How can i escape NRAM!

suziebear1985

Hi,

Looking for some advice please. Me and my ex partner took a together mortgage with northern rock in 2007 for 100% of the value.

The house is worth roughly what we paid for it so hopefully selling it won't be an issue. Obviously i wont be able to get another mortgage with northern rock though.

My dilemma is this, i now have a new husband, we want to move and have a mortgage together instead of it being in mine and my ex partners name. Is our best chance paying northern rock to change parties and then trying to remortgage and borrow more money with someone else or is there a way we can apply for a completely new mortgage like a first time buyer??

suziebear1985

Or is it worth getting a loan for the extra money and trying to port the mortgage?

kingstreet

A remortgage is replacement of your existing mortgage with a new one, with a new lender, on the home you currently own. If the mortgage amount is the same as the property value, this is not an option, as you have no equity.

If moving, you will repay NRAM on the sale of the property. You simply make a new joint application for a new mortgage with a new lender and purchase that way.

Alternatively, you can move with a new NRAM mortgage. The loan to value can be the 95% you borrowed originally using the Together secured element, but you cannot borrow more, only the same as you currently owe, or less.

Either way, you will need to come up with a deposit and money for fees if you have no equity in the property for this purpose.