Northern Rock End of Mortgaged Deal (Merged Threads)

leta21

Hi I really feel for those who have a together mortgage with NRAM.

Its worthwhile checking your original credit agreement, which will confirm what percentage the unsecured loan would default to in the event the secured loan was redeemed. This can vary from a 3% to 8% loading which is added to the SVR currently 4.79%

If your already on the SVR and in negative equity (because of the unsecured loan) contact NRAM and ask what your unsecured payment will increase to. When the BOE base rate increases, possibly in the next few months aim to secure a long term fixed rate with another lender to offset any increase on the unsecured in the future (remember the unsecured loan can always be redeemed without charge at any time)

Good Luck!

mettlemickey

Hi, apologies if its been asked before (i have tried to read through and check) but....

My Northern Rock (NRAM) fixed rate ends in June. Im paying interest only and the value of my house has gone down such that its now worth pretty much what i paid for it £119,000. NR say they wont offer me a 100% mortgage, dont blame them after their problems! The SVR i'll go onto is lower than my fixed rate so short term i can prob cope, but expecting rates to go up over the next year id feel safer on another fixed/capped product.

Is there a lender who will touch me with their barge pole? I could possibly stretch 5% deposit if i dont eat and stuuf....

Any advice much appreciated,.

Barny1979

ffarysam wrote: »

why is he so anti mortgage?

Who's anti-mortgage?

Barny1979

Northern Rock Together Mortgage
Has anyone asked for a settlement figure for the unsecured element of the Together Mortgage and got a drastically reduced amount, compared with the current amount?

MarkyMarkD

Why on earth do you think that NR would do that, Barny?

Barny1979

I was just asking the question, as they may be open to recouping as much cash as they can in a short ime.

semanticist

Barny1979 wrote: »

I was just asking the question, as they may be open to recouping as much cash as they can in a short ime.

With NRAM split off from the more functioning Northern Rock, I expect they're in it for the long game.

Having said that, it couldn't hurt to give them a call and ask. You might get lucky!

Jo_2k

Just wondered if anyone has any advice or comments regarding my situation please.

Got a NR Together mortgage in 2007 for 123k, now owe approx £116k with about £6k of that being an unsecured loan, and I am on the SVR.

I've recently got divorced and will be applying shortly to NR to remove my ex's name from the mortgage. I feel that due to NR now being NRAM they are going to just want rid of me but don't think I really have a choice but to stay with them as don't believe I have enough equity or large enough deposit etc. They told me on the telephone that they never refuse taking a name off a mortgage but they generally offer an alternative such as paying off a lump sum - Does anyone have any idea how much this might be?

I'm just not sure if it would be best to pay off the unsecured loan and apply to a different company for the remainder of the mortgage (but this depends on what my house is worth as may not have a high enough LTV - I have looked on nethouseprices and zoopla etc but there is a massive difference between the two valuations.)

I earn around £27k and have almost been paying on my own for 6 months quite comfortably as well as saving hard - should have about 8k by April to either pay off unsecured element or use as a deposit.

Any advice/comments would be appreciate, thanks!

alvino78

HI first time here so here goes!!!
has anyone here tried or suceeded in checking the legallity of th nr together mortgages ? if so how did you do??
regards Al

semanticist

alvino78 wrote: »

HI first time here so here goes!!!
has anyone here tried or suceeded in checking the legallity of th nr together mortgages ? if so how did you do??
regards Al

Can you explain what you mean by 'checking the legality' of the mortgage?

In general, I'd expect that Northern Rock has their legal counsel check over every new product they create, and it's fairly well established that mortgages aren't illegal per se, or none of us would own houses.

What is it you're actually wanting to do?