Remortgage to leave NRAM

SteveB72

Does anyone have any experience of re-mortgaging with a new lender from an NRAM Together mortgage?

My girlfriend and I have a NRAM mortgage that I took out with an ex 9 years ago, last year I took my ex off the mortgage and unsecured loan and added my girlfriend instead.

We would now like to re-mortgage to a new supplier to take advantage of lower interest rates and ideally obtain a fixed deal.

Is it better to de-link the loan from the mortgage and continue to pay NRAM for the loan segment or to re-mortgage for the entire sum?

The LTV of the total would be approximately 75%.

silvercar

Depends what deal you can get.

Overall a loan will attract a higher interest rate than a mortgage and NRAM have the right to increase the interest rate on the unsecured loan if you move the mortgage elsewhere, so factor the higher payment into your calculations.

Your payments should go down if you move the lot to one new mortgage provider, unless the LTV on the mortgage without the loan gets you a rate that is low enough to cover the higher payments on the loan (unlikely but not impossible). If you do combine them to make them into one mortgage loan, remember that they will all be secured meaning that (a) your home is at risk if you don't keep up with payments (b) you have less equity in your home (c) if you ever went bankrupt the loan would still be repayable.

memberme

Have a chat with equity finance. Shaun there (MD) is very helpful and they don't charge anything upfront:-

Shaun.Vickery@theselectpartnership.co.uk

They specialise in deals for those with poor credit history or NRAM together. I am dealing with them currently and they offers found are comparable to reasonable if not the best rates. I have an nram mortgage but not a together one but they deal with those as well.

best wishes