NRAM ERC refund coming soon...
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I am moving house on Thursday 10th March and my solicitor phoned NRAM to obtain my final redemption satement which was going to include a difficult to swallow £10k early redemption charge.
The solicitor was told that as of TODAY, ERCs no longer applied and we would not have to pay it. I have since phoned NRAM and they have confirmed this.
I am off now to celebrate!!0 -
bigtallpaul wrote: »I am moving house on Thursday 10th March and my solicitor phoned NRAM to obtain my final redemption satement which was going to include a difficult to swallow £10k early redemption charge.
The solicitor was told that as of TODAY, ERCs no longer applied and we would not have to pay it. I have since phoned NRAM and they have confirmed this.
I am off now to celebrate!!
Congratulations x glad its worked out well for you.
With regards to the OP, i wonder if Leta21 meant to put 7 March and not 7 February.
I wonder if they are refunding ERC payments too ...... will have to get on the phone tomorrow and find out!0 -
Looking forward to being mortgage free in the next few days !!!!! Good news._____________________________________________Mortgage 1 £80k paid off july 2014Mortgage 2 £213k paid off May 20210
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I was just wondering if anyone have any ideas on this?
We have also got an official approval on a mortgage for our new property with someone else (as nram would not give us another deal) about a month ago.We had a mortgage statement just last week with a total figure including the erc.Would i get a revised statement near completion at the end of march with this not added?
Thanks lind0 -
I take it that the waiving of the ERC is just for for additional borrowing only?
Anyone know any different?0 -
Great news but I was a little sceptical so phoned NRAM this morning. They told me that as of yesterday Mon 7th March all ERCs have been waived. I asked about additional borrowing and was told this didn't apply (I want to see this in writing first!). The only fee customers will be have to pay is the £250 discharge of mortgage fee.
Apparently this announcment is on the NRAM website but I couldn't find it but they chap in their call centre said it was 'gospel' and would be happening.
Hoorah!!!0 -
Hi Lind,
You need to phone up NRAM and get them to send a new statement to your solicitor which wont include the ERC charge. We got our first statement a couple of weeks ago and NRAM made no mention of the coming change in policy. It was only because our solicitor phoned up yesterday to query the fact they had included this months mortgage payment in the statement that we found out about them not including the ERC anymore.
Paul0 -
Yay, just ordered my redemption without the ERCs now time to find a mortgage quick!!0
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It's on there website now. Sadly still no use to me as I have no equity in the property to be able to move mortgage provider. The prospect of being stuck on the svr for a good few years yet is still worrying me
It won't let me post the link.... It's on the NRAM site... Click customer... Then existing customer. All the details on there.0 -
Thanks people for the updates, great news. It now looks like we won't be moving house and changing mortgage until after my fixed term ends, but I might look at moving to a lower rate before that since it'll now be ERC-free. For those that couldn't find it on the website it is here: http://www.n-ram.co.uk/customers/mortgages/existing-mortgage-customers/~/media/Files/N/N-RAM/content/ERC-Waiver-QAs3.pdf
ETA: Picardygirl, did you find out whether you could get a refund?2011: [STRIKE]Houses[/STRIKE], [STRIKE]weddings[/STRIKE], [STRIKE]cats[/STRIKE]
2012: [STRIKE]Start renovating new house (aka open enormous can of worms)[/STRIKE] _pale_
2013: [STRIKE]Lose weight[/STRIKE], [STRIKE]get fit[/STRIKE] and FINISH THE HOUSE!
Weight loss - Apr '12 -Sept '13: 95lb0
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