Overpay NRAM Interest only mortgage?

k8rose

hot_saver wrote: »

I have 20yrs remaining on an interest only mortgage with Northern Rock Asset Management.
In addition I have an unsecured repayment loan with them.

I am unable to re-mortgage with any lender as I no longer fulfil their lending criterias. ( although monthly funding is not a problem ).

My objective is to pay off my mortgage by the time I retire ( 20yrs) - including the capital £160K. - by whatever means are best.

I have a few questions I need help with please:

Is it possible to change to a re-payment mortgage with NRAM without having to provide any proof of income / credit checks?
I believe that I cant extend the term as I will be over 70 in 20yrs.

If I cant change to a re-payment - Can I overpay the interest only mortgage and repay early? say 15yrs not 20? and if so will I be called upon to re-pay the capital £160K early too....ie at the 15yrs point??
OR - when I have paid off the interest in 15yrs time, will I have the remaining 5yrs to find the capital??

OR - would it be better to simply 'save' the £160k over the next 20yrs and continue as I am?

All help / advise gratefully received.

From K8

I over paid my mortgage for 3 years much to northern rocks upset.
I was able to get an interest only mortgage down by 25000 in 3 years. We moved house in june 2010 ans we put on this NRAM scheme Im financially wise to mortgages and used to keep on top of things online. For about 8 months NRAM did not set up an online facililty.
I sadly had a breakdown on moving into my house.
NRAM messed up big time by taking two mortgage payments per mpnths totallng over £2000 per month the knock on affect has meant or excellant credit ratis now fair.
I had a big fight to get our money back which they begrudling.
They added t my mental detoriation and offered me £50 to say sorry :mad:
They have failed to follow thier own cmpliants proceed.
I called them the naughty bit of Northern rock over a year ago and now thier staff admit thats the case.
NRAM will make you life as difficutlt as possible until you crumble.
They however are the ones crumble.
They were reponsibe for this countries financial downfall and are still not helping.

ADVISE TO YOU

OVER PAY as much as you can get your credit score up and go to another mortgage company. NRAM are going down get our while you can they want peoples houses as they have no assets. :j