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Stuck with NRAM?
gazza855_2
Posts: 3 Newbie
Background:
First-time buyer in 2006. Got 95% mortgage 5% unsecured loan.
Coming to end of 5yr fixed deal with Northern Rock (NRAM now) in Dec 11 - currently on 5.99%. So will go on SVR of 4.79%.
As NRAM don't offer new mortgages, what are my options.
House worth ~£173K, with current balance owed of ~£142k.
I am happy to stay on SVR (for a while), but ideally would like stability of fixed rate.
Thanks - Gazza
First-time buyer in 2006. Got 95% mortgage 5% unsecured loan.
Coming to end of 5yr fixed deal with Northern Rock (NRAM now) in Dec 11 - currently on 5.99%. So will go on SVR of 4.79%.
As NRAM don't offer new mortgages, what are my options.
House worth ~£173K, with current balance owed of ~£142k.
I am happy to stay on SVR (for a while), but ideally would like stability of fixed rate.
Thanks - Gazza
0
Comments
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Hi Gazza
There are a number of options open to you does the balance of £142k include the 5%unsecured element ? If so then there are some very decent products available to you.I am a Mortgage Advisor. You should note that this site does not 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 shouldnt be seen as financial advice.0 -
don't have the paperwork in front of me but pretty certain that is my current overall balance remaining.
Prediction of £173k for value is based on similar house for sale around the corner.
I don't have any deposit, but have built up some equity over the past 4 years, so really looking at how best to proceed nearer to Dec 11 when fixed rate ends, or change sooner if possible.0 -
You can secure a rate now, some offers last 6 months others 3 months. I have sent you a private message.I am a Mortgage Advisor. You should note that this site does not 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 shouldnt be seen as financial advice.0
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NRAM are no longer charging ERCs anymore, so if you are able to, you can move lenders now, rather than wait til your fixed period ends.0
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