Nrock asset management - exit fees

VIGILANT22

Mortgage companies have sold mortgages on for years...GMAC was a good example of this.
No lender is obliged to lend you more money

I just can't understand why people don't acknowledge the money (mortgage) they're banging on about is not theirs....you have borrowed someone else's money...so they set the rules.....

makemdano

VIGILANT22 wrote: »

I just can't understand why people don't acknowledge the money (mortgage) they're banging on about is not theirs....you have borrowed someone else's money...so they set the rules.....

Good point... and when they SET the rules there is a contract which is (as far as I understand it) binding? So if the terms under which the loan was reviewed are changed by the provider then as a customer I have a right to question this? Under NROCK's mortgage review system, the document accompanying the contract that is referred to in the contract specifically states
"We recognise that your personal circumstances can change. This is why you can use the Mortgage Review Service at any time" That review system is not available now and I would suggest this represents a change in the terms of the contract. The primary reason why I took out this mortgage was the review facility.

makemdano

dunstonh wrote: »

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.

OK,
1. I'm no different, I haven't claimed to be so so why do you ask?
2. See my previous reply. The terms and conditions have been changed without notice to me. As an IFA surely you know about NROCK's Mortgage Review system that was in force prior to the split. As an IFA you should also know that NRAM isn't a bank, it doesn't have a banking licence
3. Hmm possibilities, a bit like assumptions I fear and just as likely not to bear fruit methinks

VIGILANT22

Do you seriously think the restructure which has been approved by the European Commission, the Financial Services Authority and the Government is not compliant....do you really think you are better versed than them!! You need to read your original T&C's...this is beginning to sound like these people who think they can have loans and credit cards written off.....

makemdano

VIGILANT22 wrote: »

Do you seriously think the restructure which has been approved by the European Commission, the Financial Services Authority and the Government is not compliant....do you really think you are better versed than them!! You need to read your original T&C's...this is beginning to sound like these people who think they can have loans and credit cards written off.....

I think you are missing the point here. I haven't raised the issue of nor am I questioning the terms and conditions of the restructure this is something that you are raising and you are way off subject here.
I am questioning the terms and conditions of my mortgage which I believe have changed. Better versed? only time will tell
Loans and credits cards - again you seem to be prone to jumping to conclusions. - it seems to be a habit of yours
I think we should stick to the facts which is exactly what I hope I've done??

VIGILANT22

"You need to read your original T&C's..."

makemdano

At last we agree on something!! :beer:

We'll see how this all pans out

dunstonh

As an IFA surely you know about NROCK's Mortgage Review system that was in force prior to the split.

Why would I know about their review system? As you say, I am an IFA. That doesnt make me a mortgage adviser. Most IFAs have nothing to do with mortgages.

makemdano

dunstonh wrote: »

Why would I know about their review system? As you say, I am an IFA. That doesnt make me a mortgage adviser. Most IFAs have nothing to do with mortgages.

You said "the bank" As an ISA I think you should know what a bank is. NRAM ISN'T a bank. You don't need to deal with mortgages to know what a banks is/does and as its part of the financial system I'd have thought you'd know the difference between a bank and an asset management company, clearly you don't .

VIGILANT22

Following a legal and capital restructure, the bank split into two separate entities; Northern Rock (Asset Management) plc and Northern Rock plc....
NRAM is still regulated as a mortgage provider.....Like many other mortgage providers, they have closed their book to new lending....nothing illegal about that....