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Northern Rock Mortgage Advice Please?

big-johnny_2
big-johnny_2 Posts: 1 Newbie
in Mortgages & endowments
Hi

I have a Northern Rock Mortgage, which has a un-secured personal loan attached to it, eg Secured = 115,000 Unsecured = 30,000.

Decided to sell the house which is worth around 135,000.

Can I pay off the mortgage (115,000) and continue with the unsecured loan at their variable rate? Or am I obliged to pay off both parts of the loan.

HELP please? I don't want to ask Northern Rock because I'd sooner not alert them to what I am thinking?

John.

Comments

  • beecher
    beecher Posts: 2,497 Forumite
    You need to phone them up and ask - why are you worried about alerting them? As far as I know, the unsecured loan can be continued, but the rate goes up substantially - give them a call and find out.
  • Nonshy
    Nonshy Posts: 295 Forumite
    Yes you can pay off mortgage and keep unsecured loan.

    It will receive a loading of 3%, 5% or 8% though.

    What you worried about speaking to NR for??
  • emma2009_2
    emma2009_2 Posts: 19 Forumite
    hi yes you can leave the loan running no problem, but the interest rates goes up 8% over the SVR, so it is 12%
  • Nonshy
    Nonshy Posts: 295 Forumite
    emma2009 wrote: »
    hi yes you can leave the loan running no problem, but the interest rates goes up 8% over the SVR, so it is 12%

    Not everyone's.... could be 3%, 5% or 8%.
  • emma2009_2
    emma2009_2 Posts: 19 Forumite
    can you tell me why it is different for people? they are charging me 12% to keep my loan running
This discussion has been closed.
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