NRAM Repayment mortgage

Brock_and_Roll

Well it is was it is...the government stepped in to save the day but they have no interest in being long term mortgage providers.
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On the bright side, mortgages (even those from NRAM) have never been so cheap so you should use this historic opportunity to save money and re-build your credit rating to that you can take your business elsewhere before rates rise back to or above their historical averages.

steeeb

What would you like the government to do?

Increase staff and therefore costs at NRAM to be able to offer reduced fixed rates (again, reducing more profit) to 'risky' customers who can't switch to elsewhere?

Hardly fair, is it.

In any case, it should open your eyes to the bigger picture which is you need to improve your circumstances or downsize as others have mentioned.

wolfplayer

mikeb1967 wrote: »

Land registry values the property at £290'000 but we are in a "housing price bubble" so i think its fair to say it has a value of £300'000

I have around £125'000 in equity, my problem is i no longer have the same income that i had when i took the mortgage out and my credit rating is shot to pieces, i am pretty sure i will not find another lender, it just seems unfair that i can not fix my rate with NRAM.

Feels like i am being hung out to dry by the goverment

Sell, downsize, be mortgage free.

scott_lithgows

mikeb1967 wrote: »

I have around 30k coming in, a lot less than when i took the mortgage out but i have no problem making the payments and as i said i can absorb a modest rate rise.

Vey unlikely that my income will increase now other than cost of living wage rises, i have not spoken to a broker as i really don't believe i can get approval from another lender.

If you don't try,you don't get!

Fraulein_Kunst

NRAM do not offer ANY new products as they are not able to sell mortgages.
They have to service the mortgages they have and repay the government.
Unless the government changes the terms that is the way it is

So they do not offer anything to anyone, it's not just fixed mortgages they don't do.

They do allow customers to port mortgages so you can downsize in that way if you felt another lender would not give you a different mortgage