NRAM ERC refund coming soon...

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Comments

  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
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    Quigibo wrote: »
    why was I moved to NRAM?

    Some mortgages were securitised and some not by the old NR. As black and white as that. No determing criteria. So depending which side of the line your own mortgage fell. That decided whether you are with the new NR or NRAM.
  • Quigibo
    Quigibo Posts: 29 Forumite
    edited 10 February 2011 at 1:21PM
    Thrugelmir wrote: »
    Some mortgages were securitised and some not by the old NR. As black and white as that. No determing criteria. So depending which side of the line your own mortgage fell. That decided whether you are with the new NR or NRAM.

    Thats not what NRAM are saying. I Just spoke with them and NRAM stated that all mortgages were moved to NRAM apart from 2% who were offered NEW mortgages with Northern Rock PLC, that 2% would still had to pay any ERC and Fees to take the new mortgage, which is no different to now.

    What really Grinds my Gears is that existing customers with NR can change to a new mortgage "With no application, valuation or legal fees" why can that happen for NRAM customers too?

    northernrock.co.uk/Mortgages/Learn/Existing-Customer/End-Of-Deal
  • Quigibo
    Quigibo Posts: 29 Forumite
    Just noticed there is a £250 redemption fee for "Discharge of Mortgage" is that payable even after my fixed rate ends?

    If I get a mortgage with NR and meet their current lending criteria I should be treated as an existing customer, that's only fair is-ant it?
  • Meeper
    Meeper Posts: 1,394 Forumite
    No, because you are not an existing customer of Northern Rock. You are a customer of NRAM, which is not Northern Rock.
    I am an Independent Financial Adviser
    You should note that this site doesn't check my status as an Independent Financial Adviser, so you need to take my word for it. This signature is here as I follow MSE's Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Quigibo
    Quigibo Posts: 29 Forumite
    Meeper wrote: »
    No, because you are not an existing customer of Northern Rock. You are a customer of NRAM, which is not Northern Rock.

    My point exactly! I'm with an institution that no longer lends money, yet I have to pay £250 Dischage to get out of it, then apply for another mortgage which will cost me money.

    Yet Northern Rock can pass my debt onto a sister company (NRAM do try and convince you its not another company, because it has Northern Rock in the name, but lets face it it is a completely different company) then open the doors to new customers and offer existing customers the ability to change to a competitive mortgage without incuring any fees.

    It stinks. :mad:
  • Meeper
    Meeper Posts: 1,394 Forumite
    Them's the breaks. Getting het up about it doesn't help you at all. It is what it is, so I'm afraid the only thing to do would be to accept it and move on objectively.
    I am an Independent Financial Adviser
    You should note that this site doesn't check my status as an Independent Financial Adviser, so you need to take my word for it. This signature is here as I follow MSE's 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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    Quigibo wrote: »
    yet I have to pay £250 Dischage to get out of it,

    The discharge fee is payable on all the settlement of all mortgages.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
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    [QUOTE=NJBSaver;41034866
    Only completely different from the government run bad side of B&B, who have and continue to refund/waiver the ERC.

    Should I be upset that B&B are refunding taxpayers money when they seemingly don't have to.[/QUOTE]

    Bradford and Bingley (also now part of NRAM), had a different funding structure to NR. So is a totally different scenario in winding up the mortgage books.
  • Quigibo
    Quigibo Posts: 29 Forumite
    Meeper wrote: »
    Them's the breaks. Getting het up about it doesn't help you at all. It is what it is, so I'm afraid the only thing to do would be to accept it and move on objectively.

    I will complain to the BBC, I will talk to me local councillor about it, I will twitter about it I will try and get media attention it deserves. Nothing wrong with that? just accepting it would be wrong, but very British ;)
  • damory
    damory Posts: 12 Forumite
    edited 10 February 2011 at 4:22PM
    Thrugelmir

    I find your posts simplistic. I am trapped in an expensive mortgage with a long ERC with NRAM and would not have entered into this 'unfair and onerous' contract if I had been dealing with NRAM as rimbot quite rightly points out. Additionally the IFA's that we dealt through would not have sold us such a product.

    The cost's to NRAM to waive the ERC should be part of the cost to clean their book up, which the tax payer (rightly or wrongly) has decided to underwrite.

    Quoting contract terms in this situation is meaningless when the organisation we are dealing with now is a totally different entity.

    As the B&B book is also being run by the government, polices that they adopt are absolutely relevant and I fully expect NRAM, in time, to adopt a similar approach regarding waiving ERC's.

    Regards

    Damory.
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