Northern Rock End of Mortgaged Deal (Merged Threads)

iwassomeoneelse

mircea wrote: »

Sorry to ask yet another question!!! what do you mean by debt consol? The only debt we will really be left with is the NR unsecured part. We can afford up to £1300 a month for our mortgage and the unsecured loan - should this be possible?

Does anyone know what value a loft conversion, extension and downstairs cloak can add to a house as we have planning permission to do all of this, and hope that we can ride out the house price/mortgage storm and damage limit the price drop through adding value to the house this way.

Debt consol would usually be taken to mean more than one loan, but would still apply here. You'd have to see what your new NR loan or maybe a Tesco loan would be, to be able to work out affordability, but with that much income I should hope you can!

As for your extension, it's impossible to say without knowing how big your house is now, how big the loft conversion would be, where you live etc. You may be able to get an idea by looking in your local paper at other houses for sale. Having said that, you may be better placed to use the cash for the extension to pay some of your mortgage or loans off?

dunstonh

mayjay wrote: »

our NR Together 125% fix ends in July - any advice what will happen now this mortage is no longer offered?

You will be moved onto the standard variable rate as was always intended. You "may" be able to select from a limited range of deals from NR. Alternatively, you could remortgage to another lender if your credi/income rations and loan to valuation stack up.

we have received a letter telling us what our new SVR payments will be, but not asking us to look elsewhere. So I am assuming that if they think you can pay the SVR they will keep you?

There is no indication that NR are telling people to take their existing business elsewhere. You have recieved the normal letter they send out.

SouthCoast

As I now own the OP's bank will be interested to learn how things work out.
Please keep us updated.

conar686

Anyone know a mortgage company willing to take a risk.

I've an NR mortgage due to end in 2 mths their best renewal quote is 6.49 with a £6k fee for int only 90% product or 6.99 with a 2k product fee.

Both of which I can afford but both come with a credit chk and there in lies the problem as my CR is not the best with 2 CCJs which I'm going to get set aside when I can get the money to to start courts action.

I cannot afford just to let it slip into their variable as thats a rise of 50%.

I cannot sell the house as there isn't enough time to do so.

Any options advice welcome

MAC

conar686

Rachman wrote: »

No, they won't - NR don't want any new customers. They desperately need to get the overall risk down. That means pricing their products such that people who can leave them and leaving only those unable to find a deal elsewhere with them - who are more likely to default and will be paying out far more interest than elsewhere and will effectively be left to stay with NRK or go subprime. Neither of which are palatable.

It will negatively affect a large number of MSErs - but please don't be deluded to think that the government wants to run a bank with that sort of risk. They need to get £110Bn (or as much of it as is possible, because they won't shift all of it) off the government's balance sheet as quickly as they can - the best way to do that is to make people leave them and so use mortgage advances from elsewhere redeem their loans - and believe me, the residual NRK owned loan book is as crap as it gets without getting as low as GMAC or Kensington sorts of things.

I had this confirmed by an NR employee who was ashamed to offer me a very uncompetitive 2 yr deal. 6.49% for 2yrs for 90% int only with a £6k product fee.

http://forums.moneysavingexpert.com/showthread.html?p=8848253#post8848253

_Andy_

Morning.

What value were the CCJs and when were they registered?

Any missed mortgage payments?

Thanks

Becles

poppy10 wrote: »

Do you have any equity in the home?

Quite a lot! I owe £55K on the mortgage, and similar properties are selling for around £200K.

I bought it in 1996 so I've been here a long time. I married my husband in 2006 and he didn't bring any finanical assets into the marriage. We don't have any joint finances as he has a bad credit record, although we have been working on repairing that since I met him. That's why he doesn't want to go on the mortgage/house deeds. My credit record is squeaky clean!

Just want to plan ahead now, so I don't get any nasty surprises in 2009! We don't want to move and I'd rather not get repossessed!

I'm also self employed now and I do my own books, so I've got no official proof of income like payslips, accountants report etc - just my own set of accounts.

homer_j_3

Your options are simple

If you cannot demonstrate the income then you stay where you are on SVR.

You may get offered a retention rate from NR which may be better or worse than SVR.

The only way you will be able to move mortgages is if you can demonstrate an income of somewhere between 15-20k per annum

homer_j_3

Why has NR stitched you up? Did they give you the CCJ's?

I am not sure if NR do credit check for retention products but I can't say for certain that is still the case.

dunstonh

I can see no fault with NR here and the thread title is not appropriate for the content of the post.

Changing deals within the same lender does not involve a new credit check.