NRam mortgage

DJO9

Hi,

I am currently with NRAM, our fixed rate ended a year or so back, we also have a secured home on our house (taking the loans to around the value of the house!).

We also have debts getting paid off through a DM plan.

We want to move, to build up at my in laws.

This would mean us cutting our mortgage etc by at least half.

Does anyone know if NRam will allow the mortgage to be moved to another property (while paying off at least half!)? I fear that we may struggle to get another mortgage at the moment, but this move would help us become debt free (still have a mortgage)!!

Thanks.

izools

So let's say your property is worth 120K

You have, for example, a NRAM Mortgage of 100K and secured loan remaining of 15K, leaving 5K equity. You then want to move.

You can either sell the house and pay the secured creditors back, and rent, or sell the house, pay the secured creditors back, and then ask NRAM for a mortgage against another property.

I would expect that despite you're an existing customer they'd want to re-credit check for this, but how would moving to your in-laws house allow you to port the mortgage? Would they allow you to buy 50% of the equity, for example? Remember also that you won't be able to get a mortgage for 100% of the value of the equity, so even if NRAM allow you to port the mortgage, if you buy a share in their house worth 50K, you'd be looking at 5~10K deposit minimum.