NRAM/Tulip won't offer lower rate

sarra63

Hi, we have been with them more than 9 years now, it was fixed 5.20% for 5 years then on their variable rate 4.79% dropping last year to 4.59% for loyalty. Asked them twice to move us to a lower rate but they refused and said they can't offer us any new rate as they are not taking on new businesses! Are they telling the truth and do we have a ground to complain?

k3lvc

Can't answer whether they're taking on new business or not but why do you have to stay with them ??


And as for complaining - about what ??

Brock_and_Roll

sarra63 wrote: »

Hi, we have been with them more than 9 years now, it was fixed 5.20% for 5 years then on their variable rate 4.79% dropping last year to 4.59% for loyalty. Asked them twice to move us to a lower rate but they refused and said they can't offer us any new rate as they are not taking on new businesses! Are they telling the truth and do we have a ground to complain?

What they say is true and there are no grounds for complaint. You are of course free to take your business elsewhere by re-mortgaging with another provider.

Thrugelmir

NRAM no longer writes new business and hasn't done so for some time now. NRAM purely exists to wind down the old Northern Rock mortgage books that remain after nationalisation and repay the taxpayer the money that was lent. You need to remortgage to a new lender to obtain a better rate.

dunstonh

Asked them twice to move us to a lower rate but they refused and said they can't offer us any new rate as they are not taking on new businesses! Are they telling the truth and do we have a ground to complain?

NRAM is made up of the bad book side of the Northern Rock. i.e. the higher risk lending side (borrowers who are considered higher risk). It's job is to run down the book on behalf of the taxpayer. It is not a retail bank offering products. So, it is correct in the response it gave and a complaint will not change anything. You have absolutely no grounds for complaint.

If you want to break the contract to obtain new terms then you will have to find a new lender.

antrobus

sarra63 wrote: »

.... Are they telling the truth ...

Yes.

sarra63 wrote: »

.
and do we have a ground to complain?

No.

P.S. NRAM have sold your mortgage to Tulip. Tulip are obliged to adhere to the contractual terms of your mortgage with NRAM; the standard variable rate is 4.79% or 4.54% if you qualify for the loyalty rate. That's it. There is nothing else on offer

https://forums.moneysavingexpert.com/discussion/5244902

sarra63

Thanks for your replies. A financial adviser said we can complain so I wanted to check, maybe he wasn't aware they no longer offer new mortgages.

dunstonh

A financial adviser said we can complain so I wanted to check, maybe he wasn't aware they no longer offer new mortgages.

A real financial adviser or a tied sales rep?

To be fair, most financial advisers do not do mortgages. They leave those to the mortgage adviser/brokers. So, the financial adviser may not know the current state of play.

Thrugelmir

sarra63 wrote: »

A financial adviser said we can complain so I wanted to check, maybe he wasn't aware they no longer offer new mortgages.

A good reason to look elsewhere for advice.

poppy10_2

sarra63 wrote: »

A financial adviser said we can complain so I wanted to check, maybe he wasn't aware they no longer offer new mortgages.

You should complain about that financial adviser.