NRAM Together Mortgage Query

pedro2704

Hi there,

We currently have the Together Mortgage with NRAM. What I was wondering is, can you move the unsecured loan to the secured part of the loan? We want to eventually move and until the Unsecured part is paid off, we're a bit stuck. Just wondered what the options were. I know we can move the mortgage and keep the unsecured part with NRAM but the interest rates are too high and i'm not sure we can afford to go elsewhere.

Any advice would be greatly appreciated.

Pete

holly_hobby

That would essentially be a further advance under your mortgage (ie the secured bit), so as they are closed to new business, unfortunately you won't be able to combine the 2, even if you now have the free equity to do so.

If you have the income and free equity in the property, you may wish to absorb the loan into a mortgage with an alternative provider (notwithstanding any NRAM exit charges), so you may wish to consider a remortgage - a broker being your best route.

Hope this helps

Holly