remortgage?..nram

somberfate

Hi all please bare with me . Ive just recieved my nram statement. Ive been paying my mortgage for 10 years now. Last couple of years varitable as they woukdnt remortgage it to a fix rate as i left work to have my children . Intrest rate of 4.89% which is adding 200 pound back to the mortgage out of every 400 i pay 😕

My youngest starts school in the next couple of weeks so i have to chance to work 4 hrs daily which i will want to do . Would i be able to remortgage then ? What do i need to have to do to be able to remortgage ?

According to nram in 10 years of paying the morgage ive only paid of 4.000. They said because i took 3 maternity breaks it has not gone down .

Any tips ?

kingstreet

You need enough equity in your property and to demonstrate to the new lender you can afford the new mortgage.

An independent broker would assist you in working out if it is feasible.

ViolaLass

somberfate wrote: »

According to nram in 10 years of paying the morgage ive only paid of 4.000. They said because i took 3 maternity breaks it has not gone down .

Do you disagree with them?

TrickyDicky101

I am intrigued - assuming the bank is correct in what you still owe and the reasons for it, did you consider what impact your choosing to have children would have on your ability to repay your mortgage?

froofroo

I have been in a similar situation with Nram, in that I took 2 maternity breaks of 5 months each. We have had the mortgage for 7 years and our statement shows we have paid off significantly more, nearly 20k. Perhaps the figures are wrong?

somberfate

TrickyDicky101 wrote: »

I am intrigued - assuming the bank is correct in what you still owe and the reasons for it, did you consider what impact your choosing to have children would have on your ability to repay your mortgage?

I bought my house by myself when i was 23 . I met my partner after that and then had my 1st child at 27 . Always worked always paid my mortgage . I took the maternity breaks at their suggestions . My children have not altered me repaying my mortgage.

somberfate

ViolaLass wrote: »

Do you disagree with them?

I have asked them. And this is what they are saying its just strange how it has not altered . I do question it but this is the reason to why according to them .

i would have expected more movement in 10 years even with 3 mat breaks .

somberfate

froofroo wrote: »

I have been in a similar situation with Nram, in that I took 2 maternity breaks of 5 months each. We have had the mortgage for 7 years and our statement shows we have paid off significantly more, nearly 20k. Perhaps the figures are wrong?

Im wondering how i can check this. After the change and my account went to nram they have been totally unhelpful in assisting in any way to be honest

happylucky

You should have this documented in all of your statements; even since nram moved to annual statements, repayment and interest numbers are broken down as monthly figures. Good luck!

TrickyDicky101

somberfate wrote: »

Im wondering how i can check this. After the change and my account went to nram they have been totally unhelpful in assisting in any way to be honest

If you can provide the original loan amount, the term of the mortgage (ie 25 yr) and the length and nature and when you took the 3 maternity breaks we may be able to estimate what likely impact they will have had on your balance.

This won't be an exact exercise though, please note.

When I say nature of the maternity breaks I mean did you not pay anything to the lender or did you just pay interest?

Also, was the original term of the mortgage extended when you took the maternity breaks, or were you meant to simply increase repayments at the end of each break so that the mortgage would be fully repaid within the original term?

Thrugelmir

somberfate wrote: »

i would have expected more movement in 10 years even with 3 mat breaks .

Unless you increased your repayments to make up some of this shortfall. The 3 breaks have cost you significantly. As rather than reducing the mortgage during the breaks the mortgage would have increased back up.