NRAM & Whistletree fiasco

bigbadwolf500

re my SVR comment above - just read this on the Whistletree website

:-(

Interest rates have fallen
On Thursday 4 August 2016, the Bank of England reduced the Base Rate of Interest by 0.25%. This means the Base Rate is currently 0.25%.
As a result, the interest rate that applies to all of our Tracker mortgages and loans linked to the Bank of England Base Rate will also decrease by 0.25% in line with the Terms & Conditions of these accounts.
At this point in time, there is no change to the Standard Variable Rate (SVR) for Whistletree customers. We will update this website if there is any change to our SVR.
If you are a customer who is affected by an interest rate change, we will write to you before any change to the interest rate or monthly payment that applies to your account. This letter will confirm both the date when the new interest rate will apply and the specific impact on your monthly payments. Until we send a letter to you, there is no need for you to take any action.
The impact of the interest rate change on your monthly payments will depend on a number of factors, such as the type of mortgage you have, the current balance and remaining term.

alvino78

Are we able to port our mortgage when we are now with whistltree please?

KenKen

Hello,
I will explain the things briefly step by step, I hope it will help:

1- Most of NRAM mortgage accounts bought by the government under the name of UKAR to stabilise the financial crisis in 2008 with the ultimate aim of selling when the market returns normal.
2- After financial crisis, UKAR started to sell these mortgage books step by step as planned
3- UKAR neither lend new mortgage nor give new loan for current customers
4- If your account sold to Whistletree or someone else now you are their customer not UKAR
5- Whistletree is just a mortgage product name of TSB, not a company
6- So you will deal with TSB or whoever bought your account
7- You can still sell or remortgage your house with the lenders who want to land you
8- When you sell or remortgage, your new lender will pay the balance on your old account
9- Then your old account will be closed without any problem, nothing to worry
10- If you cannot find a new lender, you will keep paying your old account on its terms
11- If you having difficulty to pay, call them and they will try to make an arrangement, they are helpful!

I hope this will help. I am just an old customer:)