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Topic starter
07/07/2011 12:33 pm
Hi
My husband is nearing the end of his trust deed. The mortgage is in both our names. I never signed anything to do with TD. i know that we may be forced to sell the house. Value of house is approx £130, 000 outstanding mortgage is £85000. Hubby's equity share is about £16000. We have a together mortgage with northern rock and i have no problems selling if nr would let us transfer mortgage to a new property, not looking to increase mortgage and would be putting a 25% deposit down. How likely do you think this would happen? Thanks
07/07/2011 12:47 pm
Hello Impulse and welcome back.
If you can, dig out your original Northern Rock mortgage paperwork. There should be a document with the title "Keyfacts About This Mortgage" or something similar.
Have a read of that document and see if there is any mention made of the mortgage being "portable". Portable means that it can be taken from one property to another so long as certain conditions are met.
If it isn't portable, or you cannot find the documentation, it will just be a case of speaking to Northern Rock to find out their position. I'm sure they wouldn't want to increase their exposure, but there is no harm in asking and especially so if your mortgage balance does not need to increase and the loan-to-value of the new property will be similar or lower than the current one.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
07/07/2011 1:03 pm
Thank you. The one document i can't find....... I am pretty sure it is portable as we have previously had payment holidays and i am so sure it was called a together mortgage enabling payment holidays and taking your mortgage with you when you move. Thank you for your reply, do feel a bit better knowing there is still a chance. Will call NR when i know a bit more of what is happening. This is a great forum.
