Nothern Rock ,any protest sites you know of ?

Cheers for you ansers chaps , I just wanted a little feedback from people .

Im not in anyway in trouble with the mortgage , I can more than afford it, but feel that the NR and the goverment are being somewhat unfair on how they are treating customers stuck with their SVR and can't do a thing about it.

You live and learn I suppose
 
and yet again they pass on 0.5% of a 1% cut... this morally and intellectually bankrupt bunch of crooks (government) can't even control a bank they wholly OWN so what hope have they got trying to cajole and coerce those they have merely refloated into treating borrowers sensibly.

Yes I'm a northern rock customer, no I'm not one of those frankly nutty people who took out a 125% mortgage and no I'm not in negative equity but no I can't move my mortgage because for the most part the mortgage market doesn't exist anymore, certainly not for young people without literally buckets of equity.

So, my price for just happening upon a competitive mortgage lender 5 years ago?

An SVR of almost 3 times base rate or getting on for double LIBOR.

Doesn't the FSA code of practice say somewhere customers should be treated fairly?

My arse..
 
scorza said:
Sure ... but it's not as simple as that. Your lender will have to agree to change the T&Cs of your mortgage, which they are under no obligation to do. At the moment they seem to be taking the extreme short-termist view of "lets get as much money as we can out of our customers before we have to repossess their homes", so I wouldn't imagine increasing the term of the mortgage would be in their perceived interests.
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no, I meant that if they want to make smaller repayments, that they should take a longer term mortgage in the first place rather than bouncing it back and forth between banks, and hoping the system doesn't go belly-up.

What way does it benefit you if you bounce your mortgage back and forth over these "low repayment for a set period" mortgages, given that you still have the same total to pay off in the end anyway. Why not just get a fixed longer term mortgage to begin with?
 
Since i first started this thread the SVR has come down from 7.844% to 5.34% cutting my morrgage by nearly £200 a month , I will be overpaying my mortage considerably or putting the money away to over pay once a year . Well i suppose I am now happy but compared to other lenders SVR the Northern Rock is taking a big liberty with Tax payers money .

This goverment should practice what it preaches.
 
quite, I'm out of my fix in feb and now the SVR is ever so slightly below the 5.39% I'm fixed at which I guess is fine.

However if they were behaving more like HSBC or even RBS etc the it would be well under 5% (and still well over double the base rate) and I could be saving £1-150 a month.

And guess what I'd be doing with it? Yup, spending it because I have literally pared back everything to make ends meet now.

Want to get me spending? Stop pratting about with VAT (which cost my company money! duh) and getting us in bucketloads of debt and just drop the cost of mortgages.

In fact investing the £30bn or whatever it is in supporting the savings market to allow mortgage lenders to drop rates would probably have been more effective in putting money and a feelgood factor back into everything.

It may well have been anti competitive in EU legislation but screw it, as far as I can see all bets are off nowadays!

Northern rock have passed 0.5% on to mortgage holders by dropping savings rates by 1.5% presumably just to make a point. They have almost no requirement to be a competitive going concern any more so why are they even bothering to try?

Labour have a cast iron opportunity to win votes here (not mine, but then they never had it) by having northern rock, the state owned mortgage lender go careful with the electorate but they're even managing to screw that up!

Time for a big old change tbh.
 
matt100 said:
quite, I'm out of my fix in feb and now the SVR is ever so slightly below the 5.39% I'm fixed at which I guess is fine.

However if they were behaving more like HSBC or even RBS etc the it would be well under 5% (and still well over double the base rate) and I could be saving £1-150 a month.

And guess what I'd be doing with it? Yup, spending it because I have literally pared back everything to make ends meet now.

Want to get me spending? Stop pratting about with VAT (which cost my company money! duh) and getting us in bucketloads of debt and just drop the cost of mortgages.

In fact investing the £30bn or whatever it is in supporting the savings market to allow mortgage lenders to drop rates would probably have been more effective in putting money and a feelgood factor back into everything.

It may well have been anti competitive in EU legislation but screw it, as far as I can see all bets are off nowadays!

Northern rock have passed 0.5% on to mortgage holders by dropping savings rates by 1.5% presumably just to make a point. They have almost no requirement to be a competitive going concern any more so why are they even bothering to try?

Labour have a cast iron opportunity to win votes here (not mine, but then they never had it) by having northern rock, the state owned mortgage lender go careful with the electorate but they're even managing to screw that up!

Time for a big old change tbh.
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I never voted for the Red Tossers , never have , never will .
 
matt100 said:
Labour have a cast iron opportunity to win votes here (not mine, but then they never had it) by having northern rock, the state owned mortgage lender go careful with the electorate but they're even managing to screw that up!
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That would only work with people who have Northern Rock mortgages. Us taxpayers that don't have Northern Rock mortgages would rather the money used to nationalise and keep Northern Rock afloat got paid back relatively quickly. We probably outnumber you...
 
If you're a high rate tax payer then save some money, pay off part of the mortage, get out of negative equity, then you can go anywhere you want.

Or maybe just be happy you're no about to loose your home? I don't really see what else can be done.
 
RDM said:
That would only work with people who have Northern Rock mortgages. Us taxpayers that don't have Northern Rock mortgages would rather the money used to nationalise and keep Northern Rock afloat got paid back relatively quickly. We probably outnumber you...
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or halifax

or lloyds tsb

or rbs.. natwest etc

or bradford and bingley

its a generic point so if you're lucky enough to be without a mortgage or with a lender that isn't in hoc to the taxpayer then bravo.. but I'll bet my arse we outnumber you.
 
Stretch said:
If you're a high rate tax payer then save some money, pay off part of the mortage, get out of negative equity, then you can go anywhere you want.

Or maybe just be happy you're no about to loose your home? I don't really see what else can be done.
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who said anything about losing a home? negative equity really isn't the end of the world.. the only result at the moment is I'm stuck with northern rock (in fact to be honest I'm not in NE I have about 10-15% equity but its disappearing fast no doubt as are alternative mortgage products which is mainly my point, in a functioning mortgage market there would be no issue)

also what has being a higher rate tax payer got to do with anything? the home budget is the home budget, it works fine now but there's been a heck of a lot of stress over the last year being threatened with 7.49% and now being stuck at the top end of the mortgage market.
 
jesus christ what the hell did you buy?

I take your point though, moaning about interest rates aside I kinda saw this coming (although not on this scale, don't think many people did tbh) and decided t start deleveraging myself and not trading up house/borrowing against the value in 2004 so managed to build up a fair cushion of about £75k equity at the peak (I had it valued about 2 weeks before NR went pop ironically) but I honestly believe if I wanted to sell now it would have to be at less than the £206k I paid in 2003

So I'm in no danger, job secure (touch wood), nothing else secured against the house, good backing off parents if required but still.. still thats not the point.

The BoE make these big moves, the government bleats on about banks passing it on presumably because they think reducing the cost of existing borrowing is more important than protecting savers and they can't even get what is effectively british bank plc to play ball.

Interestingly it's worth bearing in mind if inflation does hit 1% or goes negative in 2009 a 2-3% pa return on savings is much the same as a 6-7% return with 5% inflation, in real terms probably more actually so even the protecting the savers argument doesn't really have legs.

I'd go more for profiteering so NR/B&B etc can be returned to private ownership asap with some huge lucrative privatisation.

If you see Sid... tell him (80s reference :))

Gordon Brown is a ****
 
matt100 said:
jesus christ what the hell did you buy?

...stuff...

If you see Sid... tell him (80s reference :))

Gordon Brown is a ****
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I assume you mean me lol :) I still only have around 30% mortgage on it so quite a buffer (luckily made some good investments and worked damn hard).

I miss the 80's. They were good times :D

An interesting graph here. Anyone who thought that "it was different this time" and "prices never fall" was kidding themselves. It was very, very, obviously going to fall:

http://www.housepricecrash.co.uk/
(and yes I know that site is a for-profit site - I don't usually frequent that site nowadays since it was sold)

Ah yes, Crash Gordon as he's been known on a few sites for the last couple of years.
 
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they have to pay.. all I'm bothered about is that labour pay for this mess.

i don't want to have them spin their way out of it with nonsense VAT changes and prevarication over how we wound up in this mess.

don't get me wrong, I'm not trying to say the populace (myself included) is blameless, far from it.. but government legislate to stp me drinking too much, driving too fast, behaving in unpleasant ways, taking things that don't belong to me, getting my bins emptied etc etc

so why were they asleep on the job when it came to building up unimaginably huge levels of debt?

they have to go.. the tories might not do any better (although I expect they will) they sure as hell couldn't do any worse, this is all ending as I rather prophesised it might back in the late 90s.
 
Spunkey said:
Where can I buy one of your all-seeing crystal balls?

I bought a house about the same time as OP, with a Northern Rock mortgage, the only difference being i managed to wangle a 5 year fixed rate.

I feel for you mate. I can only hope the market has recovered by the end of 2011 otherwise I may as well just copy and paste your post ready for then.
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You didn't need an all-seeing crystal ball for this one!
 
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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Usually, it reverts to the lender's standard variable rate. To be sure, phone them and ask.

It's an issue if you want to move your mortgage, which isn't the same as selling the house. It's common to move the mortgage without selling the house, in order to get a better deal. Strictly speaking, you are borrowing a new mortgage to pay off your old one, so you will have to pay any early repayment fees that apply. I've moved my mortgage twice on the house I'm in, lowering my interest rate both times. The last time, I got a 10 year fixed rate at 5% in order to give me more stability.
 
I'm so happy my house purchase fell through late last year :eek: I would have had a 200K mortgage on a 240K place, which would only be worth about 200K or less now. I feel sorry for those who got on the ladder at the top of the market :(
 
matt100 said:
or halifax

or lloyds tsb

or rbs.. natwest etc

or bradford and bingley

its a generic point so if you're lucky enough to be without a mortgage or with a lender that isn't in hoc to the taxpayer then bravo.. but I'll bet my arse we outnumber you.
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If you are going to make generic points, then make generic points rather than rather specific points relating to Nothern Rock...
 
Well, I'm not really bothered about going onto the SVR - let me explain.

I took a tracker out July 07 which was +0.75% on the BoE base rate - that put my payments at around £875 a mont. Now the rates have dropped significantly, I'm paying £668. The deal runs out July 09 so I have worked out that over the two years I'll have saved nearly £2k.

Now, as I borrowed 95% and house prices have dropped I'll be in negative equity (not that it matters - I'm not planning on selling) so I wont be able to re-mortgage so I'll go on the SVR, which is currently 5.5% with my lender. Bizarely, this works out at £850 a month - so it's still less than I originally took the mortgage out at. If I could afford £875 at the start, I'll have no probs with £850.

When house prices pick up and more mortages become avail, I'll assume interest rates will rise again and I'll be in the ideal position to snatch up a good fixed rate deal - I'm quite happy about the situation.

I know some people that took out fixed rate deals that are higher than the SVR their lenders are currently offering! Now that would annoy me!
 
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