NRAM Sold Mortgage to Heliodor

[ADDLED]

Hi everyone. I received a letter today from NRAM to say that they've sold my mortgage to a company called Heliodor. Does anyone have any experience as to why, or if Heliodor are likely to hike my interest rate up?
I was in arrears for a couple of years but have been hammering away and will be clear early next year, and mortgage free in 4 years. If I'm in for a rate hike then I would need to re-budget.

Any advice greatfully accepted!
Cheers
ADD

[Amethyst]

Nope I don't know but you're not alone - I've seen a couple other mentions of them today too so assume the letters have just gone out -
https://www.nram.co.uk/homeowners/he.../heliodor-faqs

[balloonz]

Good morning

I also received a letter at the weekend, informing me of this decision. I am mortgage free in 4 years and have real concerns over the interest rates etc. I have struggled to find the interest rates that heliodor will set. Should I apply for an unsecured loan to pay off my mortgage before Friday?

[Amethyst]

Changing to a loan sounds like jumping out of the frying pan into the fire. You may have early redemption penalties as well.

Your terms will stay the same. What kind of mortgage do you have?

Can the new owner increase the interest rate on my mortgage or loan?

• Yes, but only in line with your Terms and Conditions which are not affected as a result of this sale.
• If your account is on, or is linked to, Standard Variable Rate (SVR) then this will be set by your new lender in line with your Terms and Conditions and any future changes will follow the same pattern that they would had the loans remained with NRAM.
• If your mortgage or loan is on a fixed rate, then your interest rate will stay the same until the fixed period comes to an end.
• If your account tracks the Bank of England’s base rate, then any changes to your interest rate will be in line with your Terms and Conditions, which are unaffected by this sale.

FAQs here http://www.n-ram.co.uk/homeowners/he.../heliodor-faqs

[balloonz]

[QUOTE=Amethyst;n1495508]Changing to a loan sounds like jumping out of the frying pan into the fire. You may have early redemption penalties as well.

Your terms will stay the same. What kind of mortgage do you have?

I have a standard variable mortgage which is now less than £17K and will be cleared in 4 years. When looking at remortgaging I am finding that the minimum amount is £25K. I don't want to take on anymore debt, I just want to get to the end of the term and be mortgage free. I have looked for topaz finance and heliodor online, there is very little information and nothing regarding interest rates. I also believe that giving customers less than two weeks notice by letter is shoddy practice by NRAM. I am also interested in finding out the rationale behind the sale. Have they off loaded customers who have less than 5 years to pay a mortgage or who owe under £25K? Nothing has been publicised about the method used and parameters set.

[Guest]

I also received a letter. I have an £85K mortgage with 10 years to go. Have never been in arrears.
Take care.

[Jsmalls]

I also received a letter. I have an £85K mortgage with 10 years to go. Have never been in arrears.
Take care.

HI FLO55 AND ALL !

I also received the same letter as you all this morning. Straight away it came to my head that they knew i was coming to the end of paying off my mortgage ! I also have 85k left to pay with 10 years left to pay it. I have an interest only mortgage and i am overpaying every month by £1500, after the interest. And it seems like NRAM has sold all the accounts that are paying off their mortgages fast. It seems to me that these accounts are not profitable to them so are selling them. Can every please confirm if not stated that they have under 100k left to pay..

Also can they put up your rates on interest only mortgages, or is it done on the bank of interest rates only ? Please advise. Thanks all..

[Amethyst]

The terms stay the same as your current agreement - so if you're on a fixed rate you'll stay on the fixed rate, if you're on a base rate plus x tracker it'll stay that way.

Terms on overpayments and early redemption etc will also stay the same.

[Annie1954]

My mortgage has also been sold to heliodor, I've had no correspondence from them called seven times not spoke to anyone tried to register on their site but unable to, my mortgage is due I don't do direct debit its a shambles, has anyone else experienced this

[ADDLED]

Something else i noticed: Heliodor have written to warn me about arrears fees for not having an arrangement, yet I have a court order against NRAM that obliges them to accept a particular monthly payment, i.e. an arrangement. Does this court order carry over to Heliodor?

[ADDLED]

My mortgage has also been sold to heliodor, I've had no correspondence from them called seven times not spoke to anyone tried to register on their site but unable to, my mortgage is due I don't do direct debit its a shambles, has anyone else experienced this

I've been making payments direct from my bank a/c with the mortgage account number as the payment reference. If you're having problems then I suggest doing the same, rather than risk falling behind. If you don't have an account number perhaps use your name and postcode as a reference and keep receipts.

[Amethyst]

Something else i noticed: Heliodor have written to warn me about arrears fees for not having an arrangement, yet I have a court order against NRAM that obliges them to accept a particular monthly payment, i.e. an arrangement. Does this court order carry over to Heliodor?

Yes it carries over - you should get something in writing to them with a copy of the order.