NRAM together mortgage unsecured loan query

[Asav7]

Hi, I have joined with a view to getting help with the following. In 2007 we took out a dreaded Together Mortgage. The unsecured element which was initially £22048 is the the reason for my question. I rang NRAM a few years ago and asked if it was possible to settle the unsecured element only and continue on as normal with the secured mortgaged. I was told that any payment received would be applied pro rata over the combined account. I had no reason to query this as afterall, wasn't she the expert? It has now been suggested to me that I can in fact settle the unsecured loan as it is an independent vehicle. Can anyone clear this up for me please?

[PlanB]

Re: NRAM together mortgage unsecured loan query

What you can and can't do will be spelt out in the original Together Mortgage Terms & Conditions. If you've mislaid those you can ask NRAM to send them to you again (are you now a Landmark or Whistletree customer due to the name change following NRAM's recent sale to a US firm?).

Normally the interest rate on both elements (secured mortgage and unsecured loan) would be the same unless or until you redeemed the mortgage and then the unsecured loan interest rate would rocket. That's why some customers prefer to pay off the unsecured loan in preference to the mortgage.

Check the Ts & Cs for any early redemption penalties on the unsecured loan too.

What is the reason for you wanting to clear the unsecured loan?

Plan B x

[Asav7]

Re: NRAM together mortgage unsecured loan query

We are in a tricky situation having taken out this horrendous mortgage at a difficult time. We are in negative equity and have a scandalous interest rate. Having worked at improving our credit rating over the last 9 years we would like to remortgage at a kinder repayment rate. We need to be rid of the unsecured element gefore we can do so. We have all original paperwork and are with NRAM Ltd and not one of the other companies. We have had two conflicting responses from advisors and it is rather frustrating!

[PlanB]

Re: NRAM together mortgage unsecured loan query

I have joined with a view to getting help with the following. In 2007 we took out a dreaded Together Mortgage. The unsecured element which was initially £22048 is the the reason for my question.

Since you say your unsecured loan was taken out in 2007 (i.e. before April 2008) and for £22k (i.e. less than £25k) you might want to read this in case you are due an interest refund and/or redress

http://www.n-ram.co.uk/loans/cca-loans

Plan B x