We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Best time to swap?
Options
emmah79
Posts: 2 Newbie
Hi,
We currently have a mortgage with Northern Rock which was 125% when we took it out, also we have an unsecured loan with them as well. The rates on the mortgage and extra 25% are currently over 7% (not quite sure of the exact rate) and the unsecured loan is about 6.5%.
Our house is probably now worth the total of the 125% and the unsecured loan (possibly a tiny bit more), so....
Would it be worth combining all 3 into 1 mortgage, if so, what is a good interest rate these days for mortgages. I am a complete mortgage muppet and have not got a clue about them.
If it helps, in total we probably owe about £79,000 in total to NR, house could be worth early 80s and we currently pay around £580 a month. Are we having our pants pulled down or is this what you would expect to pay?
We have been here over 3 years now so I don't think we are tied in to the deal any more, would it be worth just saying to NR that we are paying too much and can get it cheaper somewhere else in the hope that they change it to a lower rate?
Many thanks and sorry if it went on a bit long...
Emma
PS. Yay my first post - have been reading the freebies board for ages but only just joined - hello all!
We currently have a mortgage with Northern Rock which was 125% when we took it out, also we have an unsecured loan with them as well. The rates on the mortgage and extra 25% are currently over 7% (not quite sure of the exact rate) and the unsecured loan is about 6.5%.
Our house is probably now worth the total of the 125% and the unsecured loan (possibly a tiny bit more), so....
Would it be worth combining all 3 into 1 mortgage, if so, what is a good interest rate these days for mortgages. I am a complete mortgage muppet and have not got a clue about them.
If it helps, in total we probably owe about £79,000 in total to NR, house could be worth early 80s and we currently pay around £580 a month. Are we having our pants pulled down or is this what you would expect to pay?
We have been here over 3 years now so I don't think we are tied in to the deal any more, would it be worth just saying to NR that we are paying too much and can get it cheaper somewhere else in the hope that they change it to a lower rate?
Many thanks and sorry if it went on a bit long...
Emma
PS. Yay my first post - have been reading the freebies board for ages but only just joined - hello all!
0
Comments
-
Your options are limited, so the first thing that you should do is contact NR and ask them if they will consider your proposal.
JoeKI am an Independent Financial Adviser.Anything posted on this forum is for discussion purposes only. It should not be considered financial advice. Different people have different needs and what is right for one person may be different for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser who can advise you after finding out more about your situation.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351K Banking & Borrowing
- 253.1K Reduce Debt & Boost Income
- 453.6K Spending & Discounts
- 244K Work, Benefits & Business
- 598.9K Mortgages, Homes & Bills
- 176.9K Life & Family
- 257.3K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards