Northern Rock End of Mortgaged Deal (Merged Threads)

Somerset

Will Northern Rock plc and Northern Rock (Asset Management) plc have the same Standard Variable Rate for mortgages?

The two companies will operate independently from one another and make their own commercial decisions. They may therefore have different Standard Variable Rates in the future.

deefadog

Anyone know on the asset side if we can get back to viewing statements and balances online? - There is nothing in the facts from what i can see...

picardygirl

picardygirl wrote: »

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 !

.... the chap at work has been kept with NR plc ..... quite flabergastered ...... he says he has no term on his mortgage and just pays interest only (is this possible?)....... but overpays by nearly £700 each month .... when he gets his bulk pension in 2 years time this will pay 90% of his mortgage off, but surely NR have got no guarantees that he will do so ...... but he has got approx 35% LTV !

To be honest, if i hadnt actually seen the letter i dont think i would have believed him ! Also just to add he is self-employed too (joint mortgage holder employed) ......... dont know if that makes a difference but thought i'd add it !

picardygirl

fruityboots31 wrote: »

I have been retained by Northern Rock Bank. How does this benefit me? (Not sure how this has happened!)

fruityboots31 would you mind publishing what your LTV is ?

toytown2

Hi All,

We got our letter yesterday and are with the Northern Rock PLC. Been with them for just over 6 years and came off our fixed rate 2 years ago

our mortgages is sitting at about 67000 and house valued at 140000

I have no idea how they come to there decision who goes where! I really thought we would be with NRAM as I call up each month to pay, I never over pay and take my payment holiday ever 9 months.

I called them and there is no new deals for existing customers yet, I got the normal rubbish to keep shopping around in case I miss a good deal else where. Get the feeling they still don't want us.

dgbeale

Just got my letter - and retained by the plc.

My LTV is about 75% - borrowed initially £270K in 2002, with a couple of £10K extra borrowing arrangements since.

Just started a new 2 year tracker deal in November.

Maybe the size of the mortgage is part of the criteria

David

picardygirl

dgbeale wrote: »

Just got my letter - and retained by the plc.

My LTV is about 75% - borrowed initially £270K in 2002, with a couple of £10K extra borrowing arrangements since.

Just started a new 2 year tracker deal in November.

Maybe the size of the mortgage is part of the criteria

David

Now i really miffed ..... nothing personal dgbeale ...... but your LTV is greater than ours, and greater than a few people who have posted on here as your mortgage has been kept with NR Plc ...... sorry it just doesnt sit right with me ....... i think this is going to cause up roar .

But dgbeal ...... congratulations (if thats the right word) for being kept with NR plc ....... wish we had !

fruityboots31

I think our LTV is about 70% and we have had a morgage with Northern Rock for about 5 years. This is our second mortgage with them as we moved in 2008. I am not sure what their criteria was for deciding who went where. There is about 15 years left to run on the mortgage.

b0rker

picardygirl wrote: »

But dgbeal ...... congratulations (if thats the right word) for being kept with NR plc ....... wish we had !

I will wait for someone with a posting history and a 75% LTV to say that they have been put with NRPLC before I get miffed...

Keith

picardygirl wrote: »

Now i really miffed ..... nothing personal dgbeale ...... but your LTV is greater than ours, and greater than a few people who have posted on here as your mortgage has been kept with NR Plc ...... sorry it just doesnt sit right with me ....... i think this is going to cause up roar .

But dgbeal ...... congratulations (if thats the right word) for being kept with NR plc ....... wish we had !

He's moved to a new product which would be new lending so would stay with NR.

From the NR website

How did Northern Rock decide which accounts would be held by which company?
The majority of mortgages and all unsecured loan accounts are remaining with the existing company, Northern Rock (Asset Management) plc. All of our customer savings accounts and a small proportion of mortgage accounts have been transferred to the new bank, Northern Rock plc.
Northern Rock plc is a relatively small bank and most mortgage accounts are staying with Northern Rock (Asset Management) plc as they are associated with our previous securitisation programmes.
Like all banks, Northern Rock raises funding in order to lend money to mortgage customers. In the past we have raised a large proportion of our funding from investors who are assigned groups of Northern Rock mortgages as security. This funding approach is known as securitisation. It is common practice for banks and does not affect the way customers deal with their lender.
Following the restructure, these funding programmes remain with Northern Rock (Asset Management) plc and as a result, all those mortgages which are linked to them - the significant majority - have also remained with Northern Rock (Asset Management) plc.