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Mortgage Discharge Fee - NRAM
bachelor9
Posts: 1 Newbie
Hi All,
My partner has a mortgage with NRAM and is being charged a £250 discharge fee. The charge is correct and was noted on all original paperwork and I am not disputing this.
Her dispute is that she is being forced into moving her mortgage as NRAM are no longer offering new products and the Variable Rate product that all of NRAMs together customers are stuck on is obviously risky.
Surely on the basis that they are unable to offer her an alternative product (which was certainly an option when she took out the initial product) is enough to mean that they cannot charge her for moving her needs elsewhere?
Any opinions will be gratefully appreciated, :money:
Thanks Matthew - Keen Newbie
My partner has a mortgage with NRAM and is being charged a £250 discharge fee. The charge is correct and was noted on all original paperwork and I am not disputing this.
Her dispute is that she is being forced into moving her mortgage as NRAM are no longer offering new products and the Variable Rate product that all of NRAMs together customers are stuck on is obviously risky.
Surely on the basis that they are unable to offer her an alternative product (which was certainly an option when she took out the initial product) is enough to mean that they cannot charge her for moving her needs elsewhere?
Any opinions will be gratefully appreciated, :money:
Thanks Matthew - Keen Newbie
0
Comments
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Mortgages & deals are changing all the time. No lender promises to have the same or a comparable deal or even any deal to offer at the end of the deal on the current mortgage.
Your partner isn't being forced to change lenders, she is deciding to purely for finacial reasons.The bigger the bargain, the better I feel.
I should mention that there's only one of me, don't confuse me with others of the same name.0 -
NRAM are not the one trying to break the contract. Your partner is. So, as such they are entitled to charge it.
She can ask them if they will waive it. However, that is largely all that can be done.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
how is she being forced to move mortgages, have they made a demand for the mortgage to be paid up? or are you purely saying she wants to switch to a better rate? If so then thats up to her and the fee is being correctly charged.Her dispute is that she is being forced into moving her mortgage as NRAM are no longer offering new products and the Variable Rate product that all of NRAMs together customers are stuck on is obviously risky.0 -
Her dispute is that she is being forced into moving her mortgage as NRAM are no longer offering new products and the Variable Rate product that all of NRAMs together customers are stuck on is obviously risky.
She isn't being 'forced' to do anything.
The mortgage she agreed to was for X rate for X years then a variable rate. Which she's now on, exactly as she would have known she would be.
Plenty of people have variable rate mortgages.
Surely on the basis that they are unable to offer her an alternative product (which was certainly an option when she took out the initial product) is enough to mean that they cannot charge her for moving her needs elsewhere?
No, not at all. As you've stated, the charge is correct.0 -
Nice of the OP to say thanks0
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