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NR Together Mortgage
united_road_68
Posts: 39 Forumite
Hi Forumists
May a rack your brains for some advise please.
I have a NR Together Mortgage that commenced 1/11/07 fixed at 6.49% for 5 years. Due to fortunate circumstance i have managed to pay off large chunks of late leaving me with a balance of just 25k. I expect to be in a position to clear the balance in the next few months should i so wish.
Problem i will encounter is early repayment charges of approx 5k should i clear the balance. What option do i have should i choose to move house and upgrade? i could leave the balance with just £1 left to pay and wait for the fixed term to expire but this is 3.5 years away? I could rent the house out but require the equity in it in order to upgrade?
I can be very flexible in terms of what i do here.
Any advice greatly received.
Regards
Mac
May a rack your brains for some advise please.
I have a NR Together Mortgage that commenced 1/11/07 fixed at 6.49% for 5 years. Due to fortunate circumstance i have managed to pay off large chunks of late leaving me with a balance of just 25k. I expect to be in a position to clear the balance in the next few months should i so wish.
Problem i will encounter is early repayment charges of approx 5k should i clear the balance. What option do i have should i choose to move house and upgrade? i could leave the balance with just £1 left to pay and wait for the fixed term to expire but this is 3.5 years away? I could rent the house out but require the equity in it in order to upgrade?
I can be very flexible in terms of what i do here.
Any advice greatly received.
Regards
Mac
0
Comments
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Worth talking to Northern Rock.
They are desperate to get rid of a lot of their mortgages, and have been known to waive penalties such as the one you have.
Worth a try, no guarantee though
I am a Mortgage adviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
bttt.........0
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Will they let you transfer the current £25k from the old house to the new one, then let you do the increased borrowing on a new Northern Rock product ?
Most lenders let you do that, but they are a law unto themselves :rolleyes:I am a Mortgage adviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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