We found out last week that our NRAM mortgage, which was fixed for 15years, at near 9%, which we have stupidly stuck with for the last 8yrs, (hubby too scared to move due to front end loading), we find is now only a 50% mortgage. This means that at the end of 15yrs, we still owe 50%. We NEVER knew this. We have a depreciating life policy that will not meet this, that was sold to us at the same time, so this shows the two agreements were incorrectly matched. Our interest only payments on £163,000 are £1300 a month, we have struggled to pay. Hubby saw the yearly statements and never questioned the maths..but he has been struggling under the weight and stress of trying to pay. It was only when I put the life policy together with the mortgage and showed they didnt make financial sense. Why would anyone buy a 50% mortgage? Is this something NRAM have done since their problems? Anyone know anything about this? I have written to NR, but wonder if I am wasting my time!
↧