NRAM ERC refund coming soon...

Some fantastic news.. NRAM from 7th Feb will waive/refund ALL ERC's!
This includes FULL ERC and any HWC (help with costs) but does NOT include the DOM (discharge of mortgage fee).

However customers will not be contacted and only those customers who happen to call and ASK will be informed. Also this will not be available until the 7th of Feb so don't waste your time calling before then.

Cheers

Leta :T
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Comments

  • Thrugelmir
    Thrugelmir Posts: 89,546
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    Though NRAM no longer offers mortgages. So presumably this only benefits those looking to remortgage.
  • NRAM has no banking licence.

    It will benefit all customers who need further lending, want a better rate or are moving home.

    NRAM's mortgage book is obviously not decreasing fast enough for the torys.
  • Thrugelmir
    Thrugelmir Posts: 89,546
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    leta21 wrote: »
    NRAM has no banking licence.

    It will benefit all customers who need further lending, want a better rate or are moving home.

    NRAM's mortgage book is obviously not decreasing fast enough for the torys.

    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. ;)
  • opinions4u
    opinions4u Posts: 19,411 Forumite
    leta21 wrote: »
    It will benefit all customers who need further lending, want a better rate or are moving home.
    Except those in negative equity without the means to do any of the above.
  • dunstonh
    dunstonh Posts: 115,904
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    Some fantastic news.. NRAM from 7th Feb will waive/refund ALL ERC's!

    How far back in time are they going with the refunds?
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • NJBSaver
    NJBSaver Posts: 13 Forumite
    I'm a very happy chappy as this will save me some £4k.

    If you don't mind me asking, where did you get this information?

    I can certainly back up the don't bother asking yet, as I was on the phone yesterday to them and they told me I'd have to pay the erc.
  • Does ERC mean early repayment charges?

    I have a NRAM mortgage due to expire May 2011. They ran an offer like this recently and called it a 'word of mouth' offer whereby you had to 'be in the know' to benefit. We currently have a case with the FOS regarding this.

    We are now re-mortgaging, are you saying if we call 7 Feb we will benefit? Or is this a deal only if you stay with NRAM? Sorry, i just didn't understand the OP.

    Thanks
  • felicity1 wrote: »
    Does ERC mean early repayment charges?

    I have a NRAM mortgage due to expire May 2011. They ran an offer like this recently and called it a 'word of mouth' offer whereby you had to 'be in the know' to benefit. We currently have a case with the FOS regarding this.

    We are now re-mortgaging, are you saying if we call 7 Feb we will benefit? Or is this a deal only if you stay with NRAM? Sorry, i just didn't understand the OP.

    Thanks

    When you say recently, I assume you are referring to the period before the 30th June last year when if you took additional borrowing elsewhere and could prove it then they would refund the ERC. I wasn't aware it was called 'word of mouth' but I only found out about it on the off chance when I contacted them about additional lending.

    Having spoken to NRAM yesterday my understanding is that they will now allow you to port your mortgage (without paying the erc) as long as it’s at the same value(?), as they can’t give additional funding without a banking license. If like me you’re moving home and need a bigger mortgage then NRAM are currently insisting that you have to pay the erc to get out. This news means that hopefully when I ring on the 7th Feb with my mortgage offer from Skipton, i'll be told that I don't have to pay the erc.

    How’s your case with the FOS going? It may be thanks to you that NRAM are falling in line with B&B who since their problems have waived all erc to get mortgage off their books.
  • Ju&Mel
    Ju&Mel Posts: 249 Forumite
    Really?? Wow if this is right I will be so pleased, it'll save us almost 5k! :j
  • dunstonh wrote: »
    How far back in time are they going with the refunds?

    Dunstonh, what do you mean ?

    If NRAM are going to refund ERCs is the OP suggesting that they will be only do it for customers who leave after 7 Feb?
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