We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Remortgaging with a secured loan
harra187
Posts: 2 Newbie
Hi
I am with NR and applied for a secured loan 3 years ago. I am coming to the end of my 2 yr mortgage term at 4.99% in July and want to leave NR for another lender. Of course it won;t be anything like 4.99%, but will see what good deals i can get.
Will I have to pay off the secured loan before I leave NR or can I just remortgage with another lender???
I have plenty of equity in my home, so i should be welcomed with open arms by what mortgage deals are still left out there. I was going to remortgage, but would have cost me £2k to do so at the time!!
thanks for your time, any advise would be appreciated
I am with NR and applied for a secured loan 3 years ago. I am coming to the end of my 2 yr mortgage term at 4.99% in July and want to leave NR for another lender. Of course it won;t be anything like 4.99%, but will see what good deals i can get.
Will I have to pay off the secured loan before I leave NR or can I just remortgage with another lender???
I have plenty of equity in my home, so i should be welcomed with open arms by what mortgage deals are still left out there. I was going to remortgage, but would have cost me £2k to do so at the time!!
thanks for your time, any advise would be appreciated
0
Comments
-
I presume you are getting the secured loan at a discounted rate because you have the mortgage. If you don't pay off the secured loan, its interest rate will shoot up to something like 17%.
A better option would be to increase the mortgage to cover both the current mortgage and loan, if your income can justify it.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
In answer to your question, you can carry the secured loan over via a deed of postponement as long as the new mortgage lender and the secured loan provider allow it.I am an Independent Financial Adviser
Anything posted on this forum is for discussion purposes only. It should not be considered financial advice.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.9K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.2K Spending & Discounts
- 247K Work, Benefits & Business
- 603.6K Mortgages, Homes & Bills
- 178.3K Life & Family
- 261.1K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards