NRAM - remortgage

Ads1982

Hello

I have a together mortgage with NRAM and am currently overpaying to try and reduce secured loan with a view to moving in approximately 18 months - 2 years.

My question is has anybody managed to mortgage away from NR or NRAM with a together mortgage and leave the unsecured loan with them? Or to ask another way will a new mortgage lender consider you if they know you are still going to have an unsecured loan?

Just trying to do some sums and want all options covered!

Cheers

ACG

It all depends on your income (whether it can support the loan and the mortgage in the eyes of the new lender).

If its unsecured then they will also have a look at how much your deposit is for the new property.

Senior_Paper_Monitor

yes - have done several.

Its easy - other than the unsercured loan is taken into account for affordability (at the increased rate that applies when you leave the mortgage)

Ads1982

Okay, that's encouraging. It just gives me a few more options!

kingstreet

Pay special attention to the rate/cost of the unsecured loan once "delinked" as SPM alluded to, as it's likely to be around 13%.

trecylwv

im stuck with a nram together mortgage house worth approx 150,000 mortgage 109,000 and loan 27,000 so equity not great when including loan, currently pay 835 a month of which 171 is loan but if i leave loan behind it will cost me nearly £300 a month on its own! any advice want to move but unlikely anytime soon but especially want to get shot of nram. annoys me we are the forgotten ones left to rot with nram they helped northern rock savers and the banks but not us

Thrugelmir

trecylwv wrote: »

annoys me we are the forgotten ones left to rot with nram they helped northern rock savers and the banks but not us

Northern Rock (as was) allowed you to consolidate expensive unsecured debt onto a cheaper rate of interest. So you've had plenty of time to overpay the debt and pay it off quicker.

Examine your budget and see where savings can be made. Then redirect these into tackling the unsecured loan. With some hard work you will find that you are suitably rewarded.