New Member, Northern Rock Mortgages

[Andy T]

Hi All,

I have recently joined the forum, this is my first post and I am looking for some sound advice on moving house & mortgages etc, after finding that there is little good information on the rest of the web.

I bought my existing home as a first time buyer with my wife seven years ago, and we are now thinking about buying something bigger, a family home for the next 20-odd years if all goes to plan!

My first question is about Northern Rock 'Together' Mortgages, does anyone have experience of moving this type of mortgage to another lender? Basically we took out one of these 100% mortgages in 2004 (I know, I know) where a percentage of the mortgage is an unsecured loan. Our mortgage balance is £67k secured, and £13k unsecured loan, and we are not subject to an early repayment charge. Has anybody here had problems moving the unsecured part of loan to another lender's mortgage, when moving house or remortgaging? I have spoken to a couple of lenders about this but their branch staff didn't really know the answer one way or another.

Thanks in advance for any help.

[Wurzel Of Highbridge]

We were in a similar situation, we bought in 2006! sold earlier this year at a loss, just wanted to get shot of the house. (old Victorian terrace with damp, no parking etc...)

When I looked into it you can separate the secured and unsecured part. When you separate it your interest rate on the unsecured part goes from round 6% to 12%, so you will want to refinance the unsecured part somewhere cheaper like Tesco loans.

Your new mortgage provider will take the repayments into account when applying for your new mortgage.

What we did is sold up and paid off the NE. Yes, it may be painful but you live and learn.

[Andy T]

We were in a similar situation, we bought in 2006! sold earlier this year at a loss, just wanted to get shot of the house. (old Victorian terrace with damp, no parking etc...)

When I looked into it you can separate the secured and unsecured part. When you separate it your interest rate on the unsecured part goes from round 6% to 12%, so you will want to refinance the unsecured part somewhere cheaper like Tesco loans.

Your new mortgage provider will take the repayments into account when applying for your new mortgage.

What we did is sold up and paid off the NE. Yes, it may be painful but you live and learn.

Thats a real shame, I know some of my neighbours bought in 2006/7 and they say they have about 30% negative equity at the current asking/selling prices on our street.

Guess I should be aiming to pay off some of the unsecured part so that if we move it to a loan, the extra interest doesn't sting us too much.