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Northern Rock Help
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allisonj
Posts: 36 Forumite
Hi everyone
Just slightly concerned with my situation. I have a mortgage with northern rock which ends in january 2009, we require a 100% mortgage and at the moment we have a 90% mortgage with a 10% loan to make up the rest where do you think we will manage to get another mortgage? at the mo our deal is 7% anyway but really dont want to pay anymore. Im so annoyed as I feel that our mortgage adviser has sold us down the river with this, however also in hindsight maybe they were not to know that this was going to happen! To make matters worse i am due our baby in january so go off on maternity leave so not even going to have the extra cash to pay it. Any help would be great
Cheers
ali
Just slightly concerned with my situation. I have a mortgage with northern rock which ends in january 2009, we require a 100% mortgage and at the moment we have a 90% mortgage with a 10% loan to make up the rest where do you think we will manage to get another mortgage? at the mo our deal is 7% anyway but really dont want to pay anymore. Im so annoyed as I feel that our mortgage adviser has sold us down the river with this, however also in hindsight maybe they were not to know that this was going to happen! To make matters worse i am due our baby in january so go off on maternity leave so not even going to have the extra cash to pay it. Any help would be great
Cheers
ali
0
Comments
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You may be able to find a 90% remortgage and retain the loan element separately. Value is going to be the key. No likelihood of a 100% remortgage.
It might help if you posted your current mortgage debt and a conservative estimate of property value. Knocking 10% of the cheapest similar property in the area that's on the market would be a good guide!
Your Mortgage Adviser couldn't predict the demise of the property market and your mortgage lender's policy in the future anymore than the CEOs of all our wobbly banks spotted what was coming.
It's not that long ago that mortgage rates were in excess of 15%, the maximum remortgage amount was 85% of value more or less everywhere and go back a few years before that and you'd have had to wait 6-12 months to get a mortgage!
Most of us will typically have a mortgage round their necks for 25 years. There will be painful times within such a long period of life!
Good luck.0 -
Hi thanks for that, our current mortgage balance is 81,500. The last house sold 3 months ago exactly the same as ours for 85,000.
How would you go about finding about the loan and then remortgaging at the 90%? Want to start doing this now so hopefully get a decent enough deal.0 -
It will be tight.
Why not skip Christmas? Every £1 you spend on tat could be put towards your mortgage.
GGThere are 10 types of people in this world. Those who understand binary and those that don't.0
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