Northern Rock End of Mortgaged Deal (Merged Threads)

scotty1971

thats fine them saying it,but when will they do something,actions speak louder than words,so i certainly won't be holding my breath!

princess_loki

zipman23 wrote: »

Well I only got me a C in GCSE Maths but to me thats 66% LTV

is that good then? i dont really understand what ltv is or how it affects things....

zipman23

princess_loki wrote: »

is that good then? i dont really understand what ltv is or how it affects things....

Well yeah I'd say it was. The lower the better though. 66% LTV means you still owe 66% of the value of your home. The rest...is paid for! The lower LTV you have, the better the deal you can get as you aren't borrowing as much money. I'm sure someone with qualifications can confirm that though.

deefadog

Here's a calculator...

http://www.key-mortgage-secrets-revealed.com/loan-to-value-calculator.html

Nonshy

clairet707 wrote: »

It was announced yesterday they will be offering existing customers remortgage deals

http://news.bbc.co.uk/1/hi/business/7837135.stm

That is not in direct reference to offering new mortgage deals to existing customers... it is with regards to repossessions and active redemptions of mortgages. NR cannot proceed with repossession proceedings until the account has been 6 months in arrears now.

NR is reviewing its repayment plan to the Government and it has been accepted it'll now take longer to repay this loan.

It is dressed up nicely and the article is written in an ambiguous manner... my favourite quote is from Mr Darling, "It is right for them to maintain their lending in the housing market." .... you mean like they have been to new lenders??

"This means that more mortgage customers will the able to stay with Northern Rock," the bank said......... yes they can because won't actively be seeking repossessions or redemptions, so they are free to stay on the SVR.

The article doesn't reveal any information or make any suggestions towards new deals being offered to existing lenders.

sparks_will_fly

I have just had a letter from NR confirming that my rate is changing to 4.18% This is very pleasing but I think it may be an error as I am on the SVR and was expecting the rate to be 5.09% Anyone else get a different rate and do you think I should query it?

nervousmother

Just found this board, thought id let you know what has happened to be due to northern rock
1) Mortgage deal ended. they refused to re-do. mortgage nearly doubled to £1600 a month.
2)house was valued at 400k we put up for sale at 360k but no interest
3)struggling to live we kept reducing price to 300k (mortgage was 290k at that point)
4)we had to cut our payments as a choice between food and payments
5)had a offer for 265k
6)northern rock refused to let us sell. we now owe them £310k with interest
7)the repossessed the house
8)they have the house for sale at 194k (valued at 410k in 2006) 4 bed with swimming pool.
9)found out they would chase us for the shortfall for up to 12 years. owe 116k and nothing to show for it???
10)just gone BR :-(

vinr

nervousmother wrote: »

Just found this board, thought id let you know what has happened to be due to northern rock......
........116k and nothing to show for it???
10)just gone BR :-(

Very sad story to hear, wish I could help, our bad news was with equity release but at least we've not lost our home. Good luck to you for the future.

Debs12

We got the letter to say that our fixed rate of 5.09 due to end of the 1st Feb will increase to 5.09. I can contact them about this increase. We have a help with costs that does not run out until 06 June of £1K. With that in mind and a proporty bought in Nov 07 with about 89% equity at that point I dont think I will be contacting them.

mightymum55

We have some years left to run on our mortgage, which is a part interest only and part repayment. We have 3 endowments which have various finish dates over the next 5 years. The first pays out in the next few weeks and looks as tho it will make some profit unfortunately it is assigned to NR. They have told us that the payout will got to NR and they intend to keep the profit to set against expected shortfall of the later two endowments.
1)Can they actaully decide to keep our profit?
2)what will they do with it for 5 years - will it pay off some of our mortgage or just sit there earning money for them?