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27-01-2009, 11:17 AM
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N Rock Early Repayment Advice
We are currently in a fixed deal with Northern Rock and wish to move home. Northern Rock will not port our mortgage or lend any additinal money to us to move so we have asked if they will waive our early repayment fee as we have no alternative but to find an alternative lender (which we have done). They are refusing to consider this. We have written to our MP who is looking into this for us.
Has anyone got any advice they could offer us? I think its disgraceful they are asking us to pay it. 
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28-01-2009, 01:15 PM
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Hi Kev,
Unfortunately you seem to be one of many individuals whom are stuck in this awkward situation. May I ask what your mortgage balance is and the value of your property?
__________________
Worldwide Financial Planning is a specialist independent provider of Large mortgages.
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02-02-2009, 11:57 AM
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The thing is, NR are not looking to change the conditions you agreed with them - but instead you are trying to change the circumstances of the mortgage, so you'll need to work around your original agreement.
Much as I can appreciate the frustrations, this is an issue you needed to ensure you were aware of in the first place. This is why many people take on fixed period mortgages, and then remortgage with another provider once this term expires. Trying to remortgage within the period is asking for trouble.
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03-02-2009, 03:59 PM
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I understand what your saying but I'm not trying to remortgage.
We wish to move home and Northern Rock will not port the deal (which they said we could when we took out the deal) or consider any extra lending to existing borrowers at this moment in time which leaves me no choice but to seek a deal with another lender. If they would port my mortgage onto a new property I would have no problem staying with them for the full term of the fixed deal.
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17-02-2009, 12:27 PM
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The difficulty you have is that they probably said when you took out the mortgage that they would allow porting of it if you met their then current criteria for lending, which could mean that your income is now not considered good enough or they will not now loan such a high LTV ratio. You were always taking a risk that these could change.
__________________
RICHARD WEBSTERwww.rwco.co.uk As a conveyancing solicitor I want to be helpful (England/Wales only) but can't accept liability for this.
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