NRAM have sold my mortgage

classyb

Just received a letter from NRAM (government owned) telling me they have sold my mortgage to Tulip Mortgages Ltd. (when I do a search on them it looks like only been trading for 7 months. As they are not a bank or building society will they be able to change my interest rate etc.
This will be managed by Pepper (UK ) Ltd trading as engage Credit.

As I am in an IVA I am not in a position to get a remortgage so now really worried that they may just up my payments / interest rate and I will not be able to do anything.

Anyone help with advice?

Thanks

mattalex2008

In same position as you, and also worried about this! Just hoping they have to keep to the same terms as NRAM, and that they can't change interest rate up or down either.
Also the fact that we have paid NRAM our May payment already, and when hubby phoned Tulip up, they said first payment would be end of May. Hubby explained we had already paid NRAM for May, this they agreed, so said first payment would be end of June, then May, then June again.
We can't afford 2 mortgage payments in one month regardless of IVA, so keeping a very close eye on them.
At least we can prove we have paid May's payment!

TrickyDicky101

If you're in a fixed rate period, then no they can't amend the interest rate as this is what you contractually agreed. However, if you are on a floating rate that isn't linked to a published rate like the Bank of England Base Rate, then yes they can amend the interest rate. Possibly the terms under which NRAM sold the loan *could* limit the new owner's ability to adjust the rate.

mrginge

They cannot change any of your contracted terms.

Westminster

They cannot change any of your contracted terms.

As I suspect the majority of NRAM mortgage holders are now on the SVR loyalty rate, I think there could be a good chance that the new company could adjust their SVR in any way they choose?

mrginge

Westminster wrote: »

As I suspect the majority of NRAM mortgage holders are now on the SVR loyalty rate, I think there could be a good chance that the new company could adjust their SVR in any way they choose?

Well that entirely depends on the content of their contracted terms....

Westminster

Maybe - but we agree what the V part of SVR is do we not?

Thrugelmir

mrginge wrote: »

They cannot change any of your contracted terms.

Few people bother to read them. Selling mortgages on isn't unusual.

Thrugelmir

Westminster wrote: »

Maybe - but we agree what the V part of SVR is do we not?

Current NRAM V rate is probably very attractive given that the assets may well have been sold at less than a 100p in the £. Plenty of money slushing about looking for high yields at the moment.

mrginge

Westminster wrote: »

Maybe - but we agree what the V part of SVR is do we not?

The relevance being?

Westminster

The relevance being - there will be nothing in the contracted terms preventing a hike in SVR, so its not beyond the realms of possibility that the new owner will hike said SVR