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Northern Rock End of Mortgaged Deal (Merged Threads)
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So I take it from your reply then the new mortgage would not pay off the unsecured part it would have to come out of any equity we have. Oh well.
One day things will get easier.JeremyMarried 9th May 20090 -
The new mortgage will be what you request, with an upper limit of 90%, or perhaps 95%, of the purchase price of the new property. The unsecured loan is yours to repay from the proceeds of your sale, or from an alternative source, such as savings if the sale proceeds aren't sufficient.
In a nutshell, if the question is, can I have another mortgage and unsecured combo for upto 125% of the property value, the answer is no.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, 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. Please do not send PMs asking for one-to-one-advice, or representation.0
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