Bad timing re:NRAM & Landmark Mortgages

Rosenhaus

My mortgage was one of the package sold off to Cerberus in May and rebranded as Landmark Mortgages Limited in July.

Now I see the remaining NRAM is cutting its SVR by 0.25% to 4.54%, while Landmark is not passing on the cut and its SVR is remaining at 4.79%.

So much for our terms remaining the same, bad timing indeed.

Both are passing on the cut to tracker mortgages, if you happen to have one.

Thrugelmir

Rosenhaus wrote: »

Now I see the remaining NRAM is cutting its SVR by 0.25% to 4.54%, while Landmark is not passing on the cut and its SVR is remaining at 4.79%.

Have they said they won't be or simply haven't made an announcement yet.

Rosenhaus

Have they said they won't be or simply haven't made an announcement yet.

Landmark have said on their website the SVR is staying the same, unlike NRAM who have decided to cut the rate.

The Standard Variable Rate (SVR) is not linked to the Base Rate.

At this point in time, there is no change to the Standard Variable Rate (SVR) for Landmark customers. We will update this website if there is any change to our SVR.

Noel_Walters

Apparently it's all the fault of "Brexit"

“Unlike TSB and other similar institutions, Landmark is not a deposit taking bank and, as a wholesale funded entity, it does not directly receive the benefit of reduced funding costs flowing from the BoE’s rate cut. To the contrary, Landmark’s funding costs are exposed to increases in the wholesale funding market, and the impact of Brexit on the housing market in general, and the acquired portfolio in particular, must be considered,”

I'm pretty sure there is a term in the mortgage agreement that says after the initial tracker rate it would revert to Northern Rock base rate + so many percent. I don't recall agreeing to any change in this term.

Will be interesting to see if they use the same logic when rates go up again. if they get no benefit when rates go down then by the same logic they get no disadvantage when rates go up.

Feeling very angry about this.

Westminster

I predicted this could happen over a year ago - NRAM have sold my mortgage

Hope you get some good news

RubyRedRidingHood

I hadn't realised that NRAM hadn't been sold as a whole. I don't understand what we have done to be such a bad customer that every time a decision has been made by our 'lender' that we have always landed on the side that has been most detrimental to our financial future. So Northern Rock moved us over to NRAM, no option to remortgage for the last 10 years as they no longer lend and we didn't satisfy other lenders requirements. Stuck with a loan over 25k so not covered under CCA. Not allowed same remedies as other NRAM customers and then sold again and therefore no reduction to variable rate. We have never defaulted and we over pay our mortgage. Disgusted just doesn't cut it. Hoping we have better news tomorrow that we are now eligible to remortgage. Tired of being made a fool of!

Thrugelmir

RubyRedRidingHood wrote: »

Tired of being made a fool of!

No one is making a fool of you. As far as the reasoning behind Northern Rock is concerned the whole issue was very complex. The decision to nationalise Northern Rock ultimately was the only option. Forget the past and look forward. Start a new thread and let's see if the resident brokers on this forum can steer you towards a solution.

Rosenhaus

from the Landmark Mortgages website:

Landmark has reviewed the impact this has on our Standard Variable Rate (SVR) and although the SVR is not linked to the Base Rate, we are pleased to confirm that we will be reducing our SVR by 0.15% to 4.64%. This change will take effect from 1 October 2016.

0.15% better than nothing I suppose.