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“Thank your team for a truly excellent, top class service over a remortgage just completed especially Simply Finance who were very efficient.They will be highly recommended as far as I am concerned, in the future.”
Rosalind, Chesham
“When I visited your website I was desperate as my finances were in a real mess. You recommended us to a mortgage adviser and through their help and patience secured a mortgage for me through a building society who were sympathetic to my needs.
“For the first time in over four years I was able to sleep at night and thank you so much for helping me out. I have recommended you to all my friends and family.”
Robert, Crawley
“Thanks for an outstanding and efficient job. You guys are head and shoulders above all other websites I visited and the follow up from the mortgage advisers was prompt and efficient. You can be assured that I refer you to my friends as well as my clients.”
Julie, Brighton
“I thought that I would never be able to qualify for a mortgage after my bankruptcy. You are truly miracle workers.”
John, Surrey
“I was referred to RemortgageMe by a relative. It was at a time I needed real help in getting my financial situation in control.
“The whole process was so quick from filling in my details to the adviser calling me. I'm looking to complete on my remortgage next week.”
Peter, Nottingham
There is little that hasn't been written or said about Northern Rock in recent months, and most of it is not good. Despite the various initiatives and Government intervention there doesn't seem to be a lifeline being thrown to those people who have mortgages with Northern Rock who are now facing difficulty.
The Northern Rock problem for the consumer
It would appear that Northern Rock were keen to sell high LTV (loan to value) mortgages up to 125% of the property value. The theory behind this would seem to be that with property values increasing it would not take long for this percentage to reduce in real terms, ie as the property value increases the LTV reduces against that increased value.
BUT, clearly at the time the mortgage was taken out the extra 25% of the loan could not be secured against the property (because the security was not there) so was offered as an unsecured loan.
The best laid plans of mice, men and High Street banks!
Of course, what has actually happened since is that property values have started to fall. Borrowers are now saddled with negative equity (where the property is worth less than mortgage secured on it) as well as a large unsecured loan to pay off. With inflation kicking in on fuel bills, in the supermarkets and on garage forecourts who is helping these people? Certainly not Northern Rock!
The IVA will usually be calculated over a period of 3-5 years. But, if in that period, property values do increase you can remortgage yourself out of the IVA early. Our specialists will keep in touch with you over this period to notify you if they think this would be to your advantage.
If your unsecured debt is less than £15,000 in total we can still help by means of a Debt Management Plan.
Both of these options are available to tenants as well as homeowners.
What other options are there?
There are other options that are available. If you do actually have equity in the property you may be able to remortgage with a different lender. If this is the case please click here to complete our remortgage enquiry form. Otherwise, please complete our NO OBLIGATION form below and a specialist will call you in strict confidence very soon.