NRAM are stopping us from selling our house.

leannekera

My partner has just got off the phone to NRAM who are refusing to settle our mortgage account and allow us to sell our home.

Basically we are one of the unlucky few who where lead to believe that the together mortgage was the best way forward. For the last 8 years we have been struggling to keep up with the repayments whilst also renting a flat 90 miles away from the property (due to work). Our monthly payments are around £1400 at the minute, which is tough! We have never gone abroad or booked a holiday and can't plan a future whilst paying this.

Our plan was to sell our home, leave our rented flat and buy something nearer to where we work, significantly reducing our monthly payments and allow us some breathing space.

We have now finally had an offer on our mortgaged property for £86k. This will cover the secured mortgage of £73k. HOWEVER because we have an unsecured loan with NRAM for a further £22k (part of the together mortgage hook) they are refusing to accept the £86k offer and want the full £95k before they will allow us to complete!!!

We will now have to pull out of buying our new home as we will no longer have any deposit available. I don't understand how they can do this when the £22k loan is unsecured and not actually part of the mortgage.

Has anybody else been put in this position??? Is there anything we can do?

copeland29

We sold our house in August 14, paying off the secured part of our Together mortgage & keeping the unsecured loan. There was no problem with NRAM over this - we are now paying, & overpaying every month, a stupidly high interest rate on the unsecured loan.
I don't understand why they are telling you the unsecured loan must be repayed, I would try getting your solicitor to contact them.

Jemima09

copeland29 wrote: »

We sold our house in August 14, paying off the secured part of our Together mortgage & keeping the unsecured loan. There was no problem with NRAM over this - we are now paying, & overpaying every month, a stupidly high interest rate on the unsecured loan.
I don't understand why they are telling you the unsecured loan must be repayed, I would try getting your solicitor to contact them.

I'm doing the same thing, paying off my unsecured piece separately. I don't know if they make any decision based on the outstanding value (mine is £8,700) but I had the same impression that as long as the mortgage was paid off you could keep the unsecured bit running? I'm looking to refinance mine soon, as it's at 12.79%!

leannekera

We have basically been told the issue is that we didn't speak to them before selling and that they have the right to reject the requested redemption statement amount. We can either pay up or wait up to 3 weeks for a decision!

Did either of you speak to NRAM prior to selling your home? Where there any hoops you needed to jump?

Thank you for responding

Jemima09

I don't remember specifically telling them.. I know I had to request a statement after I sold.. And I might have requested a balance over the phone prior, but I wasn't aware of that as a rule, so I dont think I would have formally told them I wanted to sell?