Help - Advice needed - NRAM

flatron776fm

Hi Guys
Can someone advise me please.

I have a mortgage with NRAM (Northern Rock), I want to sell my house, for many reasons.........they are telling me that there is £72k left on the mortgage to pay, but surely this amount is what is calculated for the life of the mortgage ie - 25 years. I have being paying for 10 years, So after asking for a redemption figure, they keep throwing the same figure at me, am I being silly or is this indeed correct? Also, any ideas how I can sell my house with being in negative equity? Its not as if NRAM can offer a new mortgage...

Cheers

_Andy_

OK I'm confused. Are you saying you don't think there's 72k left?

If the house is in negative equity, you can't sell up anyway as you won't be able to redeem the mortgage.

flatron776fm

I'm confused myself, they are saying the redemption figure is the same now as it would be at the end of the 25 years, does that make sense?
So if I paid the mortgage off now it would be £72K or waited until the end of the mortgage life and it would still be £72K, but surely they would calculate interest on a daily basis? my mortgage is 85% mortgage and 15% unsecured loan - my research tells me I could take the loan with me.

castle96

is it interest only ? If so the original figure will always be outstanding, ie you only repay the interest on the amount borrowed/£72k

_Andy_

Ok two things

1) Sounds like (you can check your paperwork) the mortgage element (secured) is interest only. If so, the balance will never reduce, unless you overpay.

2) The unsecured element, yes you can 'take it with you' but the interest rate will rocket (think it's 8% more but not sure).