Time to get a 'normal' mortgage (with NR 110% at mo)

tomjeffery

Hi,

I took out a mortgage with Northern Rock as a first time buyer 2.5 years ago. I was renting at the time with no savings and debts of around £8-10k, but with a reasonable salary (~£27k)

Anyway, I got a NR mortgage that was part loan and part mortgage that was about 110% of my property value of £80,000 (borrowed £88,000) at a fixed rate for 2 years of 6.9%. That finished and have been on the SVR for about 4-6 months of around 7%.

Now unfortunately i fell into arrears but have just about paid all that off (although they did cancel some of the arrears and topped up the mortgage) very clever!!

So now the total I owe is about £89000.00 but I think my flat is worth at least that. Is it worth me just getting a normal 100% or hopefully 96-98% if my flat is worth a bit more than the debt, mortgage? Will I be able to find a better deal? Will NR let me leave if I am still in arrears from the initial loan (even though they have now added this to the loan)

Any advice would be appreciated

Thanks

tomjeffery

just giving this thread a bump!

Dan_Collins_2

tomjeffery wrote: »

Hi,

I took out a mortgage with Northern Rock as a first time buyer 2.5 years ago. I was renting at the time with no savings and debts of around £8-10k, but with a reasonable salary (~£27k)

Anyway, I got a NR mortgage that was part loan and part mortgage that was about 110% of my property value of £80,000 (borrowed £88,000) at a fixed rate for 2 years of 6.9%. That finished and have been on the SVR for about 4-6 months of around 7%.

Now unfortunately i fell into arrears but have just about paid all that off (although they did cancel some of the arrears and topped up the mortgage) very clever!!

So now the total I owe is about £89000.00 but I think my flat is worth at least that. Is it worth me just getting a normal 100% or hopefully 96-98% if my flat is worth a bit more than the debt, mortgage? Will I be able to find a better deal? Will NR let me leave if I am still in arrears from the initial loan (even though they have now added this to the loan)

Any advice would be appreciated

Thanks

It may be worth getting a mortgage review, you will have a poor credit rating if the arrears show, this means NR rates should, I say Should, be better than anything else you can get.