Been assigned to NRAM. What happens at the end of my deal??

sarahdee

Hi All,

Recieved notification that I have been assigned to Norther Rock Asset Management. Myself and my ex partner still have another 2 years left on our fixed rate deal. I have been making the mortgage payments alone since May 2009 in agreement with my ex. The property is in negative equity so no option to move to another lender. I know 2 years seems a long time away but what can I expect to happen at the end of the deal? A massive rate hike??

Thanks in advance!

dunstonh

what can I expect to happen at the end of the deal? A massive rate hike??

At the end of the deal you will go onto whatever terms you agreed to when you took the mortgage out. i.e. SVR or tracker. The rate you pay may be lower or higher than what you are currently be paying.

eggski

I've also been assigned to NRAM. I'm on an interest only deal which went to SVR last Sept. Can I still switch to a repayment mortgage ? I want to start paying off the capital but cannot remortgage as I'm in negative equity. Has anyone managed to switch with NRAM ?

VIGILANT22

for reference

http://ask.northernrockassetmanagement.co.uk/help/seo/?x=y

Joe_Bloggs

@eggski I suspect you could make overpayments, on your interest only mortgage, so that you would be on the same repayment schedule as a repayment mortgage. Approach NRAM and find how much or how little you can overpay. If it was flexible with overpayments before then it still will be. Perhaps others have actual experience.
J_B.

VIGILANT22

All NR mortgages are flexible, that was one of the attractions of a NR mortage

picardygirl

eggski wrote: »

I've also been assigned to NRAM. I'm on an interest only deal which went to SVR last Sept. Can I still switch to a repayment mortgage ? I want to start paying off the capital but cannot remortgage as I'm in negative equity. Has anyone managed to switch with NRAM ?

Dont know if you can switch with NRAM you could definitely with NR but you'd need to check with NRAM ......

We are part interest and part repayment, last summer we wanted to change to all repayment and were advised not too but just overpay on the interest part ..... so thats what we do .... there was/is a fee of £75 to change from interest to repayment.

Alisonb1975

We have been moved to Northern Rock Asset Management and have just made a large overpayment. I was told that as long as we left £100 owing on the balance(we are on a fixed rate) we could made as much over as we like.