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Posted: Wed Dec 14, 2011 2:58 pm
by Alys78
Hi Just something I was wondering about.
In October we come off our fixed term with NR and I was wondering what will happen then as obviously one of the creditors on the IVA is NR. Will we be able to stay with them or hae to find a new mortgage?
Thanks[:D]
Posted: Wed Dec 14, 2011 3:03 pm
by kallis3
You'll be able to stay with them but probably not be able to refix a deal.
Posted: Wed Dec 14, 2011 3:04 pm
by Alys78
So will be go on to the variable rate, in which case I imagine our payments will go down, so do I have to tell the IP this?
Posted: Wed Dec 14, 2011 3:08 pm
by kallis3
Yes, you'll have to tell your ip about the drop in payments.
Posted: Wed Dec 14, 2011 4:18 pm
by Shining
Keep your IP informed and they will let you know how or if this affects your IVA payments. I came off fixed deal and was able to increase my IVA payments due to more disposable income. x
Posted: Wed Dec 14, 2011 6:09 pm
by plasticdaft
Remember when you take out a mortgage on a special rate you still have a mortgage with the same company after the special deal ends,so as has been said,you will go onto one of their variable rates(I say one of as I noticed several banks now have a few variable rates,not just the usual standard variable rate).
Paul
Posted: Thu Dec 15, 2011 10:44 pm
by Ryan
Hi,
Just so you are aware the Northern Rock variable rate is 4.79%, unfortunately they will not offer you or anyone a new rate.
They do not do this for existing customers anymore, they really want rid of you, this is not to do with your IVA, it applies to all their customers
Hope that helps
Posted: Fri Dec 16, 2011 12:10 am
by Broke of London
Am I right in thinking they don't actually have a licence to sell new products anymore?
Posted: Fri Dec 16, 2011 8:08 am
by kallis3
I think that might be NRAM as opposed to Northern Rock? Not 100% though.
Posted: Fri Dec 16, 2011 8:10 am
by kallis3
I think that might be NRAM as opposed to Northern Rock proper? Not 100% though.
Posted: Fri Dec 16, 2011 8:50 am
by Pennyless
My mortgage is also with NR (also one of my creditors), soon to be passed to Virgin (another of my creditors)so I have a relationship with both.
In reality any "bad loan" is now held by NRAM (Bradford & Bingley) so hopefully any customers already holding "paid to date" NR Mortgages and coming off fixed rate when Virgin take the reigns next year will get preferential treatment from a Virgin mortgage (we hope). After all Virgin have made it well known that they intend to be a major challenger in the mortgage market.
Time will tell.