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Mortgage. Unsecured and secured loans
Crossey07
Posts: 1 Newbie
I 1st got a mortgage with northern rock in 2006. It is now with landmark mortgages. I still owe 80k in a secured loan and 15k in a unsecured loan. If I was to sell would I need to pay up the full amount or just the secured loan ? Also the same question if I wanted to remortgage. Can I remortgage the secured loan or does it have to be the full amount. Thanks in advance for any advise.
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Comments
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You need only pay off or remortgage the secured element.
Be careful though, because under the contract, the interest rate on the unsecured element rises considerably if you pay off the secured element.
Check your original offer.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
the debtfree wannabee forum is full of tips and great advice to help you hit that debt"It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP0
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