Nram Together mortgage

Michelle31_2

Hi everyone I have had a mortgage with Northern Rock now Nram for 7 years and I am pretty sure when we took out the mortgage we were told after 7 years we would get the loyalty rate called them today and they said the loyalty rate does not apply to the together mortgage does anyone know anything about this I have no mortgage arrears

Thanks
Michelle:)

kingstreet

TBH I can't remember. You need to look at your Key Facts Illustration (KFI) or mortgage offer.

kingstreet

I've just had a look at an old KFI from 2007 and it does not mention the loyalty discount being applicable after seven years.

Thrugelmir

NRAM only has one rate now. So ideally you should be looking at remortgaging to another lender, if that's possible.

kingstreet

Thrug - if you qualify for the old NR 0.25% loyalty discount you still get it under NRAM rules.

http://ask.n-ram.co.uk/help/mortgages/SVR

lizards

In a similar boat, although I'd never been told we didn't qualify (have had mortgage 8 years) Rang them just now and the lady I spoke to thought it was odd too - she knew it was a Together mortgage - and they're going to investigate. She said I should have received a letter but we never did.

Thanks for flagging it up, I'd clean forgotten about it!

Deleriad

If you're in the same position as us you'll notice that you're not actually on NRAM's SVR you're on a special SVR-0.01% rate. Why does that matter? because the loyalty bonus only kicks in if you're on the SVR. By putting Together mortgages on SVR-0.01% they can avoid giving the loyalty bonus. Nice eh.

lizards

http://www.n-ram.co.uk/en/customers/mortgages/existing-mortgage-customers/standard-variable-rate.aspx

Wow, that's unethical. There's no mention of it there, but having just checked my mortgage statement we are indeed paying 0.01% under their SVR.

I suspect that's why we've been "overlooked" - guess I'll find out when they get around to writing to me to explain.

kingstreet

Having read an old Together offer, these cases go onto a special guaranteed rate, not onto standard variable.

Deleriad is correct.

chrisjb98

I too have a together mortage which has just gone past the 7 year mark. I am not sure when I became aware of the loyalty rate but I have been patiently waiting for several years! Have just called them to be told I am not eligable as Together Mortgages are excluded. I have checked my paperwork and there is no mention of the loyalty rate so Im thinking it must have been their website that brought it to my attention. The website says you are eligable if" You are an existing residential NRAM mortgage customer and have held your mortgage with us on the same property for 7 years, and
Your mortgage payments are up to date, and
You do not currently benefit from a special rate (such as a fixed or tracker rate), and
You are not currently within an Early Repayment Charge period.

I too am on 4.78%, which is a "Special Rate" as it is 0.01% below the SVR. GUTTED! I had been banking on getting this discount!

I bought the house with my brother in 2007. He emigrated to Australia 5 years ago and as my wages havent gone up, I do not meet the affordability criteria for a mortage anywhere else and my combined loan/mortgage is still 100% of the property value. I have no savings so no deposit for a new mortgage.

I just wish I could get a better loan rate- all my friends are paying WAY less and can afford to make overpayments. This high rate is eating all money money and I can see no way out???? When I took the mortgage out, I had assumed that the SVR would reflect the BOE base rate to some degree but NRAM are completely ignoring the rock bottom rates and raping us completely. Shame on them.

_Andy_

chrisjb98 wrote: »

t NRAM are completely ignoring the rock bottom rates and raping us completely. Shame on them.

They're not 'raping' anyone. Grow up. You chose a product with a varying interest rate. They've varied it. It doesn't have to reflect the BOE base rate. If you wanted a BOE base rate tracker you could have chosen one.
Shame on you.