Nrock asset management - exit fees

makemdano

Thought I was a "good" customer but just been notified my mortgage is owned by the "bad bank". I'm not toxic! House worth 350k+ mortgage less than 100k & collateral to pay that off. Problem is I can't extend amount (e.g. to upgrade/extend property. I reckon this is restrictive practice, especially if exit fees apply. Anyone know where I stand on exit fees if I look elsewhere?

Charterhouse

Are you self employed or something? Seems strange, this wasn't the objective of the split. It might be worth checking you are definitely supposed to be in NRAM.

dunstonh

Anyone know where I stand on exit fees if I look elsewhere?

You have to pay them as it is you that is breaking the contract. Not the bank.

If you are in the toxic bank, it doesnt necessarily mean you are actually bad. It may be that you just dont meat current lending criteria of the good bank and that automatically makes you bad. Was yours self cert? Or are your income multiples high? Most of their information is based on when you applied for the mortgage. They wont necessarily know your current position if it has changed.

picardygirl

Apparently there might be a way out of ERC if you sell the property and move house with additional borrowing ..... but no way out if you are not intending of selling! Thats what NRAM told me on the phone a few minutes ago!

Makemdano - your not the only one to be surprised to be NRAM .....

makemdano

Not self employed, employed and guess WHO I work for!!
The way I see it I was part of an ongoing mortgage review system with NROCK. The relevant MR document "All you need to know...etc" ref MAR728/102389, valid UFN specifically states "You will be able to use our(NROCK) Mortgage Review Service at any time. Clearly that is no longer the case.... but I want MR now. NRAM advise they can't and WILL apply ERC if I transfer to another MP. Several other lenders in similar situations (HBOS to name but one) have in similar circumstances given lenders a 3 month period to exit without penalty.

My circumstances have changed since taking out the mortgage. I did so BECAUSE of the flexibility NROCK gave me and the facility to undertake MR at any time. The ONLY reason I can not have MR is because I just happen to have had my morgage passed to a different lender to the original provider a process that was completely outside my control.
I've already contacted the FSA.
I will be following the NRAM customer complaints procedure - maybe slightly different from the norm due to my employment status.
I WILL take legal action if I have to.
I'll post more info as I receive it.

Any others in my position don't take no for an answer and don't listen to any negatives from forum members, trust me they are probably not in possession of all the facts, don't listen to "you'll have to pay" brigade. The NRAM situation is entirely different to the norm and a precedent is yet to be set.

makemdano

"You have to pay them as it is you that is breaking the contract. Not the bank.

If you are in the toxic bank, it doesnt necessarily mean you are actually bad. It may be that you just dont meat current lending criteria of the good bank and that automatically makes you bad. Was yours self cert? Or are your income multiples high? Most of their information is based on when you applied for the mortgage. They wont necessarily know your current position if it has changed."

Not self cert, annual earnings 60% of outstanding balance
I am quite old though!!
But they CAN'T use that... can they
lol

VIGILANT22

[QUOTE=makemdano

Any others in my position don't take no for an answer and don't listen to any negatives from forum members, trust me they are probably not in possession of all the facts, don't listen to "you'll have to pay" brigade. The NRAM situation is entirely different to the norm and a precedent is yet to be set.[/QUOTE]


The Northern Rock plc Transfer Order 2009 was made by the Treasury and laid before Parliament on 8th Dec. The proposed restructuring of Northern Rock received European Commission approval on 28 October 2009.

Pls dont give people false information...

makemdano

"Pls dont give people false information..."

Please tell me which information was false.
I'm simply saying don't take no for an answer, what's wrong in that?

"The Northern Rock plc Transfer Order 2009 was made by the Treasury and laid before Parliament on 8th Dec. The proposed restructuring of Northern Rock received European Commission approval on 28 October 2009"

Yes, and are you seriously saying that the investigations and determinations from this process went down to individual ERCs?
My opinion, and it is only a personal opinion, is that there will be elements that will have slipped through the control net. Are are you supremely confident that our resident politicians will have covered every angle? I wouldn't be

VIGILANT22

I am more confident in a Transfer Order than a disgruntled employee

makemdano

disgruntled employee?

No, disgruntled customer, you're jumping to conclusions there

dunstonh

what makes you think you are any different to anyone with any of the other lenders that no longer accept new business?

You terms are being honoured. They bank isnt breaking them. You want to do that. Further lending is always subject to current lending criteria. That current lending criteria may well be no further new business but thats your choice.

It is possible that the toxic bank may in the future decide to accelerate the reduction of its mortgage book and give incentives to leave. However, until then I cant see how you can have a case.