NRAM Change of Parties

Dextersm8

Hi,

I'm at a bit of a dead end, and wondered if anyone had any advice they would share.

TrickyDicky101

Why can't husband and fiancee remortgage to an alternative lender? Is there negative equity on the property?

I do not believe you will be able to force NRAM to process a Transfer of Equity [which is what you and your husband are currently trying to do] in a given timescale.

BoGoF

As above, you can't just take your name off the mortgage. It is not as simple as that.

Thrugelmir

Dextersm8 wrote: »

I have just found out that because the application for change of parties has 'taken too long' they have made my ex-husband reapply, and they want to start the process over again.

Has your ex-husband been totally honest with you? As it is him and his new partner that are applying for a new mortgage. Which will result in you having your name removed.

Control of the situation isn't within your power. NRAM do not have to release you if the new parties do not meet the current underwriting ending criteria. Frustrating as it may seem. The situation isn't as you describe. Far from a simple transfer.

kwame41

I though NRAM sold their so called 'toxic debt' to Tulip Mortgages.


The rest taken by Virgin Money.


I didnt realise they still operated.

Thrugelmir

kwame41 wrote: »

I though NRAM sold their so called 'toxic debt' to Tulip Mortgages.


The rest taken by Virgin Money.


I didnt realise they still operated.

Too large an operation for other lenders to absorb. Therefore being sold off in bite sized chunks. Virgin Money is a relatively small lender.

As at the end of March 2018 UKAR still had 131,000 loan accounts. £96 billion of debt yet to be redeemed.

What's left at the bottom of the barrel is yet to be seen in terms of toxic debt. Though as the years pass mortgages themselves come to redemption naturally at the the of their terms.

kwame41

I see.



A friend of mine was transfered some years ago. He had never missed a payment and was treated like a second class citizen by Tulip.

bodyattack

I have a mortgage with Northern Rock then taken over by NRAM - extortionate interest rates forcing me to hold 2 jobs, one of them teaching, the other a night job. i have considered renting out and have it on sale at the moment. i have spent a lot over the years to improve the property but feel all been a waste of time. so far, the mortgage has gone up twice in the last 5 months. NRAM have had to redress my mortgage account due to mistakes they have made. I do not trust them and want out.

Caz3121

bodyattack wrote: »

I do not trust them and want out.

have you applied to remortgage with another lender?