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Nram
Tillydot
Posts: 135 Forumite
Since 2009 I have had mortgaged difficulties and arrears but with a lot of hard work have managed to get the arrears paid off. When Northern Rock was split because of the arrears my mortgage was sent to NRAM. My question is I am now 62 and I am only paying the interest on my loan and my propertly is in negative equity. In 10 years the mortgage will have to be paid back. Do you think NRAM would let me extend it or will they want it paid back and me out. Just trying to preplan and think where I will live!!
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In similar (without the arrears) circumstances we have managed to obtain extension to 75 for a client (and an unoffical but sensible plan in the background) but it is unlikley to be successful beyond that point.
What is the current value of property and the level of mortgage ? Are there any expected cash sums due to you in the future (endowments / inheritance etc) ? What is your employment/earnings/pension postion and expectation ?Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
I agree with the post above, it would be possible to extend to 75 but beyond that i think you may struggle.
It sounds like you may be delaying the inevitable - if you are, is it really worth you working until your 75th birthday? (Im not saying it isnt, only you can decide that).I am a Mortgage AdviserYou should note that this site doesn't 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 shouldn't be seen as financial advice.0
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