Northern Rock Together mortage

[ellie 553]

Just wondered if anyone knows whether it's possible to keep the unsecured part of your northern rock together mortgage on after the sale of the property.
The secured part of our mortgage is £77,000 and the unsecured is £11,000. If I am selling my house can I keep the unsecurd part on afterwards or will they make me pay it on completion?

[jpj]

I would check that it is definately unsecured! I thought my woolwich loan was unsecured and it turned out it wasnt!
If your in an IVA the unsecured part should have been included in your IVA i think!

[ellie 553]

Thanks for that - I was more thinking about keeping the unsecured part going for a few months after the house is sold, which would give me a bit of breathing space til my business gets sold. I am pretty sure it is unsecured as its on a higher interest rate

[Adam Davies]

Hi
It is unsecured so you can sell and only repay the secured part.Your solicitor will ask for a redemption figure fron NR,just make sure that it is for the secured part only
Regards

Andy Davie
IVA.co.uk Spokesperson and Website Manager

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[ellie 553]

Thanks Andy that's good to know !

[caknight]

We also have a together mortgage and our company advised us that NR would say no to adding this to the IVA so they didn't bother, even though we had a seperate loan with NR which was added.

[Beechy]

Hi Caknight
Just read you post and I am a little confused. Are you saying that you are in an IVA and you have an unsecured loan with NR that was not included in the IVA?

Dave Beech

[caknight]

Yip, the company I am with advised that there was no point in putting it in as NR would only say no.

[Beechy]

What have you done about it

Dave Beech

[caknight]

nothing, I've no need to, we manage fine, the campany are quite useless really, we had our first review at the start of the 3rd year and we told them that we had missed catalogue and store card off and that our bank had given us an overdraft and our pay had risen slightly and they sent the review back stating no changes required, so in our eyes as long as they are happy we are happy.

[Beechy]

who is the company

Dave Beech

[caknight]

why? as I don't want things to change so????

[Beechy]

I am just interested, its no prob if you dont want to say.

Dave Beech

[caknight]

Ok, it's debt matters, they were ok when the sales man came out and since then we have had all sorts of minor issues, I think the only reason we got a reveiw was due to the fact I asked if I could get a car as I get an allowance from work, but they had included this in my salary, so that went out the window

[Beechy]

I have some of previous post (not all) and see that there was a prob with car allowace and salary. Have you managed to sort anything out

Dave Beech