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Is it time to remortgage?

Reason123
Reason123 Posts: 163 Forumite
Part of the Furniture 100 Posts Combo Breaker
in Mortgages & endowments
Hi


We have a 125% together mortgage from Northern Rock / NRAM


We currently owe NRAM 15k loan and 135k mortgage with a house value of 150k so we finally break even after payments / house price recovery.


Unfortunately for me there are no 100% remortgage deals for 150k.
But at 90% LTV for the mortgage part only I now have options.


Considering I can only move the 135k mortgage part away from NRAM - is it worth me while?
NRAM to rip me off for the 15k loan part?


Thanks

Comments

  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    There's no rip off. Start overpaying the loan balance and making inroads into your debt. As interest rates will rise in the future. So overpaying now really does makes sense. Will ultimately build equity in the property and give you an opportunity to remortgage.
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