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EddieGTA
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Not Happy Northern rock

So I have a mortgage with Northern Rock, that has come to the end of its fixed term and they have actually told me to find another mortgage elsewhere, and said they would send out a redemption statement.

I received this and wondered how it shows me owing more than I had taken out in the first place. Speaking with other advisors there is a £3500 penalty charge that should not apply. So I check through the documents when the mortgage was setup and the £3500 charge only applies if the mortgage is paid off before the end of the fixed term, which end 1st May. And guess what the redemption statement is dated for upto 30th April.

So this is how they want to claw their money back! Anyone else with a mortagage coming to the end of a fixed term be warned!
 
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Re: Northern rock

Only fair, it's our money, we own Northern Rock now !!

Pay up or I'll sue you !!!!
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EddieGTA
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Re: Northern rock

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Only fair, it's our money, we own Northern Rock now !!

Pay up or I'll sue you !!!!
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Re: Northern rock

Sold my house a fortnight ago. Moving into rented, putting the equity in the bank and letting the interest pay the rent. House prices are going nowhere.
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Re: Northern rock

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Originally Posted by howell811 View Post
Sold my house a fortnight ago. Moving into rented, putting the equity in the bank and letting the interest pay the rent. House prices are going nowhere.
Congratulations on the sale. You may well find you are one of the lucky ones. There are 1.8m people who are going to potentially find themselves in the same position as Eddie. I really do hope Eddie finds a solution and everybody else in the same position.
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Re: Northern rock

adam don't worry about it mate, worst possible scenario is you end up paying NR's standard variable rate for 1 day whilst you wait til 1st may for the penalty to expire, might cost you an extra £5, if that. under no circumstances will you have to pay the £3500 penalty, trust me. the key is to tee-up another deal now with another lender ready to start on may 1st. there's plenty of deals out there which won't cost you a penny to move onto, other than a deeds-release fee from northern rock which will be in the region of £200 which you can just add to your new mortgage if you don't fancy paying it out of your own pocket. PM me if you need any help dude

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Re: Northern rock

Touting for work Al ?

Here's a question for you, what's the best way to gain interest on my equity (preferably with 30 day access) ?
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Re: Northern rock

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Touting for work Al ?

Here's a question for you, what's the best way to gain interest on my equity (preferably with 30 day access) ?
have a look on moneyfacts.co.uk and look at 30 day (or indeed instant) access accounts (but watch the small print or you'll end up roped into allsorts with abbey national) assuming you've already used your ISA allowance and you're not prepared to take any investment risk with your money etc etc
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EddieGTA
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Re: Northern rock

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Congratulations on the sale. You may well find you are one of the lucky ones. There are 1.8m people who are going to potentially find themselves in the same position as Eddie. I really do hope Eddie finds a solution and everybody else in the same position.
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Originally Posted by ACAPULCO AL View Post
adam don't worry about it mate, worst possible scenario is you end up paying NR's standard variable rate for 1 day whilst you wait til 1st may for the penalty to expire, might cost you an extra £5, if that. under no circumstances will you have to pay the £3500 penalty, trust me. the key is to tee-up another deal now with another lender ready to start on may 1st. there's plenty of deals out there which won't cost you a penny to move onto, other than a deeds-release fee from northern rock which will be in the region of £200 which you can just add to your new mortgage if you don't fancy paying it out of your own pocket. PM me if you need any help dude
Thanks, and thanks for the offer Al, it is all sorted now or well under way. Fortunately I am very careful with money so finding another mortgage was not an issue as I have a good credit rating. I had decided to go with nationwide, as along with Halifax their advisor seemed to know more about what he was talking about. Fortunately I managed to get it under way before they put their rates up yesterday, also!

Thanks again thoug Al, wish I had known before
 
EddieGTA
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Re: Northern rock

Adding to this I find it insulting to read that Adam Applegarth the former Chief Exec of Northern Rock is to receive a £785,000 payout as part of a severance deal. Why does it pay these days to be completely useless and incompetent these days

BBC NEWS | Business | Rock pledges to repay taxpayers
 
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Re: Northern rock

Glad it's all worked out, one of my mates is a Northern Rock Bank Manager, can't even imagine what he goes through, he wont even talk about it.
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EddieGTA
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Re: Northern rock

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Glad it's all worked out, one of my mates is a Northern Rock Bank Manager, can't even imagine what he goes through, he wont even talk about it.
Thanks Ghosty, yeah I dread to think what your mate is going through. That is what is so insulting with the cheif execs payout, your mate has done nothing wrong and is the one at the sharp end. He is probably fearful of his job, yet applegarth trotts off with close to a £million
 
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Re: Northern rock

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Originally Posted by EddieGTA View Post
Thanks, and thanks for the offer Al, it is all sorted now or well under way. Fortunately I am very careful with money so finding another mortgage was not an issue as I have a good credit rating. I had decided to go with nationwide, as along with Halifax their advisor seemed to know more about what he was talking about. Fortunately I managed to get it under way before they put their rates up yesterday, also!

Thanks again thoug Al, wish I had known before
can't go wrong with nationwide - they're pretty much as good as it gets
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Re: Northern rock

Quote:
Originally Posted by ACAPULCO AL View Post
have a look on moneyfacts.co.uk and look at 30 day (or indeed instant) access accounts (but watch the small print or you'll end up roped into allsorts with abbey national) assuming you've already used your ISA allowance and you're not prepared to take any investment risk with your money etc etc
Thanks Al, saw the Abbey interest rate was one of the best, but will read the small print
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EddieGTA
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Re: Northern rock

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can't go wrong with nationwide - they're pretty much as good as it gets
It was a toss up between Nationwide and Halifax. Both their advisors seemed knowledgable, and offered good advise. Halifax are my bank so may have been easier, but in the end I went with Nationwide as I may get some money once my Nans estate is cleared up, and their overpayment option is much clearer.

I won't say who advised me on my first mortgage but I feel I was seriously mis-sold it. And as a result have ended up remortgaging for £1000 over my initial mortgage.
 
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