Northern Rock End of Mortgaged Deal (Merged Threads)

deefadog

Hi all, does anyone know, when using the online mortgage account with Northern rock, how quickly does it update? I.e my monthly payment goes out on the 2nd so do i allow 5 working days or something?

Thanks for any help!

stradlinho

It's about that yeah

deefadog

Thanks very much :beer:

deefadog

Another one

When i paid a lump sum off (20k) i kept payments the same, so overpaying £107ish pounds per month, but on my "amount to borrow back' I just have the 20k - Any ideas why it's not added?

Thanks

Mortgage_Help_4

If your overpayment by direct debit is less than £500 per month the N'Rock system will not match it as an overpayment that has borrow back ability. i.e. Northern Rock classify overpayments as £500 or more per transaction. That is my educated theory that is probably correct and I hope it answers your question.

deefadog

Many thanks! I'll give them a ring tomorrow to confirm - did not have a chance today!

picardygirl

We also recently paid a lump sum (£10K) of our NR mortgage and are overpaying our mortgage each month by direct debit of just a couple of pounds under £100 per month (only 3 months so far) ....... i checked on line last week and the overpayment figure has changed from overpayment of £10k to overpayment of £10290 ..... so looks like our overpayments are not only reducing the amount borrowed (amazed to see the balance fall in only 3 months) but are going into the available borrowback amount box too.

deefadog

picardygirl - are you sure? I double checked on their site and they say in the overpayment ection that it has to be over £500 to be eligible for borrow back!

picardygirl

deefadog wrote: »

picardygirl - are you sure? I double checked on their site and they say in the overpayment ection that it has to be over £500 to be eligible for borrow back!

Well, we made a £10k overpayment in June this year ....... received a letter confirming overpayment with a statement of what is outstanding part interest and part repayment mortgage, stating that our total overpayment was £10k ..... then we upped our direct debit as of 1 august 2009 by £97ish pound a month ..... so, so far thats 3 months of overpayment as well, i went online on 13 october to see if it was making a difference in the overall balance, and the overpayment on the print out i printed states that the "available borrowback" is now £10290.52 ..... so i'm assuming that this is including the overpayments we are making each month, if not where has this extra £290.52 appeared from ....... or is overpayment and available borrowback different ????

deefadog

Well it adds up - That's good news, maybe it's to do with that your mortgage is part interest and part repayment mortgage and mine is only a repayment mortgage?

Good news for you though :j