Hi,
I hope someone out there can help us. Me and my wife got an "all together mortgage" with Northern Rock in 2006 so we could get on the property ladder. 95% was for the mortgage and the rest was a loan to pay the deposit and consolidate debts. In 2009 when Northern Rock went wrong we got switched over to "NRAM" and forgotten about.
So now, nearly 7 years later we are still stuck with NRAM not being able to leave because of the loan. We have 2 kids now and want to move house to somewhere bigger. Only we can't because if we move our mortgage our loan goes up to 16% APR and the repayments would be to much. The amount we repay we could own a house worth twice as much as ours is now. Between us we earn over £50,000 a year and we live in a £100,000 mid terrace.
Does anyone have any advice?
I hope someone out there can help us. Me and my wife got an "all together mortgage" with Northern Rock in 2006 so we could get on the property ladder. 95% was for the mortgage and the rest was a loan to pay the deposit and consolidate debts. In 2009 when Northern Rock went wrong we got switched over to "NRAM" and forgotten about.
So now, nearly 7 years later we are still stuck with NRAM not being able to leave because of the loan. We have 2 kids now and want to move house to somewhere bigger. Only we can't because if we move our mortgage our loan goes up to 16% APR and the repayments would be to much. The amount we repay we could own a house worth twice as much as ours is now. Between us we earn over £50,000 a year and we live in a £100,000 mid terrace.
Does anyone have any advice?