UKAR (NRAM/B&B) to sell off unsecured loans?

DSJS08

I've just read this story which suggests that the owners of NRAM + B&B could be looking to offload £800m in unsecured loans to potential buyers.

If so, this gets me thinking. My NRAM mortgage is paired with an unsecured element which contains a condition in the contract stating that if I un-hook the products (i.e I move mortgage elsewhere) then the loan element of that (if not satisfied) increases in % rates considerably.

Does anyone here have any thoughts on how any sale of these loans by UKAR could impact that?

Thrugelmir

DSJS08 wrote: »

Does anyone here have any thoughts on how any sale of these loans by UKAR could impact that?

For "political reasons" there could be an undertaking not to increase interest rates for a set period of time (or maintain the current relationship to SVR).

mrchiggles

DSJS08 wrote: »

I've just read this story which suggests that the owners of NRAM + B&B could be looking to offload £800m in unsecured loans to potential buyers.

If so, this gets me thinking. My NRAM mortgage is paired with an unsecured element which contains a condition in the contract stating that if I un-hook the products (i.e I move mortgage elsewhere) then the loan element of that (if not satisfied) increases in % rates considerably.

Does anyone here have any thoughts on how any sale of these loans by UKAR could impact that?

If you read the story this relates to the specific unsecured loans that are being managed by a 3rd party that people took out to buy cars/pay off debt/etc. The unsecured element of your mortgage is still going to be run by NRAM directly so doesn't relate to this story.

Thrugelmir

mrchiggles wrote: »

If you read the story this relates to the specific unsecured loans that are being managed by a 3rd party that people took out to buy cars/pay off debt/etc. The unsecured element of your mortgage is still going to be run by NRAM directly so doesn't relate to this story.

Thanks for the observation.