Northern Rock End of Mortgaged Deal (Merged Threads)

picardygirl

Got our letter today too! Surprise surprise we are Asset company too ...... similar to you "gratefulforhelp" .... we are 70% LTV, been with NR for about 10 years now, never missed a payment or been late on a payment etc etc...... would like to hear from someone who is not with the asset company!

Sammz .... i dont know the right thing to do, but my gut instinct would be to move the mortgage, get away from NR asap and secure a better deal with another lender who isnt going to say "up yours" at the end of the deal ..... because thats exactly what i think Northern Rock have done!

Totally gutting for those people who tied themselves into another deal within the last 6 months with NR and now find themselves on the asset side ..... unless those are the ones who are not on the asset side. A chap at work signed onto a new 5 year deal in the summer and i cant wait to see what side he is put on ...... hopefully i'll find out next week !

beanielou

Keep us posted picardygirl.

Mary_Hartnell

Pleased to see that my savings "bond" account is staying with N R Plc.
Must make sure it does not go over 50K in these uncertain times though, as I'm likely to be privatised soon?

MascaraMinx

I don't really understand it either, why is it so terrible to be with the Asset side of things, I'm struggling to see what difference it wil make?

deefadog

I think the main difference is customer loyalty, not that makes a difference these days. I don't really mind, same product as i signed up fopr same T&C's and i will shop around foe the best deal, if NR were not the best i'd move simple as, so they are just not in the running when i am ready!

Somerset

NRAM - 37% LTV

Coming off a fixed 4.89% 10/10.

deefadog

How do you work out LTV again? i have house worth £234k mortgage £95k

cj190782

Guys I need your advice,

3 years ago as first time buyers my wife and I took out a 7 year Fixed Rate mortgage (5.99%) worth 125% of our house value (140K mortgage on a 115K property). This was to cover the deposit and do some maintenance on the property.
I, like most others, have received the letter stating I am with the asset company who are not offering any more mortgage products.
With the market now not offering mortgages anywhere near that value without a substantial deposit, what can I do? When the 7 years are over, does my mortgage continue at SVR or am I forced to move to another company?

Help!

Keith

deefadog wrote: »

How do you work out LTV again? i have house worth £234k mortgage £95k

Mortgage / Value x 100 = 40.5%

semanticist

My fixed rate (currently 6.9%, taken out six weeks before NR collapsed) is up in August 2012. Obviously I'm with Northern Rock Asset Management like everyone else.

If the SVR stays the same we'll probably be better off, but like most people I'm expecting the SVR to go rapidly up. I've written a script which pulls the current SVR value off of the Northern Rock Asset Management website so I can keep track of it. Because I use Twitter a lot I've had to post to an account there.

Might be useful for anyone else who's obsessively tracking this when they're up at 3am unable to sleep because of the crushing fear they'll lose their house.

Can't post a link due to spam-filter, but the username is 'NorthernRockSVR'.