Northern Rock Mortgage Advice Please?

big-johnny_2 · 2 August 2009 at 8:50AM

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.

beecher · 2 August 2009 at 9:59AM

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 · 2 August 2009 at 4:26PM

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 · 2 August 2009 at 4:31PM

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 · 3 August 2009 at 10:26PM

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 · 4 August 2009 at 4:27PM

can you tell me why it is different for people? they are charging me 12% to keep my loan running

Northern Rock Mortgage Advice Please?

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