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  • FIRST POST
    • tinygirl80
    • By tinygirl80 22nd Jun 16, 2:16 PM
    • 1Posts
    • 0Thanks
    tinygirl80
    Former NRAM customer, now TULIP/ENGAGE CREDIT won't let me port my mortgage!!
    • #1
    • 22nd Jun 16, 2:16 PM
    Former NRAM customer, now TULIP/ENGAGE CREDIT won't let me port my mortgage!! 22nd Jun 16 at 2:16 PM
    I had a mortgage with NRAM which has now been sold to Tulip/Engage Credit. I need to move home but Tulip/Engage Credit have today told me they won't accept porting applications even though I am not asking for any additional funds and I have never missed a payment in 10 years. Can Tulip/Engage do this? I haven't received any such notification of the change in my terms and condition.
Page 1
    • David White
    • By David White 22nd Jun 16, 2:48 PM
    • 664 Posts
    • 290 Thanks
    David White
    • #2
    • 22nd Jun 16, 2:48 PM
    • #2
    • 22nd Jun 16, 2:48 PM
    No lender is obliged to port a mortgage I'm afraid so I do believe they are within their rights to refuse... especially the old Northern Rock mortgages.

    Presumably you've explored the option of taking out a mortgage elsewhere?
    I am a Mortgage Broker
    You should note that this site doesn't check my status as a Mortgage Broker, 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.
    • amnblog
    • By amnblog 22nd Jun 16, 3:26 PM
    • 8,858 Posts
    • 3,374 Thanks
    amnblog
    • #3
    • 22nd Jun 16, 3:26 PM
    • #3
    • 22nd Jun 16, 3:26 PM
    They don't have any mechanism to port deals. You therefore need another lender.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, 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
    • By Thrugelmir 22nd Jun 16, 5:52 PM
    • 51,298 Posts
    • 43,119 Thanks
    Thrugelmir
    • #4
    • 22nd Jun 16, 5:52 PM
    • #4
    • 22nd Jun 16, 5:52 PM
    NRAM have sold the debt. There's obligation on the purchaser to underwrite new business. Possibly they are not licensed to lend so cannot anyway.
    “A man is rich who lives upon what he has. A man is poor who lives upon what is coming. A prudent man lives within his income, and saves against ‘a rainy day’.”
    • Linda Richmond
    • By Linda Richmond 15th Oct 16, 12:58 PM
    • 1 Posts
    • 0 Thanks
    Linda Richmond
    • #5
    • 15th Oct 16, 12:58 PM
    • #5
    • 15th Oct 16, 12:58 PM
    We have had the same problem. We wanted to decrease our mortgage too.

    I would question why valuations for porting of mortgages is shown on their tariff of charges if they do not offer this service.
    • Thrugelmir
    • By Thrugelmir 15th Oct 16, 1:01 PM
    • 51,298 Posts
    • 43,119 Thanks
    Thrugelmir
    • #6
    • 15th Oct 16, 1:01 PM
    • #6
    • 15th Oct 16, 1:01 PM
    We have had the same problem. We wanted to decrease our mortgage too.

    I would question why valuations for porting of mortgages is shown on their tariff of charges if they do not offer this service.
    Originally posted by Linda Richmond
    Have you asked? Possibly there are situations in which they will port., i.e. if downsizing and the borrower is reducing the debt owed. As lenders do have a duty of care to borrowers.
    “A man is rich who lives upon what he has. A man is poor who lives upon what is coming. A prudent man lives within his income, and saves against ‘a rainy day’.”
    • amnblog
    • By amnblog 15th Oct 16, 10:34 PM
    • 8,858 Posts
    • 3,374 Thanks
    amnblog
    • #7
    • 15th Oct 16, 10:34 PM
    • #7
    • 15th Oct 16, 10:34 PM
    We have had the same problem. We wanted to decrease our mortgage too.

    I would question why valuations for porting of mortgages is shown on their tariff of charges if they do not offer this service.
    Originally posted by Linda Richmond
    Who's Tariff? Nram or Engage
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, 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.
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