NRAM Porting LTV

Andrew01

Spoke to GINA at NRAM this morning Wednesday 20th August 2014, waited 7 days for a telephone interview on porting my mortgage. ***NRAM will only lend the percentage of equity you already have in your house***!!!

So if you have sold your house for 200k and your mortgage is 100k you currently have 50% equity, sounds good....No...

NRAM will NOT lend you more than your existing equity!!!

So trying to purchase a new house for 150k looking to borrow 90k. they say not possible as the new equity is less than the equity in our existing property.

SO don't waste your time with NRAM!!!

vw100

NRAM is government owned and are in fact encouraging people to remortgage to another lender. A friend has received a letter to this affect. Chances of getting additional money are very slim with NRAM.

Thrugelmir

Andrew01 wrote: »

SO don't waste your time with NRAM!!!

NRAM has been closed for new business (additional lending) for some time...........

MLSY

Nram seem to do all they can to make customers feel they should leave Nram as quick as possible

if your with Nram why are you wanting to port as I guess the interest rate is not the best ?

Thrugelmir

MLSY wrote: »

Nram seem to do all they can to make customers feel they should leave Nram as quick as possible

NRAM is owned by the UK taxpayer and still has over 500,000 mortgages on it's books. So running the historic legacy down is a major exercise that's going to take some years yet.

Westminster

I was under the impression that they no longer have a licence to write new business, so additional borrowing is not possible.

kingstreet

It isn't possible to increase a mortgage with NRAM.

It was supposed to allow the same LTV as currently applies, but that's effectively only useful for those moving £ for £ or trading down.

UKAR which runs NRAM is tasked only with returning money to the taxpayer, not to operate an ongoing mortgage lending business.