Northern Rock mortgage deals - no your flexible friend?
According to recent reports Northern Rock mortgage customers may no longer have access to some flexible features originally offered by the lender.
One of the lender's main mortgage selling points has been the flexibility to overpay and at a later date borrow back funds. This may be particularly significant when interest rates are low. Any spare funds can be paid into your mortgage account to reduce your mortgage with the security of being able to borrow it back when you need it.
However it is suggested that the Virgin Money owned bank is to introduce stricter lending criteria to assess whether borrowers can afford to pay back loans.
Whilst this is not unusual it may now mean that fewer people could be given access to the overpayment / borrow back feature that made the Northern Rock mortgage products so flexible.
If these changes apply to you contact Deal Direct for advice and a better offer.
According to some sources if you have over paid each month and now request to borrow back, you may need to provide additional financial information for this to be considered. In the current financial climate this could mean that you are refused the borrow back facility in some circumstances.
If you have a Northern Rock mortgage, it would be advisable to check these reported changes to ensure that you are not overpaying money that you cannot get back if you need it.
Call Deal Direct for advice and a deal that ideally suits your circumstances.
