NRAM have sold my mortgage

Bosun_Doug

Hello, all.
When I moved our mortgage to Legal & General Bank, there were two attractions
1) flexibility to overpay & 'withdraw' and
2) attractive variable rate.
The first is contractual and the second is only by custom/precedent.
When the mortgage was sold to Northern Rock and subsequently transfered to NRAM, the variable rate continued to be very competitive.
If Tulip/Pepper/Engage do not continue with an attractive variable rate on my mortgage; how do I get them to contribute to the fees to move my mortgage?

Thrugelmir

makemdano wrote: »

Secondly Northern Rock wasn't wound down, it was sold at a knockdown price and now flourishes ( if you believe the hype) as Virgin Money (who uses a current account without full internet access??) The wind down you refer to applies only to NRAM/UKAR or whatever the name has changed to now

Northern Rock was split in 2010 into assets and banking. Bad bank and good bank respectively. Virgin bought the bank. Retail deposits, staff and branch network. The bulk of the mortgage book as such was not part of the sale.

Billy_two_speakers

Bosun_Doug wrote: »

Hello, all.
When I moved our mortgage to Legal & General Bank, there were two attractions
1) flexibility to overpay & 'withdraw' and
2) attractive variable rate.
The first is contractual and the second is only by custom/precedent.
When the mortgage was sold to Northern Rock and subsequently transfered to NRAM, the variable rate continued to be very competitive.
If Tulip/Pepper/Engage do not continue with an attractive variable rate on my mortgage; how do I get them to contribute to the fees to move my mortgage?

WHY would the company help with fees ? that's not going to happen NRAM have helped people with moves ie not charging early redeem fee BUT say like when Virgin bought some mortgages they charged fee to moved mortgages and people who took this to ombudsman did not get found in there favour virgin/nram won

silvercar

Billy_two_speakers wrote: »

WHY would the company help with fees ? that's not going to happen NRAM have helped people with moves ie not charging early redeem fee BUT say like when Virgin bought some mortgages they charged fee to moved mortgages and people who took this to ombudsman did not get found in there favour virgin/nram won

Sometimes a lender wants to reduce their mortgage book and will give a cash incentive to move away.

Billy_two_speakers

silvercar wrote: »

Sometimes a lender wants to reduce their mortgage book and will give a cash incentive to move away.

TRUE BUT this company have just bought this and other accounts from NRAM they won't yet be in a hurry to sell or settle they will have looked at customers history and have some idea as to the risk this account carries might do say in a couple of years but not weeks after buying the accounts

dudtwo

I am in a similar situation, received a letter from Bradford & Bingley (UKAR) telling me they have recently sold my interest only mortgage to "Chaconia Mortgages Ltd", managed by "Pepper (UK ) Ltd" trading as "Engage Credit". I have never heard of any of these companies, and am deeply concerned that they will be able to change my interest rate as I think I am on SVR too.

As I have developed physical problems over the last few years and have become disabled and on benefits as a result, and my bathroom has only relatively recently been specially converted to "level access" for my needs, I cannot afford either financially or physically to lose access to my property, it is the only security I have in more ways than one.

Can anyone please advise on how to deal with this?

I am so worried by this unexpected turn of events and don't know what to do, this letter has literally come out of the blue with no advance warning whatsoever, which as with others here, UKAR claim they don't have to do.

silvercar

I am in a similar situation, received a letter from Bradford & Bingley (UKAR) telling me they have recently sold my interest only mortgage to "Chaconia Mortgages Ltd", managed by "Pepper (UK ) Ltd" trading as "Engage Credit".

All terms and conditions remain.

Are you up to date with your mortgage payments?

You have an interest only mortgage, how do you plan on repaying the capital? Endowment policy/ lump sum/ savings?? How long left on the interest only?

Remember, lenders do not like to repossess. You have no reason to think you are at greater risk of losing your home just because the lender has changed.

dudtwo

Yes I am fully up to date with my payments and I have 7 years left on my mortgage term. My concern is what if they should increase their SVR and my payments increase to a level which I cannot meet. Only about two thirds of my payments are met by DWP currently and I have to find the shortfall each month already.

deno.123

I have recived my first statment from Engage Credit Chaconia management branch.
To my shock dispite not missing a payment they put my account into arrears for no reason what so ever. Also added a small admin fee with no reason why.
I wrote to them weeks ago and i have not recived a reply back.

My concerns are they are actualy trying to damage my credit reports and also start adding on other charges.
advise on what to do would be fantastic
Regards,
Deno

Thrugelmir

deno.123 wrote: »

I have recived my first statment from Engage Credit Chaconia management branch.
To my shock dispite not missing a payment they put my account into arrears for no reason what so ever. Also added a small admin fee with no reason why.
I wrote to them weeks ago and i have not recived a reply back.

My concerns are they are actualy trying to damage my credit reports and also start adding on other charges.
advise on what to do would be fantastic
Regards,
Deno

You need to speak to them directly. As something must be amiss. There is a website.

http://www.engagecredit.com/