the BUTT of NRAM and their deals

angeli22

Simon_gloster wrote: »

Andy.....i chuckle everytime a N rock borrower isn't happy with t&c's etc.....as I can imagine the blood in your veins reaching 50c. Thanks for making my evening.


Fod the record, I hace written plenty of Together mortgages, clients were thrilled at the time. I remember giving a kfi to one couple, they ripped it up on front of me. All they wanted was the flat and not interested in the finer detail.

Used well, they were perfect for a lot of people.

Hi Simon i completely get what youre saying and i agree that there are possibly lots of happy NR customers out there. i fully admit that i got caught up in the whole 'get my foot on the ladder thing' and ive learnt the hard way. i borrowed more money when the value was up to do jobs such as re roof etc and the the prices have fallen.

as ive already said i would be just as silly now if i didnt learn as much now about the current position regarding these contracts.

i just hope i havent caused your friend Andy's pretty little head to blow right off as i have obviously touched a raw nerve for him....hmmmmm curious:rotfl::rotfl:

angeli22

Simon_gloster wrote: »

Angeli....what rate would you be going from and to? Changing loan providers needs to be done on a like for like term basis ideally, so if they rate they hike you to is greater than general loan rates, you may as well keep the rock.

theyre saying it will go from about 5 up to 11/12 which is massive over a term of 18 years.

Simon_gloster

I thought the rate would be in that bracket.

Pers loan terms only go out to 10 years, I could be massively wrong, so your payments on that would be much higher.

angeli22

Simon_gloster wrote: »

I thought the rate would be in that bracket.

Pers loan terms only go out to 10 years, I could be massively wrong, so your payments on that would be much higher.

thanks simon i suppose i need to shop around. i still think the recent issues with my mortgage will affect my credit rating though for future finance and i really want to get it paid and out of the way.

ill just have to keep to my plan of paying off as much as i can each month and hope for the best. NR didnt seem to keen on this plan and kept telling me my early repayment charge would be considerable if i paid it off too early.

thanks though

lucky23_2

angeli22 wrote: »

hi everyone else,
thanks for your advice and comments.
it looks like i will go ahead as planned and pay as much as i can each month now until the loan is paid off. i wasnt looking for an easy out, just trying to become more informed about my choices if any. and check that NR are doing what they should.it wouldnt be the first time a company has done something unfair or not and i now know it pays to be informed.

This might be a silly question but is there any way you can re finance this loan with another company that might give you a more affordable repayment plan? Failing that if i were you, i'd ask for a pay rise at work, make sure you show your boss you're worth it though.

DannyboyMidlands

I don't see the problem here. You agreed to borrow at a certain rate but now you want to renogotiate to a lower rate and NR have quite rightly said no.

I guess that it was worth an ask but surely their response is neither unfair or frustrating. More like totally fair enough.

If you didn't want it you shouldn't have borrowed it.

kingstreet

I didn't see this thread first time round and I'm a bit baffled why lucky bumped it after so long.

Anyway, something doesn't add up.

The OP reckons they can pay £500 per month.

The repayments on £17,500 at 5% over 18 years are £123 per month.

The repayments on £17,500 at 11.5% over 18 years are £192 per month.

That still means a possible overpayment of over £300 per month.

Thrugelmir

kingstreet wrote: »

Anyway, something doesn't add up.

£14,904 of additional interest perhaps?

kingstreet

I agree that I wouldn't want to allow the "status quo" in the long term for that reason. However, the OP's reasoning concerned the difference in the short-term, if I read the posts right and £70 a month, although not a great result, isn't the cause of doom and gloom indicated.