Northern Rock End of Mortgaged Deal (Merged Threads)

juliesg

ive had my letter to say my fixed rate ends in august nothing else how far in advance do they offer you new deals

ranchhand

Hi,
Long time viewer,first time poster.

My mortgage deal ends sept 1st and I have received a letter last week offering me the following new rates:

2 year fix 3.75% fees 995

2 year fix 4.75% fees 0

5 year fix 4.75% fees 995

5 year fix 5.09% fees 0

I have 50,000 and 9 years left on my mortgage and my house is worth at least 120,000. They state that these deals will have a high uptake but if I reply and select one before 6 july I am guaranteed the deal.

Been with northern rock about 10 years so there might be a loyalty bonus in there,I think these deals are ok,not the best but to avoid all the hastle of switching I think I will go for the 5 year no fee offer.

Hope this helps people looking for info about rock rates.


Ian

picardygirl

A friend of mine has just been offered and already accepted a new deal with NR too, they took the 5 year at 5.09% no fees too - i thought that was good. They've only been with NR for 2 years and have got a 75% LTV mortgage ......

I heard a comment on the news today that Tesco are thinking of taking them over, anybody know anything more .........

mcateer4

MarkyMarkD wrote: »

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.

Thanks MarkyMark, well, I just have to sit tight, I'm glad I'm not oweing a lot of money like some people, and that my payments are low. Just hope the SVR doesn't go up.

ger_ryan22

We got a letter the other day from NR, our 2year fixed deal ends on Oct 1st where we will automatically revert to their SVR of 4.79%, down from our current 7.15%, a saving each month for us of £205!!! Not too shabby I must say considering we got a 100% mortgage in 07.

Would it be possible to transfer this to another lender? We still owe around £137000 and the house I think would still be worth that! The Post Office are due to contact us soon but they don't know what our situation is so I doubt they could do anything for us.

£200 a month though, better to be in my pocket what!

Some positive news at last.

_Andy_

ger_ryan22 wrote: »

Would it be possible to transfer this to another lender?

Not at 100% LTV.

The Post Office are due to contact us soon but they don't know what our situation is so I doubt they could do anything for us.

They won't be able to do anything, nor will any other lender.

ger_ryan22

_Andy_ wrote: »

They won't be able to do anything, nor will any other lender.

Didn't think so Andy thanks. Looks like I'm stuck on the NR SVR for a while now, still, once it stays below 7.15% I'll be paying less which suits me fine.

deefadog

ger_ryan22 - Try and keep your payment the same though, so you will be overpaying, which means your LTV will come down faster (providing the market does not slide back down) , so more options in the future!

Good luck

moneymouth77

Yeah, the market's still weak, so it's worth keeping payments up for now, until the market stablises. Apparently lending levels are still down, so count yourself lucky you have a mortage and keep it up!

Full news story about weak mortgage market here: http://money.sky.com/mp/features/news/2009/07/08/Little-progress-in-mortgage-market.html

chris81

hi, new here
our northern rock mortgage ends 1st October, going to 4.69% from 6.19% which is good, while we are going to try and keep the payment as it was, the property we have is really no longer suitable - 1 bedroom flat so we do want to move. Having got the together product (which we feel was all the broker wanted to give us but we accept we signed up so thats how it goes) we have mortgage of about 97k, unsecured loan of about 20k, property is now worth about £105k.
so we are looking at around 15k shortfall. essentially what we are wondering is if NR will let us put the property on the market, when it has sold pay the mortgage off in full and carry over the remainder of the unsecured which would pay off whilst we rent a house, any thoughts?
ive written to NR with a description of circumstances and asked if the rate or servicing of the unsecured loan would change