Northern Rock End of Mortgaged Deal (Merged Threads)

MarkyMarkD

Then £90k/£75k = 120% LTV. But if the house valuation has fallen, and the mortgage has not, you could easily be well over 125% LTV now.

Basically, you are going to be stuck with NR for a very long time unless things change in the market or you throw money at your mortgage like there is no tomorrow.

catwoman150

I have just got a letter to say that my fixed rate deal is ending soon and that my payments are going down, so I will be going on the SVR. I don't think that I will be able to move my mortgage at the moment. I am thinking that I could pay the same amount as I was paying on my fixed rate for a while. So what would be the best way to do that. Do I have to write to them to say that I want to pay this off the capital and not the interest. If so want do I put in my letter?I don't think that I want to set up a regular amount as I don't know if I can afford to do this for.

Thanks

deefadog

Hi, you can pay the required minimum amount via DD and you can phone up and pay any extra every month - not sure if you can jut pay any extra amount via online banking though, that would be the best. Give them a ring and ask, they were very helpful when i rang about paying a lump some off!

emii1

This is all very useful to me. My Fixed rate with NR is ending Nov 2009. We were valued and bought at 220,000. Mortgage was 209,000, unsecured was 11,000. This was 2007. Rate was 5.66 . We have tried via independent MA to remortgage when up, but we were advised that no one wants to take on NR mortgage with the unsecured bit. Especially now that house is valued at about 205,000. Not quite sure what to do now. We have debts which preclude us paying off the unsecured loan. Any advice please.

Nonshy

emii - stay on the SVR at 4.78%... less than what you are currently paying.

Nonshy

catwoman150 wrote: »

I have just got a letter to say that my fixed rate deal is ending soon and that my payments are going down, so I will be going on the SVR. I don't think that I will be able to move my mortgage at the moment. I am thinking that I could pay the same amount as I was paying on my fixed rate for a while. So what would be the best way to do that. Do I have to write to them to say that I want to pay this off the capital and not the interest. If so want do I put in my letter?I don't think that I want to set up a regular amount as I don't know if I can afford to do this for.

Thanks

make a quick call to NR and request your payment to be fixed at the old amount... no need for letter and can be done over the phone (presuming you pay by DD)

... and all additional payments come off the outstanding balance

if you don't want to set up regular amount... make card payments or online transfers each month

00000101 - NR's account number
08-61-15 - NR's sort code
quote: mortgage reference number

Nonshy

bexxie90 wrote: »

Have a dilemia

Me and Dh are in a bit of a pickle financially and our mortgage is £1108 per month at repayment of £141000 mortgage and £29000 unsecured loan at a fixed rate of 5.9% until 2011. Our house is now worth £150 at a push as we did the 125% together mortgage.

Now my Q is our redemption is £6k to get out and I am wondereing is it worth it to save on our monthly amount?

Dont know what else to do at the moment feel like chucking it all in and going BR but I wont.

Would really appreciate some answers guys thanks bex

where would you get out to?

negative equity... only option is to stay at NR or sell up and accept a loading on your unsecured loan.

Nonshy

gratefulforhelp wrote: »

Finally, Northern Rock have removed the notice from their website saying they will not offer new deals to existing customers.

What that means in practice, though, is anyone's guess.

will only be taking on extremely low risk customers and they will be contacted when their deal is coming to an end

carol24

Hi,
I have just come to the end of a fixed rate with Northern Rock. At the time of taking out the mortgage I had £1000 "help with setup" offer, which was to be paid back only if I didn't take out another mortgage deal within 3 1/2 years. This means, I have to stay at the variable rate until Feb 2011 so that I do not have to pay the £1000 back. However, they are offering me fixed rate deals at the moment, with the £1000 added on to my mortgage (currently 31,500).

Do you think I should take the risk of hanging it out until Feb 2011?

Carol

Doublespresso

NR tell me that they are offering new deals to selected few existing customers who are eligible, but unfortunately I'm not eligible although "they are reviewing the situation all the time and they will write to me if/when..."
Has anyone had any new offers?