Northern Rock End of Mortgaged Deal (Merged Threads)

deefadog

Thanks, that's put my mind at ease. Basically we have our second child due end of the summer and we just need around 4k of the 20k to cover us over the time off my wife has, we may not need it, but nice to know it's there just in case.

If i say we need this for home improvements, would this be an ok reason?

Also (sorry to be a pain), we have invested in 2 apartments abroad, which will be due for completion next year. We have mortgages on these (payments are fine to make) But would this have an adverse effect on us re-mortgaging in 2011 on our main home with other companies and NR?

The plan was originally to sell before next year, but with current climate it looks like renting is going to be the bets course.

Cheers

luckyfool

deefadog wrote: »

Thanks, that's put my mind at ease. Basically we have our second child due end of the summer and we just need around 4k of the 20k to cover us over the time off my wife has, we may not need it, but nice to know it's there just in case.

If i say we need this for home improvements, would this be an ok reason?

Also (sorry to be a pain), we have invested in 2 apartments abroad, which will be due for completion next year. We have mortgages on these (payments are fine to make) But would this have an adverse effect on us re-mortgaging in 2011 on our main home with other companies and NR?

The plan was originally to sell before next year, but with current climate it looks like renting is going to be the bets course.

Cheers

Lenders tend to like you improving their security, so home improvements tends to looked on kindly as a reason for borrowing funds.

The properties abroad - are the funds borrowed in the UK or from a UK bank? If not it is unlikely to be an issue as most forms do not specifically request details of overseas mortgages, and many do not ask for details of mortgages on let properties either. Either way the mortgages would probably not show up on a standard UK credit search anyway.

deefadog

Thanks for the detailed reply. Yes the mortgage is an overseas mortgage

Take care and thanks again for the help!

have a good Easter!

Wesker

deefadog wrote: »

Hi, can someone just confirm something for me, as i want to be 100% sure. I paid a 20k off my mortgage last year. Am i right in think that if i needed to i can borrow some or all of this back if needed? If so how long does this generally take to receive the funds?

Many thanks

I've just done this myself. I overpaid 2k last year but now have a couple of CC's i want to clear. I phoned them up enquiring about taking 3 months payment holidays so i could use the money to pay off the CC's.
They sugested 'borrow back' so i took back 1k.
I was passed onto another department but it was all done over the phone and the money was in my bank 3 days later.
They asked a few security questions but i dont think they asked me what i wanted the money for.
It was a lot easier than i thought

Hitman1

Hi, I'm looking for some pointers with my Northern Rock mortgage. My fixed term is up and i don't have enough equity to re-mortgage so i'm stuck. I'm thinking about selling the propoerty but i have an un-secured loan tied into the mortgage (also with NR). If i find a buyer i doubt the price will be enough to cover paying off the mortgage and the loan - could anyone give me some pointers as to a way out of this one? Will i need to try and get another loan to pay off the unsecured loan?

Thanks in advance!

KerryD707

Wondering if anyone could give me some advice, currently with NR with a mortgage of £125K plus £6k tie in fee, of 5.49% deal tied in for 10years seemed ok at the time cause hubby just left navy and wanted to know exactly where we stood with finances. Paying £808 monthly mortage with things today went on interest only of £585a month which for us is loads better but really dont know how long can stay on this,cuase really carnt afford the £808 , have 3 children house probably in negative equity, am i best staying on interest for a couple of years to ride out this recession or cut my losses and sell but then ill still owe, does any body know what options are available.

jackie34

Hi, am new to the forum and have a query over Northern Rock. I have received a letter from them today increasing my payments from May! They have increased the rate from 2.98% up to 4.76%!
I have a variable rate mortgage and was very surprised at receiving this as I wasn't aware of any base rate changes!

Can anyone help with advice?

MarkyMarkD

Hitman1 wrote: »

Hi, I'm looking for some pointers with my Northern Rock mortgage. My fixed term is up and i don't have enough equity to re-mortgage so i'm stuck. I'm thinking about selling the propoerty but i have an un-secured loan tied into the mortgage (also with NR). If i find a buyer i doubt the price will be enough to cover paying off the mortgage and the loan - could anyone give me some pointers as to a way out of this one? Will i need to try and get another loan to pay off the unsecured loan?

Thanks in advance!

In practice, yes. You only need to pay off the secured mortgage to be able to sell the house. But then you will be charged a penal rate on the unsecured element which you should be able to refinance elsewhere more cheaply (depending on your credit status).

KE7285

Hey everyone - apologies of this has been answered in a previous post!

Our fixed rate with NR has just ended and we have been transferred to the SVR. At the monent, this is fins, as it works out £50 per month cheaper :j (for now!)

OH thinks we should just keep paying what we have been for the past 3 years to overpay a little. Sounds sensible but we also have a Credit Card that needs clearing and wonder if anyone thinks it would be more beneficial to use the extra £50 per month to help pay that off?

I suspect thae overpayments will be the best idea due to the fact that we borrowed 100% (ATM, house worth approx £83k and mortgage is £79k).

Thanks for your help, i know you lovely people will offer something constructive!

deefadog

Hi, I'd clear the card first, depending if you are on a 0% deal or not. what percentage on interest and how much do you have on the card?