NRAM/Northern Rock

rachelstressed

Does anyone know why NRAM standard variable rate is 4.79% when the Bank of england base rate is so low??? Its very high compared to other lenders and Im stuck with them on a fixed rate for 5 years at 7.29% mortgage payment 1300 a month. is there anyone out there smarter than me and is there anything i can do????

Heart broken stressed and struggling ? anyone

kingstreet

NRAM's SVR is lower than some and higher than others.

If you have sufficient equity you could remortgage to another lender to get a better deal. NRAM is waiving the early repayment penalties on its accounts to reduce the cost of changing lenders.

rachelstressed

It gets worse ....

House bought in oct 2007 at 187000 and now valued at 115000. Fixed rate for 5 years until October 2012 at very high APR Nnearly 8%...

Repayments 1300 this is INTEREST ONLY I might add!?!

Struggling big time killing me. Exhausted all avenues with NRAM not always pleasant or helpful.

Credit in tatters .... Couldn't secure another mortgage or I'd go with a new lender immediately.

Tried everything ?!?! On the edge now really struggling ...

What can I do ?

Exhausted and frustrated

Thank you for ur reply

Thrugelmir

rachelstressed wrote: »

Does anyone know why NRAM standard variable rate is 4.79% when the Bank of england base rate is so low??? (

The simple answer is NRAM that does not fund mortgages by borrowing at BOE base rate.

Thrugelmir

rachelstressed wrote: »

House bought in oct 2007 at 187000 and now valued at 115000. Fixed rate for 5 years until October 2012 at very high APR Nnearly 8%...

Repayments 1300 this is INTEREST ONLY I might add!?!

In a year or so the interest rate you are paying will hopefully drop.

Either then, or if possible before then, start making overpayments on the mortgage. As you need to start reducing the capital balance owed.

rachelstressed

ThAnk u for ur replies. Not in a position to over pay ... Sometimes don't even have money for groceries ... NO luxury items like holidays treats etc ever. Nothing. Cannot think of any other options or strategies to get away from NRAM they have been harsh and difficult to negioate with. No empathy or support. I think I'm at the end of a road and have NO choice but to ride out thefixed rate nightmare ?

Disatorious mortgage.

Thrugelmir

What has changed since you took the mortgage out?

rachelstressed

Everything ... We owned the house before we got married. Bought in 2007 October and got married in July 2010 then moved in and so all the living costs, fuel etc has put our own financial commitments culminated together and make things IMPOSSIBLE. we didn't live together until July201o been a big struggle ever since. We owned the house and lived at our parents home and things were fine but things have been very strained ever since. Thought about all sorts renting, repossession debt management plans ... But currently just barely surviving .... All I need is a lower interest rate and things would be fine ... NRAM SVR is still quite high if we ever make it to next October when the fixed rate ends!!!

Thrugelmir

Have you been on the Debt Free Wannabe board?

Plenty of advice and support on there. As you are not alone in your situation.

purplelila-2007

Try to make to 2012 when the interest rate will be almost half . Is there anything else you could cut back on? Maybe take a lodger? Rent a room out to a family member/ friend? Try a weekend job?