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N.rock Mortgage
BLUEBELL
Posts: 1 Newbie
We have a mortgage of 130k which is fixed until early June and a secured loan for 80k both with northern rock both on 24 years. Would it make any difference if we moved just the mortgage, as the best rate they can currently offer us is 7.5% which will take these payments up £300 more per month which we cannont afford. We have experienced problems over the last few years and 2 years ago went to Payplan we currently owe about 20k. The house is valued around 240k at present. Appreciate any advice.
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Comments
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I'm no expert, but if your with Payplan, I guess you're on a DMP? At the mo your house is valued at about £240K, though this is every possibility that it will lose value.
I hate to say this but it might be worth selling up, clearing your debts and renting. If your on a DMP and you consider changing lender you may not get a rate less than 7.5% due to possible poor credit status.
No doubt a 'qualified' person will be along soon to offer help0 -
If you move the mortgage, the interest rate on the secured loan could increase.
I know the Northern Rock Together mortgage had a loan that would increase to 17% if the main mortgage was moved.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 -
sell up before its too late... read the news.. house prices are dropping once it drops too low you wont be able to clear your debts...
Itll be a fresh start clear all your debts... and rent and start saving a deposit again.. live within your means...0
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