NRAM arrears and selling my house.

robjoe2010

I have put it on the market


NRAM said they don't allow people to market a property if they are on IO, I told them I have equity but they said their policy was to be paying either the full repayment per month or more than IO. I don't know whether to keep quiet and hope for a buyer, at least this way they will get the full balance.....

fatbelly

Keep quiet and hope for a buyer...

If they had offered you an AVS scheme with sensible terms, they would have had the right to ask your estate agent what was going on.

But as things stand I can't see how they can refuse to allow you to look for a buyer, particularly as the sale price is likely to exceed their mortgage balance.

I guess they could tinker with the balance figure at the point of exchange to put the interest back but that would be something for your solicitor to question.

Butti

Always quiet in August. I expect it to pick up in about a fortnight with all the folk who want to move by Christmas.

robjoe2010

Fatbelly, I think I'm going to just keep quiet and see what happens, they gave me a balance the other day and explained that interest is applied at the end of each month so hopefully this is what will occur.


Butti, it is very quiet at the moment but like you say, maybe it'll pick up when all the schools are back and people start to think towards Christmas