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 course of action

Options
Hey guys,

So I have an 11 year old Northern Rock mortgage from when I was 22. At the time, I had nothing: no savings, no anything.

I got a decent paying contract and got the classic Northern Rock mortgage to get myself on the housing ladder. It was the 80% mortgage / 20% loan style.

This has been fine, being honest and now I'm in a significantly better position financially, I've spent the last few months saving to pay off the £20k "loan" part.

My questions are:

1. Is that the best course of action, to rid myself of that "loan" part so that if I move mortgage (i'm variable now, which is ok short term) NRAM don't hike the price of the loan interest?

and

2. What other options do I have, there?

Many thanks in advance.
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 350.8K Banking & Borrowing
  • 253.1K Reduce Debt & Boost Income
  • 453.5K Spending & Discounts
  • 243.8K Work, Benefits & Business
  • 598.7K Mortgages, Homes & Bills
  • 176.8K Life & Family
  • 257.1K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.