Bonus £1000

Elloyd

When we took our mortgage out with Northern Rock in Feb 2006 we was given an extra £1000 from northern rock as a bonus for taking their mortgage. This was fixed for 3.5 years, the actaul mortgage was fixed for 3 years, so therefore securing us to redo the next fixed rate with them. That was then... I have just spoken to them about what happens to that £1000 when we are advised to move our mortgage by them, we are still expected to have to pay that £1000 back. Is that right. If they tell us to move our mortgage, surely we wont have to pay that £1000 back.. can anyone advise our rights here??

Ian_Griffiths_Halifax

You have the option to stay with them until Aug 2009 without paying back the Help with Costs (bonus as you put it).

Alternatively, if you want to move the mortgage away from them before Aug 09 then it will be repayable.

Elloyd

So will we have to come off the fixed rate (5.99%) In Feb 09 till Aug 09?

beecher

You'd have to go on to their SVR from Feb til August if I understand correctly - the difference will be less than £1000 I'd think so probably worth it.

Elloyd

thanks heaps everyone. You've been a great help..