Nothern Rock ,any protest sites you know of ?

Bald-Eagle22

Bald-Eagle22

Bald-Eagle22

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Chaps

I am sure that quite a few of you are in the same boat as myself but I will highlight some points .

1.Mortgaged with the Northern Rock in December of 06 fixed for 2 years .
Mid 07 Northern Rock nationlised .

2.October 08 revalued at 25% less than 2 years previuos by the same valuer .

3.Bang into negative equity .

4.Unable to get another mortgage with anyone as although my credit rating is as good as it can get and I have an income that far outweighs my mortgage value .

5.Interest rate cut not passed on so Northern Rock can clear their debt to the treasury .

Now i know I may be peeing in the wind but it's the last point that really gets me , I am a higher rate tax payer and I am basily getting shafted at both ends .

Has anyone you guys know of taken any action or is there a Webb Link you know of where I can discuss this with any other people in the same situation ?

Cheers
 
I don't see what is unfair about this?

1.Mortgaged with the Northern Rock in December of 06 fixed for 2 years .
Mid 07 Northern Rock nationlised .
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Should have thought longer term when picking your mortgage deal. Sounds like you were enticed with an amazing fixed-rate deal, lasting only two years, and you were gambling that all would be good in the economy in time for you to remortgage?


2.October 08 revalued at 25% less than 2 years previuos by the same valuer .
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A tad bit steep, but not unusual? The housing market is crippled. This is not the Rock's fault, nor is it yours - it is just life. You should have thought about the bubble bursting.


3.Bang into negative equity .
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That's your problem.


4.Unable to get another mortgage with anyone as although my credit rating is as good as it can get and I have an income that far outweighs my mortgage value .
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You can't expect anything else in the current climate.


5.Interest rate cut not passed on so Northern Rock can clear their debt to the treasury .
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It isn't just the Northern Rock not passing on the cut; Abbey, Bradford, Halifax are doing the same (to name just a few).



Is it really not possible to hang on a year and then remortgage? You can't blame the Rock for your lack of foresight and planning.
 
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The current drop in the housing market is not northern rock's fault, so valuation is nothing against them.

As a business they will be be more concerned with the Libor rate than the BoE base rate, and that hasn't dropped by anything like the 0.5% drop in the BoE rate.

Unfortunately, you don't have a leg to stand on in terms of complaints, apart from possibly trying to stir up bad feeling and hoping that they take the loss on the rate change you wish for.
 
I doubt that you will get any joy but dont dispair. Over the next 6 months or so the mortgage market should start to regrow and hopefully you can switch to a new lender. In the meanwhile just try and budget for the higher payments, its all you can do.
 
Credit crunch? house prices did plummet you know. why not get it properly valued and if its more what you were expecting, use the valuation to put a complaint in and demand northern rock re-value it.
 
Bennie-Mac said:
Credit crunch? house prices did plummet you know. why not get it properly valued and if its more what you were expecting, use the valuation to put a complaint in and demand northern rock re-value it.
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It was Valued at £141,000 in December of 06 and Valued 2 weeks ago at £110,000 , I have a mortgage of £128,000 on it.

If you guys think the value will shoot back upto and beyond £128000 in the next year then I will be happy as a pig in sheet , somehow I dont think it will for at least 5 years .
 
Is there a local property paper type thing you can check what other people are selling similar houses for to give you an idea?
 
Bennie-Mac said:
Is there a local property paper type thing you can check what other people are selling similar houses for to give you an idea?
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Yep same flat as mine in another block currently on *** market for £130,000 , could have made up the 5% differnce for the mortgage with Nationwide who credit scored me and sent the valuer round .
 
Not sure what the problem is here... The fact that you are a higher rate tax payer and the value of your property has gone down has nothing to do with the mortgage rate you bought.

Also, I think you'll find that most of todays news is dominated by the fact that banks aren't lending to anyone. Hence the "Credit Crunch". If the banks aren't lending to each other, why would they lend to Mr Joe Blogs on the street.

I feel sorry for anyone that's in Negative Equity. In the 90's I had a 40% NE, which came to around £30k.. The impact of a 40% drop today is going to a lot more :(
 
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Admiral Huddy said:
Not sure what the problem is here... The fact that you are a higher rate tax payer and the value of your property has gone down has nothing to do with the mortgage rate you bought.

Also, I think you'll find that most of todays news is dominated by the fact that banks aren't lending to anyone. Hence the "Credit Crunch". If the banks aren't lending to each other, why would they lend to Mr Joe Blogs on the street.
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The fact that my tax has been used to nationalise the Northern Rock ( and yours ) and that the Northern Rock has not passed on the full rate cut to clear this debt .
 
yep, sorry to sound harsh but you have nothing to come

my mortgage lender has only passed on 0.14% of the cut, not pleased but nothinh I can do
 
VonClinkerhofen said:
Does this have any effect short term if you don't want to sell up anyway?

My fixed rate is up in Jan and I'm starting to wonder what will happen to my mortgage payments?
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if the amount of you mortgage is over 80% of current value you will find yourself paying higher interest rates
 
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