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Getting out of the Northern Rock limbo
nicol1980
Posts: 16 Forumite
Guys/Girls,
I am in need of some practical advice from people in the know. I have one of the Northern rock poisoned mortgages that were around a few years back (2006). It worked out roughly about 103-5% interest only and i was, as the rest were expecting to get over this in a couple of years when house prices rose however we all know what happened to the bank, country and housing market shortly there after. I now cant get out of it as Northern are not offering mortgages to their current customers and i dont have the equity to leave.
Since then however i have bought another property which has a reasonable amount of equity in it (around 66%) and the mortgage is with Bank Of Scotland.
My question is would i be able to use the equity in that home against my current mortgage to get a reasonable fixed rate capital and interest deal for the next couple of years away from Northern Rock??
All advice and help would be greatly appreciated
I am in need of some practical advice from people in the know. I have one of the Northern rock poisoned mortgages that were around a few years back (2006). It worked out roughly about 103-5% interest only and i was, as the rest were expecting to get over this in a couple of years when house prices rose however we all know what happened to the bank, country and housing market shortly there after. I now cant get out of it as Northern are not offering mortgages to their current customers and i dont have the equity to leave.
Since then however i have bought another property which has a reasonable amount of equity in it (around 66%) and the mortgage is with Bank Of Scotland.
My question is would i be able to use the equity in that home against my current mortgage to get a reasonable fixed rate capital and interest deal for the next couple of years away from Northern Rock??
All advice and help would be greatly appreciated
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