NRAM have sold my mortgage

mrginge

Westminster wrote: »

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

When you say 'there will be nothing ....', do you actually mean
'I am guessing that there is nothing ...'

You also presume that some number referred to as 'SVR' is mentioned at all.

Westminster

I'm just about to leave NRAM (thus I'm not concerned either way) so do have a set of their current terms knocking about somewhere but I'm not home till at least next week so maybe somebody will definitively answer that.

{edit} This is unsurprisingly what NRAM have to say about their SVR - and given the length of time since Northern Rock were taking new business, I suspect a very significant proportion of previous fixed / discount / tracker mortgages are now on the SVR

If our SVR applies to your mortgage, your interest rate is not directly linked to any external rates as it is set by us. You will be notified in writing of any changes to your SVR.

Westminster

Here is a recent'ish story on UKAR from the Daily Fail

Including:

The mortgage accounts, which include those of Bradford & Bingley's Mortgage Express, will be transferred over the next 12 months and will have rates and charges set by the existing lenders until then.

Read more: http://www.thisismoney.co.uk/money/markets/article-2792536/zombie-bank-ukar-sells-2-7bn-worth-mortgages-jpmorgan-consortium.html#ixzz3ahY3lsFr
Follow us: @MailOnline on Twitter | DailyMail on Facebook

Westminster

However - on a lighter note for the OP, UKAR did make this statement regarding the sale of your mortgage:

The 27,000 customers affected will be contacted over the next 12 months ahead of the sale, and will see management of the loans transferred to an independent servicing company, Pepper.
“The continued fair treatment of customers was a key consideration for UKAR in selecting the winning bid,” UKAR said. “The sale will not affect the terms and conditions of the mortgages in this portfolio.”

mrginge

Westminster wrote: »

However - on a lighter note for the OP, UKAR did make this statement regarding the sale of your mortgage:

Which is exactly what I said.

Westminster

Well - for accuracy, the second article says the T&C's won't be changed, but does not make any assertion that the SVR won't be modified after the transfer (as per the first article)

Thrugelmir

Westminster wrote: »

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

There be contractual clauses between UKAR and the purchaser as to their future treatment of borrowers transferred.

Also borrowers may have more options open to them. Rather than being stuck on the SVR as it's the only option available.

DAVID_KIRBY

I found out purely by accident 3 hours ago when I noticed a strange new direct debit to Tulip Mortgages!
I have just spent the most stressful 3 hours on the phone making call to NRAM, Engage, my solicitor all because these companies can do things without informing people beforehand! In my case my house sale due to complete in a week may be affected, nobody told me less than three weeks ago when I informed NRAM and asked for a redemption statement. I hope nobody else has to suffer the stress I am under now and the potential financial losses I might suffer. Someone Senior in NRAM knew this was happening, apparently letters have been posted all to bloody late. I have filed a complaint but doubt that will do any good because I don't have any clout!!!!

amnblog

They own the mortgage.


You owe the debt.

Thrugelmir

DAVID_KIRBY wrote: »

I hope nobody else has to suffer the stress I am under now and the potential financial losses I might suffer.

Little point in winding yourself up into a tizzy! I'm sure that everything will be fine.

NRAM has been selling off mortgage assets for a very long time to various parties. There's no reason for this sale to be any different. Any purchaser has to be a registered regulated body. So unsure to what your comment refers to as to companies concerned.