Compare Mortgage Rates from NRAM Against the Market starting at 3.47%

What happened to NRAM?

NRAM was the "bad bank" created from the collapse of Northern Rock in 2008.

• Good Bank: The branches and savings accounts were sold to Virgin Money.

• Bad Bank: The risky mortgages (including the famous "Together" 125% mortgages) were kept by the government in a holding company called NRAM (managed by UK Asset Resolution).

Between 2016 and 2023, the government sold off all NRAM mortgages to private investors to recover taxpayer money.

Who owns your mortgage now?

If you were with NRAM, your mortgage was sold in one of several "chunks." You are likely now with one of the following companies:

1. Whistletree (TSB):

• In 2016, a large portfolio of NRAM mortgages was sold to TSB.

• Status: You are managed by TSB under the brand Whistletree. You are in a better position than most because TSB allows Whistletree customers to switch to new fixed rates.

Landmark Mortgages:

• A large portfolio was sold to Cerberus Capital Management.

• Status: Your loan is administered by Landmark Mortgages. This is an inactive "closed book" lender.

Heliodor Mortgages / Hessonite:

• Other portfolios were sold to investment groups and are managed by Topaz Finance (a subsidiary of Computershare) under brands like Heliodor or Hessonite.

• Status: These are inactive lenders.

Action: Check your bank statement or your annual mortgage statement. It will tell you the name of the company currently collecting your direct debit.

The "Mortgage Prisoner" Issue

If your NRAM mortgage was sold to Landmark, Heliodor, or Hessonite, you may be a "Mortgage Prisoner."

• The Trap: These companies do not offer new deals. You are likely on a variable rate that is higher than the street average.

• Switching: You may find it hard to remortgage to a high-street bank because you don't meet today's strict income criteria, even though you have paid your NRAM mortgage for years.

What can you do?

If you are stuck on a high variable rate with a former NRAM mortgage:

1. Whistletree Customers: You are lucky. Contact TSB/Whistletree immediately. They usually offer "product transfers" to let you lock in a fixed rate similar to TSB's high-street rates.

2. Landmark/Heliodor Customers: You cannot switch internally. You must try to remortgage away to a new lender.

• Look for active lenders with "Modified Affordability" assessments (e.g., West Bromwich Building Society, NatWest, Halifax). These lenders can sometimes wave income checks for mortgage prisoners who are not borrowing extra money.

Legal Action: There are ongoing class-action lawsuits (e.g., via Harcus Parker) regarding the interest rates charged to NRAM customers. You may wish to investigate if you are eligible to join.

Get started here to begin a free, no-obligation chat with a broker who can help you explore all of your mortgage options and find the best solution for your needs.