Northern Rock Together Mortgage

puzler

Hi everyone,

I am after some advice please. I have a northern rock together mortgage which is on a fixed rate of 6.79% until September 09. The mortgage element only is £ 121,502 and there are 2 secured loans which total £17,317 and an unscrued loan of £ 2,704. I pay aprox £ 940 a month and am struggling to make ends meet. I have an option to revert to interest only which would mean my payments would go down to £ 770 (aprox). I have spoken to NR and they have said i could apply to go interest only just until the end of my term in September 09 when my payments will go down to aprox £ 788 (on a repayment mortgage) assuming the SVR stays where it is at the moment, I am considering this option but would appreciate some advice as to if this is wise or not. I am in negative equity so selling is not an option

would really appreciate some advice,

many thanks

Puzler

beecher

Your proposal is a short term solution and I think you need to find a way to either up your income or cut your expenditure, in order to prepare for when the SVR goes up again. You could go onto the Debt free Wannabee forum for practical help - post a Statement of Affairs and they should be able to help you. Could you rent out a room perhaps?

puzler

Ok thanks for the advice, I will have a look at the debt free wanabee forum,

cheers