Nram Mortgages has now closed to new business.
Nram mortgages was a specialist mortgage lender which looked to challenge and take on the high street mortgage lenders.
Nram mortgages offered a host of variable rate and fixed rate mortgages which may be suitable to you based on your financial needs and current situation.
What types of mortgages could you get with Nram Mortgages?
- Fixed rate mortgages: With these mortgages, the rates are fixed for a period of 2, 3 or 5 years and provides you certainty over your Nram mortgage for that time frame.
- Variable rate mortgages: You can access a host of variable mortgages through Nram mortgages and this mortgages will have a variable rate which can be increased or decreased at any time by Nram mortgages.
- Tracker mortgages: You can access a host of tracker mortgages from Nram mortgages. These mortgages will usually track the bank of England's rate and will move in line with it although it may not be the exact rate but rather a rate which will increase by the same point or increase by the same point as the bank of England rate.
- Remortgages: You can access a host of remortgages on any of Nram mortgages products.
- Buy to let mortgages: Nram mortgages also offer a host of buy to let mortgages for buy to let investors.
- You may be able to access mortgages on Nram mortgages with up to 95% Loan to value (LTV).
Nram mortgages may also allow you to make overpayments on your mortgage but there may be a fee for doing so and a limit on how much you can overpay your mortgage each year.
If you are considering getting a mortgage then using a mortgage broker may be a good choice as mortgage brokers usually have access to many more products than any specific mortgage lender.
Mortgage brokers will also usually have access to specific deals from mortgage lenders as well as experience on which mortgage lenders will be more likely to accept your case. This will help you avoid getting rejected on a mortgage application and having to build credit due to the damage a rejection might do to your credit score.
If you have bad credit or are self-employed then specialist mortgage brokers such as bad credit mortgage brokers or self-employed mortgage brokers may be useful.
You may also want to consider the government schemes which are available for first-time buyers and home movers such as:
- Lifetime ISA- gives you a government bonus of £1,000 if you save the maximum £4,000 a year.
- Help to buy ISA- gives a maximum bonus us £3,000 if you save the maximum allowed of £12,000. Before you get either you should consider which is better. Lifetime ISA vs Help to buy ISA.
- Help to buy equity loan- gives you up to 40% as a 5-year interest-free equity loan. You begin to pay interest at 1.75 % after the fifth year and 1% plus RPI for every year thereafter.
- Shared ownership- You can buy between 25% to 75% of the property initially with a shared ownership mortgage and then buy more using a staircasing mortgage.
- Armed forces help to buy- similar to the help to buy equity loan but specific for the armed forces personnel giving them an increased chance of acceptance.
- Rent to buy- This is the right to buy scheme on which this guide is currently discussing. A different marketing name is just used. Watch out for this when shopping to avoid missing out on eligible properties due to confusion.
- Right to buy- allows you to buy your home at a discount price.
- Preserved right to buy- same as above.
- Right to acquire- same as above.
Depending on where you live, you may also be able to take advantage of home buying schemes provided by your local council. Example: In Norwich, the local councils provide the Norwich home options scheme.
Disclaimer: The offers compared on this page are chosen from a range of products Huuti has access to track details from and is not representative of all the products available in the market. Unless indicated otherwise, products are displayed in no particular order or ranking. The use of terms “Best”, “Top”, “Cheap” including variations, are not product ratings and are Huuti is not recommending anything here. You should consider seeking independent financial advice when necessary and confirm the validity of the information above for your personal circumstances. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP YOUR MONTHLY REPAYMENTS