My husband is in year 3 of a 5 year trust deed. He works full time. I'm medically retired due to ill health. Our problem is our mortgage us 4.95per cent with nram. We are stuck at this high rate with nram as no company will let us remortgage with them. We could be hundreds of pounds better off per month on a better interest rate if only we could get away from nram. We are so trapped! ! and this plus all the other problems we have are making us want to end it all.
There is little you can do but it may be worth speaking to one of the mortgage experts. It is a shame but the products are just not there for people to move from NRAM so they can charge what they like. The only option I can see is to sell and rent as this may be a saving and could also settle the Trust Deed.
Are you currently on a fixed rate or standard variable rate deal ?
Are you interest only or repayment ?
You could call them and either request to be moved onto the tracker rate mortgage which is less at the moment and if you're not already on this or possibly switch to interest only of not already doing this.
We were in a fixed rate repayment and went onto the tracker rate interest only when we started our iva as this was cheaper than their fixed rate, as we couldn't swap to another provider.
We spoke to our IP and were informed that any difference in the payments, would have to be paid into the iva pot anyway, so if we had carried on repayment we would've had to have paid equity equivalent at the end, but as we had little equity due to being interest only 3 years, this meant no extra payments, so we're were luckier than most.
Always worth chatting to your IP about this as they can give you more specific information.
Started IVA 27th Feb 2012 - Due to complete 27th Jan 2018 !!
Full & Final submitted and accepted 30th March 2015, paid 10th April 2015 - 3 yrs 1 month into IVA
Completion Certificate received- 30th April 2015!!
Hi. Speak to Ryan or Shaun on this forum who may be able to help - they have specialist knowledge of mortgage products for people with insolvency issues.
