Does anyone have any experience of porting their NRAM Together Mortgage?
I'm considering downsizing our beloved home to reduce our montly outgoings. We currently have a Together Mortgage with NRAM with approx. £203K outstanding on the mortgage and £26K outstanding on the unsecured loan with 24 years left to run.
I'd love to escape the grips of NRAM but I can't find any plausable way out. This is mainly down to the unsecured loan's interest rate increasing by a massive 8% above SVR if I repay the mortgage only and wish to continue with the unsecured loan on it's own. This would increase my monthly outgoings by around £170 thus cancelling out some of the benefit of downsizing our home/mortgage!
An option that occured to me today was porting my mortgage. This way we'd avoid de-linking the unsecured loan and keep it at the current rate of 4.78% along with the mortgage. If we achieved £220K on selling our current home, £203K to redeem the mortgage, £4K estate agent+sols costs = £13K equity.
If we then purchased a new home at £140K, could I use £7K of the equity as a 5% deposit and have the remaining £6K back? I want to use £5K to repay some of my credit cards and £1K moving costs.
Does anyone know what the process of porting your NRAM mortgage involves? I assume it requires another credit check, does anyone know how strict this would be? I was late with a couple of Credit Card payments just over a year ago do you know if this would write me off? Would I need to gather evidence of income/outgoings again etc?
I've called NRAM who have said porting a mortgage is possible and have requested the porting team give me a call back which'll take up to two weeks. Obviously everyone's situation is different but can anyone else their experience with me?
I'm considering downsizing our beloved home to reduce our montly outgoings. We currently have a Together Mortgage with NRAM with approx. £203K outstanding on the mortgage and £26K outstanding on the unsecured loan with 24 years left to run.
I'd love to escape the grips of NRAM but I can't find any plausable way out. This is mainly down to the unsecured loan's interest rate increasing by a massive 8% above SVR if I repay the mortgage only and wish to continue with the unsecured loan on it's own. This would increase my monthly outgoings by around £170 thus cancelling out some of the benefit of downsizing our home/mortgage!
An option that occured to me today was porting my mortgage. This way we'd avoid de-linking the unsecured loan and keep it at the current rate of 4.78% along with the mortgage. If we achieved £220K on selling our current home, £203K to redeem the mortgage, £4K estate agent+sols costs = £13K equity.
If we then purchased a new home at £140K, could I use £7K of the equity as a 5% deposit and have the remaining £6K back? I want to use £5K to repay some of my credit cards and £1K moving costs.
Does anyone know what the process of porting your NRAM mortgage involves? I assume it requires another credit check, does anyone know how strict this would be? I was late with a couple of Credit Card payments just over a year ago do you know if this would write me off? Would I need to gather evidence of income/outgoings again etc?
I've called NRAM who have said porting a mortgage is possible and have requested the porting team give me a call back which'll take up to two weeks. Obviously everyone's situation is different but can anyone else their experience with me?