NRAM ERC refund coming soon...

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  • picardygirl
    picardygirl Posts: 558 Forumite
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    dunstonh wrote: »
    There you go picardygirl. Don't celebrate until its in your account but leta's information does suggest you will qualify for a full refund.

    Just booked my holiday :beer: No seriously, will be amazed if it does happen, buy hey am going to give it a good try ...... roll on 7 Feb.
  • Burridge60
    Burridge60 Posts: 496 Forumite
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    Thrugelmir wrote: »
    If Labour had regulated NR properly (as through the FSA) then it wouldn't have been allowed to commit fraud and cost this countrys taxpayers millions of punds.

    Not a political point just a factual one. ;)

    Any amount of regulation cannot stop individuals concealing information from the Regulator.

    Had it been kept confidential that they were applying for a loan of last resort then they might have survived. Strangely this snippet made it into the public domain and the queues formed. No Bank could survive that sort of media attention and public withdrawal of their savings.

    Even their own staff reminded me regularly that their arrears levels were well below the industry average even when they were lending 125%. Now we know why!
    I am a Mortgage Advisor
    You should note that this site doesn't check my status as a Mortgage Advisor, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
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    edited 27 January 2011 at 11:48AM
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    Burridge60 wrote: »
    Any amount of regulation cannot stop individuals concealing information from the Regulator.

    Had it been kept confidential that they were applying for a loan of last resort then they might have survived. Strangely this snippet made it into the public domain and the queues formed. No Bank could survive that sort of media attention and public withdrawal of their savings.

    Even their own staff reminded me regularly that their arrears levels were well below the industry average even when they were lending 125%. Now we know why!

    I was referring to the way NR operated as a Company not its lending practices.

    NR used a charitable off shore vehicle called Granite to raise £49 billion of funding to enable mortgage lending in the UK. Granite was a Jersey based Company. So outside the jurisdication of UK banking and the FSA regulation.

    NR's entire business model was based on securitsing debt and selling it on, to fund new mortgages. The model was unsustainable. As was the case when the global crisis financial hit and wholesale funding dried up. Who bundled up and sold NR's mortgage debt. Only when one company Lehmams Bros.

    This funding enabled NR to take an 18% market share of new lending at its peak.

    With regards to mortgage arrears. Three of NR's top former executive directors, including the Finance Director, have been severely fined and banned for life from performing any regulated financial activity for misreporting mortgage arrears.
  • Ju&Mel
    Ju&Mel Posts: 249 Forumite
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    Still keeping fingers crossed
  • picardygirl
    picardygirl Posts: 558 Forumite
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    Ju&Mel wrote: »
    Still keeping fingers crossed

    Yeah roll on 7 Feb!

    Still thinking if they are offering this offer, maybe will waive the ERC possibly, but cant see refunds for already settled mortgages ......
  • Ju&Mel
    Ju&Mel Posts: 249 Forumite
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    My dilema is that we have our house on the market at the moment but there's no telling how long it's going to take to sell
    Our NR mortgage is fixed until Novembwer 2011 5.99%
    Do we use our deposit we have saved for the new house to get this one down to 75% LTV and remortgage on a low rate, without having to pay the ERC, but possibly need to port it/get extra borowing to move when we do sell (double fees then)
  • Blodwen
    Blodwen Posts: 841 Forumite
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    I'll be made up if this does happen. Coincidentally I have just been on the phone to NRAM asking if there were any plans to change the ERC (before I came across this thread) as our house has just gone under offer and my fixed rate doesn't end until 31st July. The guy I spoke to said there is nothing atm but there may be plans to bring in a waiver/refund and to see if anything happens in the next few weeks, and that any info would appear on their website. I'll definitely be ringing on Monday though.

    (BTW, I understood by 'refund' that they would be doing it in the same way as last time, i.e. rather that being waived, we would have to pay the fees then claim back a refund subject to fulfilling 'certain criteria', and it would only apply to those after 7th Feb, but since the OP has clarified it seems I was wrong, lol!)
    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: 95lb
  • deefadog
    deefadog Posts: 2,190 Forumite
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    Yep an adviser told me this morning to keep my eye open on the web for this also, but did not go into details!

    So if this is true on Monday, what's the best thing to do, get it in writing and then line up another mortgage or the phone confirmation and change, as i have my eye on a product and want to move ASAP As it will save me £160 a month!
  • picardygirl
    picardygirl Posts: 558 Forumite
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    Blodwen wrote: »
    (BTW, I understood by 'refund' that they would be doing it in the same way as last time, i.e. rather that being waived, we would have to pay the fees then claim back a refund subject to fulfilling 'certain criteria', and it would only apply to those after 7th Feb, but since the OP has clarified it seems I was wrong, lol!)

    Blodwen i sooooooooo hope you are wrong, and the OP is right, but my luck you will be right and the OP will be wrong ...... (got away from NRAM in Oct 2010) .... but i will be on that phone Monday morning!!!!!!;)
  • picardygirl
    picardygirl Posts: 558 Forumite
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    Well, Monday 7th Feb has arrived, so lines opened at 0830am, got through within 30 seconds (had allowed myself a good hour), spoke to a chap, who took all my details and said what can i do for you etc, i said i had been informed that as of today anybody who redeemed their NRAM mortgage would not have to repay any ERC, he said "so are you looking to claim back your charges", before i even asked the question, so i said "yes, as i had also been informed that as from today, NRAM were refunding ERCs going back to 30 July 2010, he asked me to hold whilst he checked out the information as he was unaware of any such offer! After holding for a couple of minutes he said as he thought nothing like that is happening yet, but advised me its being looked at, and to call back again at another time, i asked him when would he advise i called back again, he said maybe 3-4 weeks!

    Leta, where did you get the 7 February from?

    If anybody else calls up and gets a different answer please post on here!
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