Former NRAM customer, now TULIP/ENGAGE CREDIT won't let me port my mortgage!!

tinygirl80

I had a mortgage with NRAM which has now been sold to Tulip/Engage Credit. I need to move home but Tulip/Engage Credit have today told me they won't accept porting applications even though I am not asking for any additional funds and I have never missed a payment in 10 years. Can Tulip/Engage do this? I haven't received any such notification of the change in my terms and condition.

David_White

No lender is obliged to port a mortgage I'm afraid so I do believe they are within their rights to refuse... especially the old Northern Rock mortgages.

Presumably you've explored the option of taking out a mortgage elsewhere?

amnblog

They don't have any mechanism to port deals. You therefore need another lender.

Thrugelmir

NRAM have sold the debt. There's obligation on the purchaser to underwrite new business. Possibly they are not licensed to lend so cannot anyway.

Linda_Richmond

We have had the same problem. We wanted to decrease our mortgage too.

I would question why valuations for porting of mortgages is shown on their tariff of charges if they do not offer this service.

Thrugelmir

Linda_Richmond wrote: »

We have had the same problem. We wanted to decrease our mortgage too.

I would question why valuations for porting of mortgages is shown on their tariff of charges if they do not offer this service.

Have you asked? Possibly there are situations in which they will port., i.e. if downsizing and the borrower is reducing the debt owed. As lenders do have a duty of care to borrowers.

amnblog

Linda_Richmond wrote: »

We have had the same problem. We wanted to decrease our mortgage too.

I would question why valuations for porting of mortgages is shown on their tariff of charges if they do not offer this service.

Who's Tariff? Nram or Engage