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What are my options?
daleyland
Posts: 9
Forumite
I fear I already know the answer but I would like to ask anyway in case I am missing something...
My wife and I have a mortgage with Northern Rock or NRAM as they are now known. We got this literally just before the whole NR thing was kicking off. We have been with them for just over 5 years paying regularly but we now find ourselves on probable negative equity.
The 'problem' I have is that we are stuck paying their Standard Variable Rate mortgage of 4.79% which I believe is quite high at the moment.
Obviously I would like to try and get a better deal somehow or even move house in the very near future but my gut feel is that we are stuck and can't do either. Am I right or is there an option I havent thought of?
Thanks,
Dean
My wife and I have a mortgage with Northern Rock or NRAM as they are now known. We got this literally just before the whole NR thing was kicking off. We have been with them for just over 5 years paying regularly but we now find ourselves on probable negative equity.
The 'problem' I have is that we are stuck paying their Standard Variable Rate mortgage of 4.79% which I believe is quite high at the moment.
Obviously I would like to try and get a better deal somehow or even move house in the very near future but my gut feel is that we are stuck and can't do either. Am I right or is there an option I havent thought of?
Thanks,
Dean
0
Comments
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Hi,
You cant remortgage in negative equity i'm afraid.
Your best option is probably to overpay as much as possible to get yourself out of the negative equity.
Is it a part mortgage and part personal loan? If so, discounting the personal loan part are you still in negative equity?
Gary.0 -
Property value?
Mortgage amount outstanding?
Is is part secured, part unsecured? If so, what's the split?I am a mortgage broker. You 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
4.79% isnt amazing rate, but isnt the worst either0
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Thanks for the replies.
The property value is approx £95k (based on current sale values of nearby, similar houses) with a mortgage amount of £107k and an unsecured loan of £4k.
So it's a simple case of tough luck and get out of negative equity?0 -
Sorry.
With those figures I can't see a way out.I am a mortgage broker. You 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. Please do not send PMs asking for one-to-one-advice, or representation.0
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