We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
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
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.3K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.2K Work, Benefits & Business
- 603.9K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards