Northern Rock Mortgage Review

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

From 1 rating and 31 reviews

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nishnosh's Review of Northern Rock Mortgage

20th Feb 2008

Overall Rating

0.5 stars
  • Value for money
    1 stars
  • Repayment Method
    Repayment
  • Product
    Fixed rate
Good Points

If you are tight for cash when taking out a mortgage NR's 125% together mortgage really comes in handy.


Bad Points

Hidden costs with the unsecured loan


General Comments

I took out a together mortgage with NR to pay off an existing secured loan when moving house back in April 2006. Everything was fine up until now. NR has advised me to search for a remortgage elsewhere as their interest rates are too high. Problem is I have a -ve equity on my house now because of the additional loan, which makes it hard to get a mortgage elsewhere. NR says I'll need to settle both the secured and unsecured loan with them before leaving them or if I want to split the unsecured loan from the mortgage, then they'll increase the interest rate of the unsecured loan by 8%. I feel really trapped right now.

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Members' Comments onnishnosh's Review

  • obrienjeffery on 1st Jun 2008

    I am in the same position with N/Rock, and what makes it all the more galling I believe they are offering mortgages to NEW customers at better rates.
    There must be thousands of people who have conducted their mortgage impeccably only to be informed that when their rate finishes, to virtually go elsewhere or suffer their variable rate at 7.something which would increase my payments by another £850 per month to £1850
    When I took my mortgage with N/Rock 2 years ago I assumed that I would stay with them being offered a rate at the end of the term that would be favourable , because they would want to keep their customers.
    This has now placed me in a very concerning situation where I am trying to obtain a mortgage in a climate of looming negative equity.
    When the government safeguarded the savers money in N/Rock to prop up there failures at any cost, they did not 'let on' they were dumping thousands of good ordinary customers in the you know what! I wonder how legally N/Rock can justify offering rates to new customers and not their existing customers, or am I mis- informed on this?
    Can somebody tell me the reason please?

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