Northern Rock End of Mortgaged Deal (Merged Threads)

b0rker

Where in my terms and conditions does it say that I am happy for NR to move all of their positive mortgage book into a seperate bank and to leave me in a bad bank with very negative connotations therefore potentially making it very difficult for me to move my debt to another bank? If it is possible to move my debt to another lender then possibly I will attract a less favourable deal as I would be coming from what may end up being seen as a sub-prime lender. I did not sign up with a recognised sub-prime lender, I signed up with a high street lender who up till mid 2007 had a very positive image. In what world is it legal to move a borrower who owes only 74% of their original loan, has not missed a single payment and is gainfully employed to a sub-prime lender?

Not the real world that is for sure.

gratefulforhelp_2

Maybe someone could tell me why NR are not offering remortgages to existing customers? We have a LTV under 80% and no deal is forthcoming, yet they are going upto 85% LTV now. We have an excellent credit history et.c et.c

I agree, that the people on the high LTV mortgages should be given a fair deal. NR does have some culpability in getting them into that situation.

Paza02

Not going to be happy about being stuck in a bad bank, but we are not going to be able to do anything about it. What happens further down the line when we reduce out LTV, will we be given an option then?
My together mortgage was 167,000 plus fees 3 years ago, it is now £149965.07, got 2 years left on my fix, so no hope let for me, apart from to keep reducing the balance.

deefadog

Can anyone please shed some light on this please:

I specifically phone them and ask if payments under £500 did not count towards borrowback and this was confirmed, but just checked my account and £40.47 has been added to my borrow back which was a small overpayment i made last week!

So is this a mistake? another forum user said there overpayments below £500 were added also?

Paza02

I thought that you couldn't borrow back less than £500 a time but all over payments counted towards the amount.

deefadog

That makes sense - maybe i got confused on the phone!

Ok, just checked on their site -

If you make overpayments which total at least £500, then subject to Northern Rock's prior agreement, you may be able to borrow back some, or all, of the amount overpaid.
The interest rate charged on any amount that you borrow back will be at your prevailing mortgage interest rate and the minimum amount that you can borrow back at any one time is £500.

So if you have for example paid a £500 overpayment, then anything else gets added to this!

Paza02

The only time the overpayment does not come up on the borrow back is when you request it to go on the unsecured loan, from what I've noticed on-line. Might need someone to clarify that though.

Nonshy

deefadog wrote: »

Can anyone please shed some light on this please:

I specifically phone them and ask if payments under £500 did not count towards borrowback and this was confirmed, but just checked my account and £40.47 has been added to my borrow back which was a small overpayment i made last week!

So is this a mistake? another forum user said there overpayments below £500 were added also?

any overpayments count towards borrowback

you can't borrowback an amount below £500 though

Nonshy

Paza02 wrote: »

The only time the overpayment does not come up on the borrow back is when you request it to go on the unsecured loan, from what I've noticed on-line. Might need someone to clarify that though.

correct, if paid to unsecured then you can't borrow this back

Nonshy

Paza02 wrote: »

Not going to be happy about being stuck in a bad bank, but we are not going to be able to do anything about it. What happens further down the line when we reduce out LTV, will we be given an option then?
My together mortgage was 167,000 plus fees 3 years ago, it is now £149965.07, got 2 years left on my fix, so no hope let for me, apart from to keep reducing the balance.

no.

'bad bank' will run the same as 'good bank' with the exception you won't be offered a new deal or additional lending

you can't transfer from 'bad' to 'good' bank... you'd have to redeem mortgage with bad bank and take new mortgage with 'good' bank

NR cannot transfer details or advised customers in bad bank of good banks deals