Northern Rock "Help With Costs" repayment

Ian_Griffiths_Halifax

Just think of it as an interest free loan since taking it out.

ILoveChristmas

xSteve wrote: »

What thread is this on, this one?
http://forums.moneysavingexpert.com/showthread.html?t=752815

Any idea where abouts, its pretty huge..

It's on page 11, reply number 207 if you want to take a look.

ILC x

Dan_Collins_2

ILoveChristmas wrote: »

It's on page 11, reply number 207 if you want to take a look.

ILC x

That is a matter of months. Most end years apart. It is in the T&C's.

What people forget that by getting fees refunded, including bank charges, force the lenders to charge fee's else where or add it to interest etc.

We will be paying for banking within the next few years because the fee refund issue.

Lisa82

Can anyone help I am a bit confused!!

I have a 3 yr fixed rate with NR and a help with costs loan. Two years in to my mortgage I moved house and got a larger mortgage but stayed on the same rate with the same expiry date.

At this stage I got a new offer of loan which supersedes the original offer of loan. It says my help with costs loan expires 1 year and 6 months from start (30/5/07) of this mortgage. This would be Nov 30th 2008.

NR state my date is the middle of Jan 09 which would be 3 yrs 6 months from my original mortgage.

It is only a couple of months difference but about £500 extra on the new rate I will be paying and the difference between staying with NR until it expires or moving on and paying the loan back now.

Do I have a leg to stand on with the date being November?

pm2326

The 3 years and 6 months will run from the original start date of the mortgage, ie 2 years ago. your new offer will say something along the lines of " this offer assumes the mortgage will complete on ??/??/2007"

If you went to the FOS they will back Northern Rock as you have only moved the mortgage product to a new property, the terms and conditions of the product and HWC has not changed.

Dylanwing

We will be paying for banking within the next few years because the fee refund issue.

Slight correction - You will pay for your own services used, rather than having these paid by somebody else.

MarkyMarkD

There was nothing wrong with Dan's original wording.

Currently, most people don't pay anything for their current account. In future, they will.

"Most people" don't care that their free current accounts were paid for by "someone else". They just care that they are free.

Madjock

ILoveChristmas wrote: »

It's on page 11, reply number 207 if you want to take a look.

ILC x

There was a four day difference in the end dates for the respective penalties in that case. Bit of a difference to 6 months which I suspect NR will be less inclined to waive.

carol24

My mortgage with Northern Rock finishes in July and my "help with costs" is repayable if I take out another mortgage deal with NR or any other lender before Feb 2010.

Is it worth the risk of interest rates rising to try and wait it out or should i just pay it back?

MarkyMarkD

I doubt that you are going to lose money by holding on until Feb 2010.