Help Please!!

michelleER

Hiya,

I'm new to this site, as i have an appointment with an independent mortgage advisor in the week i thought i'd ask on here first.

I took out one of those northern rock together mortgages 4 yrs ago on interest only and i'm now in a better position to pay a repayment. The only problem being that i still owe 125%!!!:eek:

What are my options for switching to a repayment. It's made up of mortgage and unsecured loan attached to the mortgage.

any advice will be greatly appreciated

koexelek

You can easily switch the mortgage to repayment, but you will have to stay on your current Northern Rock deal.
No other lender will lend above 90% loan to value these days.

the unsecured part wull already be on repayment anyway though

Engeroosi

you need to start over paying. I'm guessing your property hasn't risen in value to offset some of the 125% mortgage.

michelleER

Thank you for the replies.
No my property hasn't increased that much in value, if I were to sell I would probably just break even, minus expenses.

I did call northern rock a couple of years ago to see if I could switch, it was just after the crash though and they wouldn't.
maybe I'll give them another try......