Does anyone work for Northern Rock?????

pickles_pink

Hi I was wondering if there is any inside information on Northern Rock. I understand that they are trying to encourage redemption in order to repay some of their debt, are they not honouring their income multiples to try and make potential porter's redeem????

They have offered me and my OH 2.8 x Joint - shambles :eek: . There is nothing wrong with our credit - (have our experians, a few recent c/c searches (2 each) but this is just from being credit "tarts" as martin likes to call it.

I'm just completely bamboozled by this appalling multiple - obviously now we have a mortgage search too!!!

Please help x

beecher

The 'norm' used to be 3 times first salary plus 1 times second salary, so that doesn't seem that appalling to me. I'm hopeful that things are going to get closer to that norm again soon though I'm aware that there will be casualties along the way if that happens.

pickles_pink

Point taken, however most lenders offer more than this and not based on your score? We need 3.8xj which I don't feel is excessive (Abbey offer 4.8xj for our income band - now this is excessive and not affordable)

NeilQuinn

Northern Rock have different multiples depending on your level of earnings.

2.8 x joint income applies to people with a joint income up to 32,500 & with a low credit score. If you had a medium credit score they would lend you between 3.0 & 3.5 x your joint earnings.

They've probably upped the banding for credit score because they don't want to lend at the moment. Before their problems you may well have scored medium.

pickles_pink

Do you think it's worth fighting for a better multiple?

We're referred to underwriting at the moment to be called back tomorrow. I have just married and thus changed my name, in addition the post code our mortgage is secured on is incorrect so all of our information is under another post code - I have given this to them in an attempt to gain vr trace etc and move up the banding.

What are the chances?

zzzLazyDaisy

Northern Rock are being difficult because they want you to go elsewhere. Get a mortgage broker, and see what else is available.

pickles_pink

NeilQuinn wrote: »

Northern Rock have different multiples depending on your level of earnings.

2.8 x joint income applies to people with a joint income up to 32,500 & with a low credit score. If you had a medium credit score they would lend you between 3.0 & 3.5 x your joint earnings.

Our joint income is £55,000???????

We can't really afford to shell out £3,400 in ERC's as well as move the other moving related costs - plus by going elsewhere we'll end up with another foot print.

UK007BullDog

Read this thread it will explain nearl all your questions about NR

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

NeilQuinn

pickles_pink wrote: »

Our joint income is £55,000???????

Blimey - That should give you 3.8 x joint on a medium credit score, 4.6 x joint on a high score & 2.9 on a low score.

I wouldn't say that a couple of searches due to rate-tarting would result in a low score. They're obviously fighting tooth & nail, not to lend at the moment.

Dan_Collins_2

I know I will get the lender dont have to lend answer thrown at me, however, I can see or I hope I see the FSA and wade in and slap whoever is running the show at NR with the big TCF book! I know they are looking to cut lending but they are in this position because they miss managed the lending in the first place!

I think they should start waiving penalties for this type of case. I also believe that they will bring the TCf stick out for 100% lenders as they may not have a product available!

MortgageMamma

I've just sucessfully ported a case this week and NR were very helpful and willing to do it. Have you used a broker to port it or tried to do it yourself?