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Best course of action
donutneck
Posts: 6 Forumite
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.
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.
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