Northern Rock

[admin]

Comments from the cherry forum...

Post - ''Did a joint app for NR, declined, Mr had bad credit. Redid next day with Mrs, approved fast track. 3 days later gets binned as applicant was "party to a declined app" - Nonsense but as usual "it's in the criteria" who runs these banks? What yourselves? Anyway, got less than 3 weeks to complete...''

Post - ''All Brokers need to be aware of the penalties that Northern Rock charge in the event of a client moving home. If your customer wants to scale up they cannot 'port' their deal with Northern Rock. From last summer they introduced the most immoral and unethical terms to their porting feature stating that existing customers cannot increase their mortgage size when moving home and port their existing deal.

They have to choice a new product AND get charged ERC's!!!! This relates to contracts post 05/2008. This might seem late but the only way of finding this out is by means of their product update. Their website does not highlight this situation and not do the KFI or Offer.

NOTE...Northern Rock still comes up on the Sourcing systems as being 'portable'. What a joke! They have stated today that their products are portable. If you customer wants to move house and needs to increase their borrowing overall they CANNOT do it with Northern Rock unless penalties are paid and NEW products chosen! Beware...it's not always about headline rates...this lender is out to get profit by means of huge penalties at the other end of the deal.

These changes are NOT documented in the KFI or Offer Letter! BEWARE !!! Shame on Northern Rock...owned by the tax payer and ripping the tax payer off!!''

[archie]

nationwide are the same. once a mortgage has been declined in joint names, they will decline it if it is just in the one name