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NRAM refusing Settlement figure
rich3101
Posts: 9 Forumite
Hi - can anyone help. I tried to get a settlement figure from NRAM today as I want to switch mortgages. I am currently have an 95% interest only mortgage and want to be to capital repayment. However to help me do this I need to understand what I owe so I can work out how much deposit I need to switch banks.
The initial money borrowed was £270k. However when I asked how much the balance owed or to settle they said approx £280k.
I have had the mortgage for 8 years so it can't include a early redemption charge. Can this be correct? If I switch mortgages I need to pay the £280k back when I only borrowed £270k
I asked them to send a settlement figure but they refused unless I was paying the balance!
Can anyone advise what to do next?
The initial money borrowed was £270k. However when I asked how much the balance owed or to settle they said approx £280k.
I have had the mortgage for 8 years so it can't include a early redemption charge. Can this be correct? If I switch mortgages I need to pay the £280k back when I only borrowed £270k
I asked them to send a settlement figure but they refused unless I was paying the balance!
Can anyone advise what to do next?
0
Comments
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Some NRAM mortgages allowed you take out a mortgage and a loan on top, that could be where the extra has come from.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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No that is separate apparently.0
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Have you received an annual statement recently?0
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The balance can go up for a number of reasons. They may add an element of interest in advance. There may be other charges added from the period of the mortgage. It will show on your annual statement..0
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Have you ever taken a payment holiday or been late with your payments?Changing the world, one sarcastic comment at a time.0
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1 - adding fees to the mortgage at the start (and any new deal fees later on)
2 - arrears
3 - payment holiday (authorised arrears)
4 - mistake.
As others have said, the answer will be on your mortgage statements.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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