Northern Rock End of Mortgaged Deal (Merged Threads)

Barny1979

To probably get their mortgage declared null and void and get the house thrown in for free?

semanticist

Barny1979 wrote: »

To probably get their mortgage declared null and void and get the house thrown in for free?

Probably, but I was trying to at least give them the benefit of the doubt. )

lauraeast23

I am also coming to the end of my 5 year fixed rate, in May 2011, like most my rate for now will come down, and I am also fortunate enough to be coming into a couple of thousand pounds in a few months time.

I have been overpaying off my credit card debt every month, but sadly had to take out loan to extend the lease on my flat so my debt has risen quite significantly again. Plus the unsecured loan part on the together mortgage I am not prime for being taken on by another lender even if I only pay off the secured part if I sold my flat (which is in neg eq when considering secured and unsecured together).

So my question is, would I be better off to pay the lump sum that I have off the unsecured loan part of the together product and start to overpay on this instead of my credit card?

Thanks

semanticist

lauraeast23 wrote: »

So my question is, would I be better off to pay the lump sum that I have off the unsecured loan part of the together product and start to overpay on this instead of my credit card?

Thanks

Assuming you don't need to sell the house any time soon, the best thing to do is to pay as much as possible to the debt with the highest interest rates, which is almost certainly going to be your credit card.

If you pay the most expensive debt off first, it'll save you money that you can then use to pay off the next most expensive debt, and so on.

So unless you think you'll need to sell the house any time soon, I'd suggest using the lump sum to pay down the credit card, and keep paying as much to the credit card as you can afford. Once you clear the credit card entirely, you can switch the 'credit card' payment money to your next debt, or your mortgage/loan.

deefadog

Just an update guyz!

I spoke to NRAM this morning just to get my balance and double check the date my fixed rate ends - which is July this year.

I asked if they were willing to waive the Early Redemption fees now for me as i know they just want to recoup the money. - The Adviser said not at the moment but keep your eye on the news....

Not sure if that means they might be on the verge of announcing they can??? Who knows, but thought i would update

Cheers

lauraeast23

Thanks semanticist, I will continue as I have been

)

marney24

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

i have come to the end of a 5 year fix with NR, which is now NRAM,
and iam on there SVR,
6 months ago i started to rent my house out, i have been looking at buy to let deals but they are all to expensive, is there any way round me remortgaging without going on to a buy to let

Any advice/comments would be appreciate, thanks!

semanticist

marney24 wrote: »

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

i have come to the end of a 5 year fix with NR, which is now NRAM,
and iam on there SVR,
6 months ago i started to rent my house out, i have been looking at buy to let deals but they are all to expensive, is there any way round me remortgaging without going on to a buy to let

Any advice/comments would be appreciate, thanks!

Unless you're living in the house, no, not really.

I definitely wouldn't recommend lying to any prospective lender about if you intend to live in the house or not - apart from any legal consequences, people doing that were a large factor in the rise of the house price bubble and the subsequent collapse of the housing market, so doing it would make you a !!!!!.

Thrugelmir

marney24 wrote: »

Any advice/comments would be appreciate, thanks!

Did you obtain NRAM's agreement?

TimTheBear

Hi there

Amongst all this talk of % rises by the BOE, what would NRAM increase their % to? for example current SVR is 4.78%, if BOE increased the % rate to 0.75 for example, what would the new SVR be? would it be simple maths of adding 0.25% on top of the SVR of 4.78%?

I'm very worried as I have nowhere to turn.. me and my partner are on a DMP with CCCS for about 6 months now, we're overpaying our mortgage by £250, so we're worried that NRAM will just take advantage of vulnerable people like us with nowhere to go

If anyone can shed some light this would be great.

Ta