Northern Rock Mortgage Review

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1.4 stars
Average rating for this product is: 1.4 out of 5

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jokey's Review of Northern Rock Mortgage

17th Oct 2006

Overall Rating

0 stars
  • Value for money
    1 stars
  • Repayment Method
    Interest only
  • Product
    Fixed rate
Good Points

They would lend 100% of the purchase price


Bad Points

Customer service


General Comments

Myself and my partner are first time buyers with no deposit, so we decided to go with NR and take their Together mortgage - because we wanted to complete home improvements and consolidate existing debts.

The initial call to Norther Rock was very good, and they explained everything, credit checked us and informed me I could receive £154K. I received an offer in principle and set about looking for a property. With the money needed for debts and improvements we had £133k to look for a property.

We found one and made an offer at £117,995 - no problem, we thought, as we knew NR would lend us more.

However, when I completed the application form and called to enquire on the status they told me my application was declined due to lack of employer references! We had included the last 6 months payslips, P60's and references like they asked.

After many calls to NR over a 2 week period we got it sorted. By now the vendors were getting a little annoyed with the time taken. Also, NR turned around and offered us only £122 - a bit different from the original £154! Not ideal but we went ahead.

Next stop was the valuation. I was quoted £240, and I was horrified when £640 was taken from my account! When I rang NR they told me I had instructed a full home buyers survey - which I had not, and I could it prove with my copy of the application form. However, they said there was "nothing they could do".

The valuation however was prompt, and Northern Rock received the papers.

It's now 4 weeks later, and I'm still waiting for my confirmation of offer, and so is my solicitor. I have made approximately 100 calls to NR over the last 2 months, and it gets me nowhere.

I am close to losing the house as the vendor is losing patience - and I don't blame them!

NR said today "we'll call you back" - of course they never do.

NR staff lack knowledge and constantly fob me off.
I am compiling a letter to the FOS to be sent after my application is successful ... However, I am still waiting.

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NameProduct TypeDiscount LengthSubsequent RateOverall Cost  
WoolwichStep Lifetime Trackeruntil 30.04.2011(Base+ 2.49%) currently 2.99%3.00% APR
AbbeyTracker2 year4.24%4.10% APR
WoolwichOffset TrackerTerm(Base+ 2.47%) currently 2.97%3.10% APR