End of Deal with Northern Rock

moneysaver83_2

Hi Our mortage deal with northern rock is up next year in June. I really want to move away from the company as part of our mortgage is made up of an unsecured loan. I was young when i took out the mortgage and didnt really know much about them.

When i contacted our financial advisor to ask him if he would find a new deal he said our property should be valued at 10% more than the origional cost Northern Rock lent us. Is this correct?

We bought our house for £159k, so that means it should be valued at £175,600. I need to arrange a valuation, but I very much doubt our house will be valued at this.

Does this then mean we cannot move from Northern Rock? When i spoke to them about moving from them a few months ago, they did not mention this.

Can anyone advise?

Thanks x

Yorkie1

Note this is a duplicate thread of http://forums.moneysavingexpert.com/showthread.php?t=2863524