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  • FIRST POST
    • lebowski111
    • By lebowski111 10th Aug 18, 2:25 PM
    • 14Posts
    • 4Thanks
    lebowski111
    NRAM standard variable rate scam
    • #1
    • 10th Aug 18, 2:25 PM
    NRAM standard variable rate scam 10th Aug 18 at 2:25 PM
    Hi all, so I'm going to try and take on NRAM and win! Need some advice though.

    When I took out my 95% interest only mortgage in 2007 with Northern Rock for 123k, it was fixed for 2 years. The mortgage illustration gave an example of what the payments would be after the fixed period using their standard variable rate at the time. These SVR in the illustration/mortgage offer was 2.1% over the Bank of England Base Rate (BOEBR). Since then, we had the crash and my flat was in negative equity. Northern Rock folded and my debt was taken on by NRAM. After the 2 years, as I was in negative equity I couldn't afford to sell but nor were there any products I could swap to as NRAM were there just to facilitate the debt. This meant I was a prisoner of their SVR. My issue here is whilst I think that it's crap to be in that situation, after the 2 years fixed their SVR I went on to was no longer 2.1% above the BOEBR but 4% above. Therefore I'm going to try and claim back the difference between 2.1% above base rate which I think I should have paid and the 4% which I have paid plus interest on the amount.

    I'm just selling the property now as I've just about made enough overpayments to bring it out of negative equity meaning I can finally afford to sell and have this nightmare over. I'm disguted that NRAM is funded by the government and they are still screwing people who are stuck in a situation with no options. Any advice? Especially regarding how and if they are well within their rights to double the difference in the SVR to the base rate? Whilst I know they can change it surely this jump is not justifiable??

    Thanks in advance
    Last edited by lebowski111; 10-08-2018 at 2:28 PM.
Page 2
    • Moneyineptitude
    • By Moneyineptitude 15th Jan 20, 11:00 PM
    • 25,356 Posts
    • 14,798 Thanks
    Moneyineptitude
    Hi, there are over 2000 members on the UK Mortgage prisoners website
    Originally posted by jh40
    How did threadstarter Lebowski111 get on , I wonder
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