Advice sought by Northern Rock customer

minimike2

I dont think so.

Dan_Collins_2

Well that makes more sence. With 6 months left to go its not such a big deal.

To the OP. However with what going on in the market I would sit tight. They are the most secure lender in the market at the moment. You have a fix so no shocks.

I would say that if you can try to reduce your mortgage. Not easy I know but may help you in 5 years.

Dime_Bar

We are in a similear position with NR ad the OP, but we only have 3 years left. We are also on the much put down "Together" morgage whoich took us to 100%, the plan of action we are taking is.

Over paying £100 per month Starting this month.
& A Regular saving of £50 into a Cash Isa for the next 3 years

When we took the morgage out originally it was 4.5 time our anual wage for which we could afford the repayments easily. If we follow the above plan and due to the fact that both me and my OH have higher saleries now the remorgage amount will be approx 2.8 times our salery.

Hopefully within the next 3 years the market will stablise and our house will be worth at least what we paid for it ( the average in this area went up about 10% in the first 18 months and we have done shed loads of important work on it ) we should then hopfully have a LTV of well under 95%.

As for the ISA I have thought about opening it up with the local building society, in general would this put us in a better position with them come remortgage time?

Kez100

Overpaying or building up a savings bank is a good idea when you have time on your side. When we had negative equity in the last crash and wanted to move that is what we had to do before marketing our property. We had six months of frugal living but we saved what we needed to allow us to repay the negative equity and move on. The longer you have the more you can save.