Northern Rock Together Mortgage

ricklingard

2 YEARS AGO I TOOK A TOGETHER MORTGAGE OUT WITH NORTHERN ROCK (AFTER MY DIVORCE ), I HAVE A 140K MORTGAGE ON A HOUSE WHICH I WOULD MAYBE GET 125K FOR NOW, AS I AM A DIVORCED MAN I DO NOT HAVE ANY SAVINGS AS SUCH TO PAY OFF MY MORTGAGE ACCOUNT, MY PAYMENTS WILL GO UP TO AROUND £900 THIS SUMMER WHICH IS NOW UNAFORDABLE FOR ME , DO I HAVE ANY OPTIONS OR SHOULD I SEE A SOLICITOR AND HAND BACK THE KEYS AS I AM UNABLE TO CHANGE TO A DIFFERANT MORTGAGE IN THE PRESANT ECONOMIC CLIMATE , ANY I ADVISE WOULD BE VERY GRATEFUL

PS I HAVEA UNBLEMISHED CREDIT RATING AT THE MOMENT AND I AM NOT IN ANY MORTGAE ARREARS

Nonshy

what fixed rate are you on???

ricklingard

its stepped and changes to 7.9 in may . next year it then reverts to the normal variable

ricklingard

then reverts to variable next year

Nonshy

1) Look at taking payment holidays... if made 27 consecutive payments can take 3.

2) convert to interest only... costs £75 but could reduce payments quite significantly (if fairly new mortgage won't have much impact)

3) extend term if on repayment

Nrock

Can anyone help,

in May 2005 I took out a together mortgage, in June 2006 I sold the house and repaid the mortgage lus early repayment fees, but the house was not worth the mortgage plus the additional borrowing, so they upped the rate on the unsecured loan to 10.99% originally 6.49%

I have been overpaying this loan for 2 years anywhere from £200 extra a month to £40 extra a month I have NEVER missed a payment I have just received 2 letters one telling me they are cutting the rate to 10.30 and the second saying I owe £100 more than I origanally borrowed without an explanation, I have tried calling but I don't fully understand what thet are saying can this be correct?

HelpWhereIcan

ricklingard wrote: »

its stepped and changes to 7.9 in may . next year it then reverts to the normal variable

N Rock's SVR is now 5.09 not 7.90 so that should help with the payment you will be paying - chances are it will be less than you are fixed at now.

Plus it has recently been announced that NR will soon be offering new deals to existing customers again. By the time May comes they may well offer you a new deal.

Nrock wrote: »

saying I owe £100 more than I origanally borrowed without an explanation, I have tried calling but I don't fully understand what thet are saying can this be correct?

From what you have posted no (unless they added the early repayment charge to your balance).

Call and ask them for a statement (if you don't have one already) and a written explanation for the increase in your balance.

If you still don't understand, post the details here or make an appointment with the CAB or similar to have someone give an opinion based on information specific to your case.

feisty1

ricklingard: Is yr mortgage a 3 yr stepped product, is the 3rd yr fixed at 7.9%.