Northern Rock End of Mortgaged Deal (Merged Threads)

stephensdan

^ You need to register and wait for them to send you out a code that you can use for the site (For security)

You can always call Northern Rock at any time to find out info regarding your mortgage though, they will soon be able to tell you what your repayments are going to be. Just call customer services.

There's also a load of calculators on the internet that will do the trick, the BBC's one is my favourite, I posted a link to it earlier in this thread. Just put your outstanding balance, term and rate in and it will show you your monthly payments.

zipman23

stephensdan wrote: »

^ You need to register and wait for them to send you out a code that you can use for the site (For security).

Is this the same kinda thing as a paperless bill (except much bigger)? I registered almost a fortnight ago...still waiting for my code to arrive.

princess_loki

just called NR and can confirm that rate for dec is 5.84% :j

guy was everso helpful and confirmed what my payment would be on 1st dec (£524 - phew!).

i asked if they knew if / when it would change again and he did not know but they have a meeting on the first thursday of every month and it sounds like that is when the new fixed rates and stuff come out / are confirmed.

he said it could go up or down but they cannot comment or guess (fair enough).

so i think what i will do is try and phone mid december and see what is happening in january so that i can work out my money for everything else

fingers (and toes) crossed for everyone else with NR.

loki x

stephensdan

^^^^^ Just my humble prediction here, in my opinion...

I doubt very, very much the Rocks variable rate will change at all until at least the mid point of next year. Infact, I'd expect it to actually stay the same for the majority of 2009.

Without being technical, I don't think it can go higher because it defeats the object of the government, the banks and the people working towards sorting out the current problems which is going to need 6 months to a year to start to get anywhere, and it won't go lower becuase the banks are already !!!!ed off with having to lower them this much as it is.

If it HAS to go one way or the other, I'd put money on it lowering (but I doubt that will happen, it's more likely to stay for the reasons above)

Not so bad times after all.

SJ1

mircea wrote: »

Hi
Received our letter today from NR saying our mortgage repayments on 1.6.08 will go up to £1048 on our Interest only together mortgage! our current payment is £798.

Ideally we would like to get back onto repayment but no way can afford it with NR! However, if we move our mortgage but leave the 'together part' with NR we will have to increase our payments on the usecured part as we are no longer with NR, is any of this making sense?

I am also worried about our credit rating, I am currently reducing my overdraft by £100 a month so by September i will have a £300 overdraft limit, we have no credit cards any more as we paid them all off. A loan which finishes in July and one which finishes in October next year, we have never missed a payment on any of them.

Do you think we should shop around for a better deal and if so are Charcol worth going to? Other option is we sell the house, pay £16k off the unsecured part with the profit from the house sale, move into rented and wait for the market to settle?

Any ideas anyone?

Thanks.

Hi Mircea

Not sure when you took out the mortgage but your situation will really depend on whether you have any equity in the house or not. If you don't then you are going to have problems getting another deal as even if you are a reasonable credit risk there are just no 100% mortgages out there. This means that it is likely that you will have to go on to their standard variable rate. I too am with Northern Rock and have been told by my mortgage advisor that they are not offering new loans. They are running their mortgage book down and therefore will not offer competitive rates as they want their present customers to go elsewhere or they want a lot of interest for their cash.

As I see it you have two options - either sell the house, take what you can and rent and wait for the market. This could be tricky given the market at the moment and extremely low volume of sales at the moment. The other option is to grin and bear the higher rates until you can get a better rate but this may well be some time.

Interest rates are coming down which should help you out but in the longer term its maybe worth you looking at what you can actually afford to repay.

S

sharnad

I am on a fixed interest rate of 5.99% it is supposed to be a 5 year deal but northern rock have sent me something to say it is ending in Janurary rather than June has anyone else had them end their deak early

stephensdan

sharnad wrote: »

I am on a fixed interest rate of 5.99% it is supposed to be a 5 year deal but northern rock have sent me something to say it is ending in Janurary rather than June has anyone else had them end their deak early

I'd get that checked out, I can't see how they can do that.

ger_ryan22

Stephensdan, you've got a PM!

_Andy_

stephensdan wrote: »

I'd get that checked out, I can't see how they can do that.

Most fixed rates will have a specific end date rather than being a full X years. If you check your mortgage offer and KFI the end date will be specified in there.

ger_ryan22

Rang NR today, very helpful and polite. My 7.15% fixed deal ends next Oct, I know, it's early Anyway, she said, if rates stay the way they are then my monthly payment would drop by £100 which is GREAT!!! The thing is though, will 5.84% still be the rate in Oct next year? It is just impossible to say so I've 2 choices, 1- Save for a deposit to transfer my mortgage to another lender or 2 - Leave it and hope that the rate stays in or around the 5.84% mark? Your suggestions are greatly appreciated! Do i save anyway?

Cheers
Ger