Redemption Statement Help! (nothern Rock)

glock339

Hi everyone

Ive recently received my Redemption Statement from N Rock after a phone call from them explaining that I should be looking somewhere else for my next mortgage!

I'm having trouble understanding it though.

Mortgage balance as 1/12/07 = £154,725
Interest until 30th April = £3333.83
Discharge fee = £ 250
Plus Early redemption Charge = £4650
Plus Sundry Fees = £25
Less Payments received to date = £2444

Dose this mean if I dont end it until its end date you take away the Early Redemption Charge and this gives you a total of about £155,890?

Trying_to_be_good

I think Northern Rock have to include the early repayment charge (ERC) on a redemption statement more than two months in advance. So long as your 'deal' is ending on 30 April and you don't have a tie-in (I would think not as they're writing to you), the ERC won't need to be paid- you just run the account as it is until 30 April.

Easiest way is a quick phone call to them.

Start looking for a new mortgage, though, as Northern Rock rates will be sky high.

glock339

Cheers for the reply, I have just started looking for a new mortgage today and its not looking good for me to be honest!

I was going to try and arrange one a month or so back but was advised to wait until the beginning of next month, wish I'd just went ahead and done it now!:sad:

glock339

Well Ive rang N Rock and the person I talked to wasnt very helpful to be honest. Basically she told me to ring back on Monday or Tuesday to get an accurate Redemption Statement for leaving in May. Not having a good day!

dmarks

I had the same letter - they told me not to do anything and just ring again in March and the new statement won't show the redemption charge. You'd think they'd be careful with their money now rather than sending all these pointless confusing letters....:rolleyes:

glock339

Ive rang Northern Rock twice now and spoke to 3 different people. Each person has told me something different, not one of them has been able to help me in any way and one of them seemed totally disinterested!

Ive asked what was the exact figure of my my original mortgage inc all fees etc as the paper work I have from them state slightly different amounts. I got a different answer from each person so who do I believe?

My main question for them was "What will my final figure be on the 1st of April inc fees etc" as this is the main info I need to get a remortgage with another lender. They couldnt tell me! I asked if I could book an appointment at a branch to talk to someone about it and the guy told me theres no point because they wont be able to help me out either! Why cant I get a straight answer from these people?:mad::mad::mad:

UK007BullDog

Try this link for more info:

http://forums.moneysavingexpert.com/showthread.html?t=752815

Hope it helps.