NRAM mistake

berri_2

I spoke to NRAM today who I've had a mortgage with since 2007 (orginally northern rock) I was asking what I can do to reduce my payments as its a hefty £1066 a month but apparently they won't do anything until I look at my unsecured loans by putting a payment plan in place which madness I only want to lengthen the term so I can pay less. Anyway they also told me I took the mortgage back in 2007 as an interest only type but I know for a fact I didn't and since found my orginal documents saying it was repayment so I'm thinking if this is a mistake on their part could it actually decrease my payment. Has anyone else had this issue?

I think I will ring on Monday as of course they are closed at weekends and I can send them proof they are wrong.

Thrugelmir

berri wrote: »

I only want to lengthen the term so I can pay less.

Do you have other unsecured debt?

kingstreet

If you are already on interest-only, highlighting to them you should be on repayment will probably prompt them to switch the account, increasing your monthly payments now.

As increasing the term on interest only has no effect on payments, you may wish to keep quiet for the time being.

NRAM has nothing but 4.79% to offer, so it has no options for someone already on interest only. If you have the equity and the credit status, a remortgage away from them to get a lower rate would be advisable, but you won't get interest only too easily now.

opinions4u

This sounds like a recipe for repossession.

You have no automatic right to extend term, reduce payments or lower interest rate.

Your mortgage is the roof over your head. It is your number one priority bill. It is absolutely right that they should expect you to prioritise meeting the mortgage payment ahead of making unsecured loan payments.

berri_2

I am on repayment now we had a year on interest only 2010-11, but that was all they are saying it was interest only when we took mortgage our in 2007 but that is incorrect we have been on repayment from 2007- to mid 2010. We went to interest only for a year because I had a child. From 2012 to present it has been repayment. So they have made a mistake and I have proof.Yes I do have two unsecured loans which is fair enough but I was only trying to find out a solution rather having to go through a debt management plan.