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Northern Rock Together query
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ian.clark_2
Posts: 2 Newbie
Good Afternoon all,
Just wondering if anyone can answer this quickly, it is regarding my Sister In laws Mortgage. She is in the process of Divorcing/Splitting up with her Husband.
We have only just found out they bought the house with a NR together 105% mortgage. The house after being sold will leave a shortfall, of an unknown amount at the moment.
The paperwork has been "conveniently" lost for now, and she is turning to us for help. So quick question, does anyone know if and when the house sell, they are left with a shortfall. Will NR allow the loan part to continue briefly, i know it goes to a much higher rate, and can you make overpayments?
The plan would be to sell the house, clear the mortgage (90%) use the rest to make a payment off the loan, which would ideally run for a few months, whilst another cheaper loan is taken out to cover over a shorter term.
Many thanks
Ian
Just wondering if anyone can answer this quickly, it is regarding my Sister In laws Mortgage. She is in the process of Divorcing/Splitting up with her Husband.
We have only just found out they bought the house with a NR together 105% mortgage. The house after being sold will leave a shortfall, of an unknown amount at the moment.
The paperwork has been "conveniently" lost for now, and she is turning to us for help. So quick question, does anyone know if and when the house sell, they are left with a shortfall. Will NR allow the loan part to continue briefly, i know it goes to a much higher rate, and can you make overpayments?
The plan would be to sell the house, clear the mortgage (90%) use the rest to make a payment off the loan, which would ideally run for a few months, whilst another cheaper loan is taken out to cover over a shorter term.
Many thanks
Ian
0
Comments
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You can de-link the secured loan, so only the mortgage will be repayable on completion. You need to make it clear to the solicitor handling the sale that that is what she wants to do.
The loan rate will grow to around 12%, but overpayments can be made.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
That's good news, well kind of....
Many thanks for replying0
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