Moving and wedding?

Debs12

Hi,

LooKing for advice?

Me and my boyfriend live outside Edinburgh. Our house which is worth between £115 to £125K depending on what we get on the Scottish Overs system but we def would not sell for less than £115K. We ove Northern Rock around £84K.

We aim to move later this year and put our house on the market after our wedding in July!

Our mortage is a NR flexi fix to Jan 2009 on a 5.09%. So around 3.5K to pay in charges if change mortgages.

We have an income of mine 20.5K plus 2.3K disability benefit. Him 14K.

Outstanding debts I am a 15months into AA loan £117 a month which we took out to make some home improvements for £5K

He is alomst 2 years into a 5 year loan for a car around £136 month. Both of these loans are AA and have penalities if you pay them off early.

I have tried and tried to keep wedding costs down but need around other £5k!

I contacted NR and they say we can look at properties between £150K and £175K. I think we could mover nearly Edinburgh to something decent for less than that about £140K! I do not want to stretch us too much.

I am just confused how to get the additonal money for the wedding1?!

Should I go for another unsecured loan? Go for a secured loan, say with NR? How will these affect any future mortgage offer later in the year?

Secured or unsecured? I do know that NR do look at additonal borrowing in there mortgage calculation and I am stuck with them at least until early 2009!

Good credit rating 988/1000.

Thanks to anyone that wants to put there bit in.

JoeK_3

Debs12 wrote: »

Hi,

LooKing for advice?

Me and my boyfriend live outside Edinburgh. Our house which is worth between £115 to £125K depending on what we get on the Scottish Overs system but we def would not sell for less than £115K. We ove Northern Rock around £84K.

We aim to move later this year and put our house on the market after our wedding in July!

Our mortage is a NR flexi fix to Jan 2009 on a 5.09%. So around 3.5K to pay in charges if change mortgages.

We have an income of mine 20.5K plus 2.3K disability benefit. Him 14K.

Outstanding debts I am a 15months into AA loan £117 a month which we took out to make some home improvements for £5K

He is alomst 2 years into a 5 year loan for a car around £136 month. Both of these loans are AA and have penalities if you pay them off early.

I have tried and tried to keep wedding costs down but need around other £5k!

I contacted NR and they say we can look at properties between £150K and £175K. I think we could mover nearly Edinburgh to something decent for less than that about £140K! I do not want to stretch us too much.

I am just confused how to get the additonal money for the wedding1?!

Should I go for another unsecured loan? Go for a secured loan, say with NR? How will these affect any future mortgage offer later in the year?

Secured or unsecured? I do know that NR do look at additonal borrowing in there mortgage calculation and I am stuck with them at least until early 2009!

Good credit rating 988/1000.

Thanks to anyone that wants to put there bit in.

Before I can give you the advice that you are looking for.

Is your mortgage portable?

Is yes, it could be so much simpler to answer.

JoeK

Debs12

Yes this is what the Flexi means that we can move whenever we like?

homer_j_3

Northern Rock mortgages are portable but you need to go through underwriting again. With the fees that you are looking at, it may be worth looking to do this first.

Northern rock will normally lend upto 95% on the product that you have all at the same rate, which is a good rate but will increase the potential penalties that you may have to pay.

Secured v Unsecured - that depends. Unsecured means less risk but can be financially short term more expensive because you pay the loan over a shorter period.

I would seek advice with a professional so they can assess your needs fully with all the information required. The information I have provided is just my understanding of Northern Rocks current approach.

wardlaw

Well, if its portable, you do not have any problems, in that you can move to a bigger property, with a larger mortgage with NR and not be exposed to any redemtion penalties

If you require to raise an additional 5K for your forthcomming wedding, I would advise a secured lender due to your circumstances

You could apply to NR for a further advance at one of their competative products,over a shorter period of time ie If you take ouit a 5k loan, for the same length as the mortgage, it could make the overal long term cost rather high

But at the end of the day, it really depends on your own requirements regarding your budget in respect to the monthly repayments on the additional borrowings