NRAM & Whistletree fiasco

dunstonh

Interestingly, the sale of my mortgage and associated loan has caused serious damage to my credit score.

Shouldnt make the slightest bit of difference.

my clearscore credit score has decreased from 438 to 371.

Not that the score actually means anything to real lenders.

Thrugelmir

zoomsta wrote: »

Interestingly, the sale of my mortgage and associated loan has caused serious damage to my credit score.

Merely highlights the change of mortgage provider. Makes not one iota of difference to a potential source of credit. .

Agentm

Hi all, I came here looking for answers as I get ready to settle my once-NRock-now-Whistletree mortgage and this from Elvin Marvel's comment made me sit up straight:

'Since taking out the mortgage, our circumstances have changed, and even though we have over 66% equity in our house, no one will lend to us on the affordability problem - even though a new mortgage would give us more disposable income.'

We have been locked in to this mortgage in the same way, always having around 40% equity but being unable to borrow against it. In our case, it has prevented us from selling the property - my husband's flat from when we met - for over 8 years. One, because we couldn't meet the mortgage payments and that of our home while it was on the market, finding ourselves faced with charges and threats of repossession so that we removed it from sale twice previously and let it to my son for no profit, simply to make the mortgage payments and two, because it was desperately in need of updating. We just finally managed to BORROW from a family member to do the work and it has sold within a week.

And guess what? We somehow owe more than the original loan, thanks to 8 years of on and off late payment charges for a second property we didn't want to keep!

Why is Elvin's comment interesting to me? Because I have my original mortgage illustration in front of me as I write. On it, it states the following, quite clearly:

'YOU CAN APPLY FOR ADDITIONAL SECURED BORROWING AT ANY TIME. APPROVAL WILL BE SUBJECT TO YOUR CIRCUKSTANCES AND OUR LENDING CRITERIA.'

Is the NRAM and now Whistletree loan subject to the same terms and conditions of our original loan? I should think so.

I'm off to finish my letter of furious complaint and I suggest Elvin does to.

Agentm

I just want to add that the property price has plumetted too since we originally tried to sell and our credit score is seriously affected too.

dunstonh

Why is Elvin's comment interesting to me? Because I have my original mortgage illustration in front of me as I write. On it, it states the following, quite clearly:

'YOU CAN APPLY FOR ADDITIONAL SECURED BORROWING AT ANY TIME. APPROVAL WILL BE SUBJECT TO YOUR CIRCUKSTANCES AND OUR LENDING CRITERIA.'

Is the NRAM and now Whistletree loan subject to the same terms and conditions of our original loan? I should think so.

I'm off to finish my letter of furious complaint and I suggest Elvin does to.

Your original mortgage was with Northern Rock. Northern Rock failed and you are no longer with them. NRAM/Whistletree honour the terms of the mortgage but they are not open for new lending.

And as the wording quite clearly says. It is subject to their lending critieria. That lending criteria is to not lend any money.

Give up and stop wasting your time. They are not there to lend new money.

Agentm

Well pointed out, there IS no lending criteria any more, a deviation from the original illustration. If I had been able to borrow from the equity we had when we originally tried to sell, I would have had £20,000 more in my pocket than I do today in the current market. The flat just sold in a week after a family member helped us to update it considerably and Whistletree want £2500 more than the original loan plus a £250 exit 'admin' fee? I have a few admin fees of my own.

I absolutely will not give up. I hope others won't listen to voices like yours either. I'm out of here now.

dunstonh

I absolutely will not give up. I hope others won't listen to voices like yours either. I'm out of here now.

You are not going to get anywhere as they cannot lend you money. It is a closed book on wind down. They want you gone.

You can scream and shout as much as you like but if they cant give you what you want, then what do you expect to get from all that wasted effort?

Thrugelmir

Agentm wrote: »

Is the NRAM and now Whistletree loan subject to the same terms and conditions of our original loan? I should think so.

No, as the terms can be varied during the contract duration. Amendments being sent with your annual mortgage statement as revised terms and conditions. Lenders are required to maintain their T&C's in line with current law and regulation.

Write as many letters as you like. It won't make any difference.

neil9313

Agentm wrote: »

I just want to add that the property price has plumetted too since we originally tried to sell and our credit score is seriously affected too.

Its not related.

bigbadwolf500

Had my first contact from Whistletree just over 2 weeks ago and found them to be very helpful.
Have been consistently a month late on my mortgage payments over the last year or so. This is the reason Whistletree rang. Explained my situation to Whistletree that I was having difficultly 'catching up". Came to an agreement over the phone very quickly , where I pay a bit extra each month and my account will be back in line within 10 months (maybe less if the SVR drops since last interest rate drop).They wanted to go through full budget, but I was at work and didn't have the time. Wasn't a problem.

Glad I took the call!!! I'd been dodging all NRAM calls for some time as they never offered any help. Just chasing me for a payment.