NRAM ERC refund coming soon...

Meeper

Sorry - I'm still not Barack. You said

I was promised NR would always be able to offer an alternative mortgage product as my needs changed in the future

My contention is that no mortgage company would ever make a statement such as this.

damory

Blowden.

NRAM also state in the letter that they have re-started last year's scheme secretly which is what they have offered me. NRAM are such low-life operating this scheme yet again without advertising it. They seem to have forgotten that if it was not for the UK tax payer (you and me) NRAM would not exist today.

damory

M

Yes it's last year's borrow-more-and-we-will-refund scheme which they have secretly restarted. I thought that was common knowledge on this thread!

To reiterate, I have received a letter from NRAM last week stating that if I pay them the redemption figure and borrow the redemption figure+£3000 from another lender they will send me a cheque for the ERC - same as last year's scheme I think. What yanks my chain is that they are running this scheme secretly without advertising it AGAIN!

It's clearly a nonsense (limiting it to people borrowing more) so I have made a complaint to the FOS and I am waiting for their reply.

Damory

deefadog

That's ridiculous LoL, could you not repay the extra and ERC back to the mortgage as an overpayment?

Quigibo

picardygirl wrote: »

Quigibo, the mortgages were not scrutinised, they were securitised which is a completely different thing

Lol thanks picardygirl, I'm dyslectic so didn't spot that, thats no excuse though I still had to look up the meaning!

damory

Borrow £3,000+redemption figure(including ERC) from another lender.

Quigibo

damory wrote: »

M

Yes it's last year's borrow-more-and-we-will-refund scheme which they have secretly restarted.

I take it this is because its states in the T&C that as long I meet their requirement I should be able to borrow more money, but because they can no longer lend they breach the contract and have to let me move without paying ERC's, is that it?

damory

Meeper wrote: »

You said My contention is that no mortgage company would ever make a statement such as this.

M

damory wrote:

at the point of sale I was promised NR would always be able to offer an alternative mortgage product as my needs changed in the future

My IFA said precisely that to me when I accepted the contract WITH NR!

It may be correct that NR would never have said that but that is what my IFA said to me. Was I mis-sold the mortgage then? :mad:

Meeper

damory wrote: »

My IFA said precisely that to me when I accepted the contract WITH NR!

Then your gripe is with the adviser, not Northern Rock.

Ju&Mel

Quigibo wrote: »

I take it this is because its states in the T&C that as long I meet their requirement I should be able to borrow more money, but because they can no longer lend they breach the contract and have to let me move without paying ERC's, is that it?

Shouldn't this apply to most of us then
I've got £130k on a £140k property so effectively couldn't borrow on this house as it's 93% LTV
But our income multiples are now higher so we could port and borrow more (if with original NR)

Or should we put our savings to reduce the LTV then borrow that + £3k from another lender?