Northern Rock End of Mortgaged Deal (Merged Threads)

conar686

catlover32 wrote: »

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!!

I can't help with [1] but for [2] You should apply for you credit report with equifax this will give you he full monty on where you stand with respect to credit. If there are multiple but related entries these can be removed or reduced to a single notice

You may wish to exercise your rights under the Data Protection Act and order a Statutory Credit Report (£2). Your report will be posted to you. For more information about your credit rights and purchasing a copy of your Statutory Report, click here.

If you want to pay for an assessment of your creditworthiness

https://www.econsumer.equifax.co.uk/consumer/uk/sitepage.ehtml?forward=gb_cps_detail

mick_1967

I'm currently on the NR SVR which is 5.83% redcuing to 5.33% from 01/02/09 - its a together mortgage. I reckon LTV is 100% so stuck on SVR however with the reduction in rate I wish to make some overpayments. £70k for mortgage and £8k for unsecured. If I make overpayments should I specifically ask that they go against the unsecured part? What is best course of action to take? Any advice appreciated.

zipman23

mick_1967 wrote: »

I'm currently on the NR SVR which is 5.83% redcuing to 5.33% from 01/02/09 - its a together mortgage. I reckon LTV is 100% so stuck on SVR however with the reduction in rate I wish to make some overpayments. £70k for mortgage and £8k for unsecured. If I make overpayments should I specifically ask that they go against the unsecured part? What is best course of action to take? Any advice appreciated.

I'm pretty certain you can do that when you make your payment. I'm sure its been mentioned on here before.

leanne2402

Has anyone had any probs (apart from the ob) with NR not telling you you are coming to the end of your fixed rate. Just had a letter from our broker asking if wanna come in a talk about new terms, as ours end 1st feb. (i thought was april, but just checked and is feb). Says on paperwrok that will go over to SVR, which is fine at mo as plan to overpay while can, but had nothing from NR to confirm this is happening.

Got a together mortage and the 'together' part is included in the IVA. My next payment is due 5th feb on a standing order, so wasn't gonna change it, but now panicing they have forgot about us. Have never missed a mortage payment yet.

Anyone had the same?

Nonshy

Leanne you won't have any problems!

You will simple convert to SVR... 5.33% for together customers, which is still under review.

No need to panic!

Nonshy

mick_1967 wrote: »

I'm currently on the NR SVR which is 5.83% redcuing to 5.33% from 01/02/09 - its a together mortgage. I reckon LTV is 100% so stuck on SVR however with the reduction in rate I wish to make some overpayments. £70k for mortgage and £8k for unsecured. If I make overpayments should I specifically ask that they go against the unsecured part? What is best course of action to take? Any advice appreciated.

you can do that but if want funds back will take longer as a credit agreement will need to be signed and if same interest rate makes no real difference.

At any time in mortgage you can transfer credit from and to different elements.

Nonshy

SVR has been cut to 5.09%

juliesg

thats great news lets hope it stays that way when my deal ends in aug

IcklePickle_2

BBC reporting the new government insurance scheme: https://www.northernrock.co.uk/mortgages/existingCustomers.asp

"The new state-controlled insurance company would provide cover in the event of bank customers defaulting on their loans.
It would allow banks to pay a fee to have their bad loans underwritten by the taxpayer up to a certain level."

Do you think this means NR might start offering deals to existing customers coming off fixed rates? If they can be insured against the risk of bad debt, even though their risk is high since lots of us (NR customers) are on 100-125% mortgages?

alan_blue

that would be great if they did