Compare Mortgage Rates from Landmark Mortgages Against the Market starting at 3.96%

Important Clarification: Landmark Mortgages is not an active lender.

Landmark Mortgages is an inactive lender. The company exists solely to manage a portfolio of existing loans that were originally taken out with other lenders, most notably Northern Rock (NRAM).

• New Customers: You cannot apply for a mortgage with Landmark Mortgages

Existing Customers: Your mortgage is legally owned by Landmark Mortgages, but you are effectively in a "closed book" scenario. This often means you are unable to switch to a new fixed rate with them, leaving you potentially stuck on a variable rate

About Landmark Mortgages

Landmark Mortgages Limited was created following the nationalisation and subsequent restructuring of Northern Rock during the 2008 financial crisis.

When Northern Rock collapsed, it was split into two parts:

1. Northern Rock plc (the "Good Bank"): This contained the safer mortgages and savings. It was eventually sold to Virgin Money.

2. NRAM (the "Bad Bank"): This contained the riskier loans (such as "Together" mortgages which combined a secured loan with an unsecured loan).

In 2016, a massive portfolio of these NRAM mortgages was sold by the UK government to Cerberus Capital Management, a private investment firm. Following this sale, the legal entity NRAM plc was renamed Landmark Mortgages Limited.

What This Means for Customers

If your mortgage is with Landmark, you are likely what the industry calls a "Mortgage Prisoner."

• No New Deals: unlike active lenders (like Nationwide or Halifax) who offer existing customers new fixed-rate deals when their old one ends, Landmark Mortgages typically does not offer new products.

• Standard Variable Rate (SVR): Most Landmark customers are on a Standard Variable Rate or a tracker rate. These rates can be significantly higher than the market average, and they move at the lender's discretion (or in line with the Base Rate if it's a tracker).

• Inability to Switch: Many Landmark customers find it difficult to remortgage to a cheaper high-street lender because they may not meet modern, stricter affordability checks - even though they have been paying their mortgage for years.

Recent Updates (2024/2025): In recent years, some Landmark Mortgages portfolios have been transferred again to other inactive administrators, such as Bloom Homeloans or Heliodor. It is important to check your latest statement to confirm who currently holds your loan.

Pros and Cons (For Existing Customers)

Since you cannot choose to join Landmark, this section applies only to those already with them.

Pros:

• Regulation: Landmark Mortgages is authorised and regulated by the Financial Conduct Authority (FCA). This means they must treat you fairly and you have access to the Financial Ombudsman Service if you have a complaint.

• Variable Rate Drops: If you are on a Base Rate Tracker, your payments will automatically reduce when the Bank of England cuts rates.

Cons:

• High Interest Rates: Many customers are stuck on high SVRs with no option to switch internally to a fixed rate.

• No Further Borrowing: You cannot borrow more money for home improvements or debt consolidation.

• Aggressive Collection: As an investment-owned firm focused on winding down the book, they are often stricter on arrears management than high-street banks.

How to Leave Landmark Mortgages

If you are a Landmark customer, your primary goal should likely be to remortgage away to an active lender to save money.

1. Check Your Credit: Ensure your credit file is accurate.

2. Find a Specialist Broker: Do not just go to a high-street bank computer system that might reject you. You need a broker who understands "Modified Affordability Assessments."

• Note: Some active lenders (like West Bromwich Building Society or Halifax) have specific rules to help "mortgage prisoners" switch, allowing them to waive some affordability checks if you are not borrowing extra money.

Check for Unsecured Loans: If you have a legacy "Together" mortgage (where you have a secured mortgage and an unsecured loan of up to £30k), remortgaging can be complex. You may need a lender who will help you consolidate both debts.

Get started here to begin a free, no-obligation chat with a mortgage broker who can help you explore all of your options when it comes to finding a new lender.