northern rock together mortgage. help.

jonesy1973

Hi, im new to this but looking for a little advice if anyone can help.
Due to my wife being made redundant and my wage recently dropping, we are looking to sell up and have been considering renting closer to family and friends. we currently have a northern rock together mortgage and a secured loan with first plus. (im cringing even typeing this.) :o:o
Basically on contacting both parties i have learnt that in selling the property we will need to clear the secured loan and secured part of the mortgage, leaving the unsecured part of the mortgage with northern rock. Iam horrified to learn that by doing this the interest on the unsecured loan will rocket by 8% (130 a month to 260 a month.) Iam looking for advice on if i have any grounds to challange this. Many thanks if anyone would like to know any more details please dont hesitate to ask.
thanks again.

DannyboyMidlands

Welcome to the forum jonesy.

Assuming that this rate rise is mentioned in your original documentation, I doubt that you can challenge it but there may be other options.

Realistically what will be your likely selling price and outstanding mortgage/secured loan/unsecured loan?

Do you have any additional savings?

_Andy_

Nothing to challenge, it's standard and was on your KFI/offer letter/T&Cs.

bcole

Is there any chance you could rent the house out as a whole, or rent the rooms out separately, to cover the mortgage?

Thrugelmir

bcole wrote: »

Is there any chance you could rent the house out as a whole, or rent the rooms out separately, to cover the mortgage?

Sounds so easy to do. What's the back up plan though if it doesn't work?

jonesy1973

thanks danny boy. if we are lucky, what we get for the house will just cover the secured loan/mortgage. renting it out isn't really an option. Just going to put it up for sale and hope for the best. (and a lotto win) thanks again.