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My nram mortgage deal is ending
BAILEY47
Posts: 6 Forumite
I have a 5 year fixed mortage with NRAM. That agreement is ending in January, do I just re negotiate a new agreement with them or do I have to apply for a new mortgage from scratch. This is my first mortgage and I used an advisor to get this one, so am a bit clueless.
Hope you can advise a thicky :rotfl:
Hope you can advise a thicky :rotfl:
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Comments
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You can either stay with them, and they may offer you a deal, or you will probably do better moving to another lender, provided your income/credit and loan to value is ok.I am a mortgage adviser.You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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Your only option with NRAM is its standard variable rate, currently 4.79%. If you want another mortgage deal, such as a fixed rate, you'll have to apply to a new lender and satisfy its loan to value, income and credit criteria.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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Thanks for that. What I also should have said is I'm just starting a DMP so my credit rating is on the floor. Can NRAM say they won't give me another mortage?0
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It sounds like your only option is to remain with NRAM on their SVR. You are with them until you take action to move elsewhere. NRAM does not have other products, nor is it able to lend more money to those moving home.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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Looks like you will be staying with NRAM on their SVR then!
Provided you maintain payments, you keep your mortgage.I am a mortgage adviser.You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
That's for clearing that up. That's really helpful. I know where I stand now.
Thanks again0
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