NR Together package alternative

Lumpy_bd

Hi all.

My wife and myself have a NR together mortgage. Outstanding info is as follows:

Secured Mortgage: +- £150000
Unsecured Loan: +- £30100
Property value: +- £165000

Amazing how the loan was for £30000 and after a year of paying, we still owe £31000... dam those fees! We went for the NR together plan as it suited our circumstances at the time, and still does to an extent. At the time we went through a mortgage advisor and he told us that while several other companies offer packages similar to the NR together plan, we werent eligible as my wife was contracting at the time.

My wife has been in permenent employment for almost a year now and we have both had salary increases so I'm looking at my alternatives for our situation. Do any of you know of the other companies that offer these kind of packages?

We are currently on 6.59% variable(after the last two increases) and are looking for something better. NR have offered us a 2 year fixed plan at 5.59%. Can I do better?

Thanks,

Brett

Rick62

The problem you have is that the total borrowing is still more than the property value. Have they offerred you 5.59% for all the borrowing or just for the secured mortgage?

It may be possible to get a better rate on the secured mortgage but the unsecured loan is harder.

Lumpy_bd

Rick62 wrote:

The problem you have is that the total borrowing is still more than the property value. Have they offerred you 5.59% for all the borrowing or just for the secured mortgage?

The 5.59% is across the board for the mortgage as well as the unsecured loan, both over 34 years.

Rick62 wrote:

It may be possible to get a better rate on the secured mortgage but the unsecured loan is harder.

I know and therein lies the basis of my original question. I'm basically stuck with NR and their Together package until I clear some of the loan down or until I can find another lender who will offer me a similar kind of deal. I know there are others out there, I'm just not sure who they are... they would have to allow me to take something like a 95% mortgage as well as a £30k unsecured loan all bundled together like NR does unless someone here can offer an alternative.

I'm happy to stick with NR in principle as I have had no complaints with them and they have been very helpful to me in the past. I knew at the onset that I would be stuck in bed with NR for a long time when I made this decision, but let's face it... accumulating £45k+ worth of debt takes some time, and getting out of it takes some time too.

My debt related light bulb moment happened almost a year ago and the together mortgage was the only practical way from an affordability perspective that I could shift some of my debt allowing me to overpay other higher interest loans and CC debts etc quickly. Once those are sorted (about 18 months time) then I can concentrate on the NR unsecured loan and hopefully get it down quickly, changing it from long to short term debt.