n-ram together mortgage question

chrissie83

Hi this is my first post on here. I was just looking for some advice please.

I have a n-ram together mortgage. We didnt understand about the loan part of it at all when we took it out Or we wouldn't have done it. Anyway, we are trying desperately to get a better deal, we have 74000 secured mortgage & 14000 unsecured loan our house is worth 92000. We have been told we cant move the whole mortgage just the secured 74000 part leaving the rest with n-ram which will increase our interest to just under 13% so our payment will rise from £100 to 170 on just the unsecured loan part. We have found a fixed deal for 2years for the other part with no fees which would make our mortgage 325 (+ 170 to n-ram) we pay £510 now so no real saving as such we are just unsure if we should just leave it all with n-ram or get out quick before interest goes up as predicted So we have at least part of our mortgage fixed.

Any input or advice would be very appreciated

Chrissie

mrginge

Overpay the unsecured element

Thrugelmir

mrginge wrote: »

Overpay the unsecured element

Second that. You need to address the additional debt you owe.

Or we wouldn't have done it.

If it reduced the interest you were paying previously. Then you've wasted an opportunity to get your finances in order. Simply adding the old debt to the mortgage and repaying over many many years has moved you no further forward.

chrissie83

Thank you for the replies!

We didn't add any debt to the mortgage. The whole thing is our mortgage they just did it as a mortgage & loan which we didn't realise at the time it's only a few years later while going through paper work that we realised we have one of these stupid 'together' mortgages