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!!
  • picardygirl
    picardygirl Posts: 558
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    edited 7 March 2011 at 5:51PM
    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!
  • cathh70
    cathh70 Posts: 165
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    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 2021
  • lind_3
    lind_3 Posts: 15 Forumite
    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 lind
  • Teddy_KGB
    Teddy_KGB Posts: 67 Forumite
    I take it that the waiving of the ERC is just for for additional borrowing only?

    Anyone know any different?
  • 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!!!
  • 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.

    Paul
  • Quigibo
    Quigibo Posts: 29 Forumite
    Yay, just ordered my redemption without the ERCs now time to find a mortgage quick!!
  • Daza1604
    Daza1604 Posts: 13 Forumite
    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.
  • Blodwen
    Blodwen Posts: 841 Forumite
    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: 95lb
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