Northern Rock End of Mortgaged Deal (Merged Threads)

dunstonh

conar686 wrote: »

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

It doesn not confirm that at all. If they didnt want it they would not have offered another deal. They would have told you to stay on SVR if they were withdrawing from the market.

linds

hi, I have been reading the posts about NR, i also have a fixed rate mortgage that has come to an end. NR did do a Credit check on me and i have been refused another fixed rate mortgage. So now my mortgage has gone up by just over £100 pounds a month. I am on a DMP but ccc told me that it wouldn't affect my mortagage because they didn't include it on the Dmp. I am a single mum so I can't go anywhere else for a mortgage because i just don't earn enough. Does anybody have any ideas about what i could do or is that it for me.
Thanks

Rick62

Northern Rock haven't stitched you up. You've not met your credit obligations so other people will not want to lend to you. What is so hard to understand about that?

homer_j_3

linds wrote: »

hi, I have been reading the posts about NR, i also have a fixed rate mortgage that has come to an end. NR did do a Credit check on me and i have been refused another fixed rate mortgage. So now my mortgage has gone up by just over £100 pounds a month. I am on a DMP but ccc told me that it wouldn't affect my mortagage because they didn't include it on the Dmp. I am a single mum so I can't go anywhere else for a mortgage because i just don't earn enough. Does anybody have any ideas about what i could do or is that it for me.
Thanks

Linds, you may not have a massive choice if any. You will need to set up your own thread - if you list:

Property Value
Mortgage Debt

Income

Details of DMP - how long you have been in it etc.

linds

Not quite sure how to go about setting up my own thread so i am just replying as i did before sorry, (Homer j) I think it was, sorry if i got your name wrong.

My outstanding mortgage is £57,000
Value of my property is £99,950
My dmp started in August 2007 which i pay £176 to each month until debt is paid or for the course of the dmp which is 6 years.
I earn about £5,000 a year but get about £700 a month for childcare and from Tax credits.

Thanks

homer_j_3

Whilst the equity side is good, you are going to be struggling on the income side. Whilst it may not be impossible, I am sure the rate would mean that the £100 extra for staying where you are is the better option.

linds

A big thank you to Homer-J

Thank you for that. I'm really trying hard to sort out my finances so i think i will just stay put and see how things go with NR.

Linds

jamesd

If his credit record is his only objection, then getting up to date credit reports for him and seeing how much they can be improved before next year will help. If there's nothing negative for a couple or three years with that low LTV requirement the chances are quite good that he'd qualify for something. Depends just how big and bad the CCJ and/or bankruptcy record has been.

For you, you're likely to need professionally prepared accounts for the last three years (and a willingness to provide tax returns if asked for) to get the best rates. Check with a broker nearer the time but a bookkeeper may be sufficient at your LTV, depending on the lender.

Can't tell without knowing just how bad his credit record is but I suspect that him and you together going for a mortgage is likely to work best if he can easily prove his income.

You might also want to consider agreeing how much the split in the value of the house is between you and recording that split. 50-50 is normally assumed for married couples and that may not be what you desire when most of the value comes from before the marriage, particularly if you think that you might someday be one of those who ends up divorced. It's not unheard of for a divorced woman to lose her home after her husband is declared bankrupt when he still has a 50-50 interest in the marital home even though she bought it and made all of the payments. In one particularly interesting case the bankruptcy happened two years after the end of the marriage.

Gorgeous_George

Maybe you could get a BTL mortgage and rent it to your husband and yourself?

The rent will cover the mortgage comfortably.

Should I be a mortgage adviser? :rotfl:

GG

homer_j_3

No... You would be wasted, go back to your excel, I need a profit calculator doing :money: :rotfl: :rolleyes: