.84% for savings

katchambers

Nonshy wrote: »

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?

We are on a together mortgage and it was a fixed rate for 3 years at 5.99%, however, we didn't get the full three years, like you say, it was 4 months less.

Thanks
Kat x

andyguk

Nonshy wrote: »

andy... if you have extra why don't you pay it off your mortgage and borrow it back if need be... mortgage reduces quicker... debt reduces quicker and always there if need funds at a future date?

unless you can get interest rate better than 5.84% for savings

Yes great idea :beer: I was overpaying early into my fixed term but had to stop as things became more expensive due to credit crunch. Would love to start overpaying again :T

Nonshy

katchambers wrote: »

We are on a together mortgage and it was a fixed rate for 3 years at 5.99%, however, we didn't get the full three years, like you say, it was 4 months less.

Thanks
Kat x

well if you are on a together your rate won't be effective until january... one downside but if rates increase you will get an extra month at the lower rate.

the reason why you got 4 months less is because when products are sold the are fixed from the date offered or that product becomes available... eg 2 year fixed jan 2006 to jan 2008... if you took that deal april 2006 you would only be fixed until jan 2008. So even though still called 2 year fixed it is only fixed from the date offered and not the date you take the product.

Nonshy

andyguk wrote: »

Yes great idea :beer: I was overpaying early into my fixed term but had to stop as things became more expensive due to credit crunch. Would love to start overpaying again :T

the best way imo... if you can afford it just pay that little bit extra... surprising how much it helps and makes overall cost of borrowing less.

aslong as your credit is above £500 you can borrow that back... funds into your account in 3 working days... one real good positive of a NR mortgage imo

yellowkylie

Yipeeeeeeeeeeeee!:j

Debs12

yes!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

I was so worried more than I was letting on.

The means me we are only going up 0.5% in Feb.

We can now have christmas ...

stephensdan

Just got in and read this. Great news! 5.84 is actually my fixed rate at the moment so when it expires in Feb, there should be no difference.

I'm very happy for others who have posted here, this is great news for all of us.

Have a good weekend everyone

marshallka

andyguk wrote: »

well I've just watched GMTV news and a reporter read out a list of banks who have said they are going to pass on the rate cut to customers. Northern Rock was the first she read out.

can anyone confirm this? great news if this turns out to be true

yes, its confirmed

http://news.bbc.co.uk/1/hi/business/7711689.stm