NR fixed finished but payments continue...any advice?

LJW_2

Hi hope somebody can advise. I'm not used to this mortgage lark but we had a fixed rate with NR that finished sometime ago. We continued with them at a rate of 4.78%, the mortgage payments went down but could we get cheaper?

We have a mortgage remaining length of 22 years 8 months! Closing balance 86,928,86 and unsecured loan of the same length for 19,142,12.

Discharge of mortgage fee is 250.00

Any advice would be great

Thanks

Cannon_Fodder

Realistic value of house?

dimbo61

What is the value of the property ?
Guessing you have a together mortgage IE mortgage and secured loan !!!
NR are unlikely to allow you to repay the mortgage and move to someone else unless you also pay off the loan of £19,142.12 as well.
So you are stuck with NR but if you can overpay the loan first and try to clear over next couple of years. GOOD LUCK

LJW_2

Thanks for that Dimbo, we weren't told my our mortgage adviser that we might not be able to move the mortgage!! I will clarify with NR but I'm sure your right.

The price is prob around £125.000 to £130.000, based on others that have sold recently

dimbo61

If you moved lender to another company then NR would only have a second charge on the house ( new mortgage company having first !) so why would they
do that ?
Unless they can up the interest rate BIG style on your outstanding loan.
Either way you do have some equity if you want to change lender ( because you have overpaid WELL DONE !!! )
Just consider overpaying the loan first GOOD LUCK