vallumlj

Has any one got one of these on. I m just after your views on this type of mortage was it a good move or do you regret it now.

If you dont mind me asking if you have got one how much did you get on what salary.

Thanks.

MattW

You are basically taking money out of your equity which you don't yet have. If you are good with money and don't plan on moving then it is a cheap way of borrowing money.

If you are not good with money then effectively you will be in negative equity until such time as your house value increases. Of course if you move before you pay the money back the same holds true.

Patt@firstime

Not quite true - if you are in a negative equity situation and you want to sell/redeem the mortgage Northern Rock will turn the negative equity amount into an un-secured loan, the interest rate will go up but you at least your not 'stuck' with the mortgage.

HTH