Northern Rock End of Mortgaged Deal (Merged Threads)

Thumper7

Hi

Try whatsthecost.co.uk. They have a mortgage calculator.

KK

daisychain80

Hello everyone,

I really hope someone may be able to help, Me and OH took out a Mort with NR in Aug 2006, It was a 100% together mort the house was purchased at £124,950 the mort is approx 114,00 with loan element of approx 18k.

We are on interest only and pay £704.00 pm I think it's 6.29%.

My question is that this is due to expire in Aug this year, but with the current climate and not a very good credit rating(never missed a mort pmt) what are the chances of getting a new mort??? or am I right in thinking we are well and truely up the creek? I/we don't know much about them so I have no idea what were looking at, if that makes sense .

Thankyou in advance for your replys.

Cheers

poppy10_2

daisychain80 wrote: »

what are the chances of getting a new mort??? or am I right in thinking we are well and truely up the creek?

They are unlikely to offer you a new fixed rate deal, as you are almost certainly in negative equity; you also won't be able to switch to another lender. However you're not up the creek, you'll just end up going on to their SVR, which at the moment is actually cheaper than your current fix - it's only 4.79%. Don't know what it'll be in August though.

Nonshy

a lot of people coming off fixed rates and in negative equity are quite lucky in a way... remortgaging with a LTV higher than 70% you would struggle to find a better rate than 4.79%.

Ok you don't have the security but some NR customers fixed on rates 7%+ until 2011/2012/2013!!

daisychain80

Thank you so much for the helpful responses, even though the situation is not very good with the equity and all I suppose it could be alot worse,
when we applied for a mort they offered up to £250k!!!! we would have been homeless if we'd taken that much!

Cheers

D

RedPing1977

Hi all, this in the news today...

http://www.guardian.co.uk/business/2009/feb/22/northern-rock

HOPEFULLY they'll be in the position to offer new deals to all us existing customers currently adrift on their SVR.

Wouldn't it be great if they were to follow the excellent deal offered to existing customers by the Coventry Building Society this week!

http://www.timesonline.co.uk/tol/money/article5759476.ece

Fingers crossed for some much needed good news over the coming days.

tylersbabe

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MarkyMarkD

You can't remortgage with the same lender. It's not a remortgage - it's a product switch.

And NR shouldn't be throwing away taxpayers' money by reducing rates for those who are stuck on their SVR. If they are stuck, because nobody else will lend to them, then they should be paying a premium rate to reflect the risk involved.

b0rker

MarkyMarkD wrote: »

You can't remortgage with the same lender. It's not a remortgage - it's a product switch.

And NR shouldn't be throwing away taxpayers' money by reducing rates for those who are stuck on their SVR. If they are stuck, because nobody else will lend to them, then they should be paying a premium rate to reflect the risk involved.

I can see you're eager for there not to be assistance for existing customers seeking new deals with NR but sadly you have got all your facts wrong:

From the BBC website:

http://news.bbc.co.uk/1/hi/business/7904748.stm

Chancellor Alistair Darling also suggested that some mortgages would be lent at up to 90% of the value of the property being bought.

tylersbabe

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