Switching your loan to one of the many personal loan deals available** at the moment (moving to a lower interest rate) means that you could save a considerable amount of money over the term of your loan.
Personal loans usually have to be repaid more quickly than a mortgage so your new monthly payment would probably be higher, but the long-term saving (paying your loan off more quickly) could make it worthwhile. And the higher monthly payment could be less than you think.
For example, a Together customer with a mortgage of £100,000, a loan of £15,000 (both still with NRAM) and a current interest rate of 4.79% with 15 years term remaining would be paying £60 per month on just their £15,000 loan.
If this customer moved just their mortgage to another lender, the interest rate on their (now delinked) NRAM loan would increase to as much as 12.79%, increasing their loan repayment from £60 to up to £188.
Switching the £15,000 loan to a 5 year deal elsewhere with an interest rate of 5.99% would mean a new repayment of £290 per month, which does sound like a big increase.
But the loan would be paid off a whole 10 years sooner, saving a whole £16,394 in interest payments.
** to find a new loan deal or check what rates are being offered, you could try one of the online search engines, such as: