Northern Rock End of Mortgaged Deal (Merged Threads)

pinksparkle_2

endemoniada wrote: »

I'm sorry, SVR after your fixed rate will be 5.34%[ still lower than your fixed rate but not quite as low as the tracker.

I'm overpaying too with the saving's I have made going from £7 or so- apparently will reduce the life of my mortgage significantly

Just a quick question - When my fixed rate ends with NRwill i be automatically transferred to the SVR...???

Will they credit check me or just make the switch???

Pinksparkle

MarkyMarkD

It's not a new mortgage, so you won't get credit checked.

Nonshy

pinksparkle wrote: »

Just a quick question - When my fixed rate ends with NRwill i be automatically transferred to the SVR...???

Will they credit check me or just make the switch???

Pinksparkle

yes you will switch straight to SVR

definitely no credit checks will be done

ger_ryan22

pinksparkle wrote: »

Just a quick question - When my fixed rate ends with NRwill i be automatically transferred to the SVR...???

Will they credit check me or just make the switch???

Pinksparkle

Hi PS, I rang about this a few weeks back as I'm in the same position as you and they said I'd revert to the SVR, nice for me as I'm currently on 7.15%! Fixed term ends in Oct so fingers crossed the interest rates stay around the mid 5% mark (or go lower of course!)

katchambers

Interest rates went down again today by 0.5% - bet northern rock don't pass any of it on!!

Kat x

katchambers

http://news.bbc.co.uk/1/hi/business/7817453.stm

kat x

Nonshy

Kat - you say that as if NR haven't passed on any rate changes to cutomers!!

katchambers

Oh yeah I know they have passed on some of it, and I appreciate it that, it's just frustrating when I see all of these banks straight away saying they will pass on all of the rate cuts, it hurts, coz if I wasn't with northern rock, my mortgage would be so low I could finally pay of some of my debts. It's just there has been something like a 3% cut in the last 6 months and northern rock passed on about half of that, it's just being government owned you would think they could pass on more, especially as more people are stuck with northern rock than with any other company, as they are the ones who did 125% mortgages, so it's not like we can just move to hsbc or any other company who have brilliant rates.

It says in the news report that the bank of england cut the rates because they want the banks to cut their rates, but of course they can't force them, so it's just frustrating because we all know why the rates are being cut, and yet whilst people on tracker mortgages are laughing we are just frustrated.

kat x

kingkano

If NR cut their rates to match others they would end up with too much of the market share, which they aren't allowed to do because they are govt owned. I guess for them its being between a rock and a hard place.

They would also you rather take your business elsewhere but that is increasingly hard in the current climate. I think really the govt need to look at some kind of measures to allow people to remortgage away from NR who are in tricky situations. Cant be too difficult...

catlover32

Desperate advice needed!:

- Currently on fixed rate with NR which runs out in March. I've been sent the letter saying they are unable to offer me a new mortgage deal and I'll go on their SVR from then.
- With this in mind, I want to start looking for a new mortgage deal.
- 2 complications!!!
-a) I'm planning on renting my house out and moving in with my boyfriend, probably in a few months' time. This throws up a number of questions - would NR give me permission to rent my house if I stay with them? I'm currently mortgaged at around 85% of the property value. Do I get a 'buy-to-let' deal when I get a new mortgage deal?
- b) I'm also worried about my credit rating when looking for a new mortgage deal. It's been good in the past but when I checked it a few months ago, it appeared that because I'd applied for a couple of things around then, I was in the 'poor' category. I've never defaulted on mortgage payments, however, in 6 years, or anything else for that matter.

Help? This is all very confusing. Do I stick with NR for a while or try for a new deal?!

Any help appreciated!!