Northernrock Together - any other similar lenders?

DotNetter

Hi all

My house is worth approx £135K and my mortgage is currently £98K.

I want to lend enough to consolidate all of my debt (currently approx £38k).

I've spoken with Northernrock who can offer me their together product.

I can have a £107K secured loan with a £30K unsecured loan.

The above is fixed for 3 years @ 6.19%

I then mentioned this to my brother who immediatley said that the APR was very high and he was under the impression I could get a 100% mortgage instead for around 5.75% - although this would be fully secured it could save me approx £40-£50 a month on my mortgage payment!

Does anyone know what my options might be on this...am I best going with NR (have heard only good about them) or should I go to an independant financial advisor and get him to find me a product etc?

Cheers


Wayne

MortgageMamma

The northern rock product is advantagous because you will not actually be borrowing the properties whole loan to value, and the interest rate is not THAT high. another advantage of NR is that they will often accept you with a low credit score, have higher than average income multiples, and do not include credit cards in affordability.

There are other lenders you could look at dependent on your circumstance - royal bank of scotland for example, but I would recommend that you take advice from a whole of market mortgage broker before comitting to anything.

Prudent

From your signature, it looks like you have £25,000 at 0%. Why are you seeking to pay interest on it instead?