Terms and Conditions
Before you apply please take the time to carefully read the following terms and conditions.
You must have a mortgage account with Northern Rock.
Your Personal Secured Loan will be secured by a legal mortgage (or in Scotland, a standard security) over your home.
You can borrow any amount from £3,000. Your current mortgage balance plus your new secured loan combined can be worth anything up to 90% of the value of your property.
All applications are subject to affordability, status and satisfactory valuation of the property.
If your property is valued £500,000 or under, then your current mortgage plus this Personal Secured Loan can be up to 90% of the present value of your property.
You can choose to repay your Personal Secured Loan over any period between 5 years to 35 years.
If your current mortgage is flexible you'll also have full flexibility on your Personal Secured Loan. This means you can overpay, underpay and take payment holidays (subject to terms and conditions).
There are no Early Repayment Charges applicable to your Personal Secured Loan. However, your existing mortgage may be subject to an Early Repayment Charge.
We will make searches about you at the Council of Mortgage Lenders' Possession Register and at credit reference agencies who will supply us with credit information as well as information from the electoral register. The agencies will record details of the search whether or not the application proceeds. We may use credit-scoring methods to assess this application and to verify your identity. Credit searches and other information provided to us, and/or the credit reference agencies, about you and those with whom you are linked financially may be used by us and other organisations if credit decisions are made about you or other members of your household. This information may also be used for debt tracking and prevention of money laundering as well as the management of your account. Where you borrow or may borrow from us, we may give details of your account and how you manage it to credit reference agencies. If you borrow and do not repay in full and on time, we may tell credit reference agencies who will record the outstanding debt.
If you choose our Express Service your loan can be in your bank account the same day we receive your fully completed documents. There is a charge of just £35 for this facility. Alternatively you can choose to have your funds transferred by BACS which can take up to one week and for which there will be no charge.
Charges
The following charges apply to our Personal Secured Loans:
| payment detail | charge |
|---|---|
| Administration Fee | £349 |
| Express Service | £35 |
You don't have to pay any fees up front, as they can be added to your loan and interest charged at the prevailing rate or you can choose to pay these separately.
As your Personal Secured Loan will be secured against your property you may wish to protect your loan payments with Payment Protection Insurance, subject to eligibility.
A copy of the Guide to our Internal Complaints Procedure is available on request or you can download a copy. This guide outlines our complaints handling procedures and the availability to customers of the Financial Ombudsman Service scheme, which provides for independent adjudication on any complaint which cannot be resolved through the Company's Internal Complaint Procedure. The Guide also highlights our commitment to the voluntary Banking Code.
* Calls are charged at your service provider's prevailing rate and may be monitored and recorded.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.