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Northern Rock
joeblack066
Posts: 1,757 Forumite
Hi there. I know that there are a few Brokers around usually, and I just wanted to ask a quickie! Do Northern Rock do terms of more than 25 years, and if so, would they be likely to agree to swapping an existing mortgage to a longer term, or would it be classed as a complete remortgage?
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if you want to extend your term without altering your borrowing then a small admin fee should cover this. Call customer services and they will help. No need to completely remortgage.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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Thanks homer_j! I think that this will be a good line of enquiry for me to follow. At the moment I pay interest only, mortgage amount £147k , 22.5 years left on a 25yr original term. I pay £920 pcm, and my rate has gone up to 7.24% (sub-prime, can't get better). What do you think a ball park figure could be if they would go to say adding 10 years on? And do you think they would as I am 44?0
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if you are on interest only - the term makes no difference.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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Ah, hadn't tought of that! Of course it doesn't! Perhaps I need to ask them what the payments would be on a repayment over the longer term then? Perhaps that's what I was thinking really but hadn't applied my brain properly! Doh!!0
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it wont be cheaper than interest onlyI 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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Well no, but if it comes out at similar would it be better to be making some inroads into the capital or not?0
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yes repayment mortgage will benefit you in the long run. Are there overpayment facilities on your mortgage. I dont have my stuff at home.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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Thanks for your help, I will call them in the morning for a chat I think! Can't hurt. Thanks again!0
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