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Northern Rock Asset Management (NRAM)

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Posted on 9 February 2012

What can I do to get out of negative equity home?  We can no longer afford repayments due to a change of business circumstances and tried to get better interest rate, but were told Northern Rock no longer offered mortgages now thaqt we belonged to NRAM.  We currently have not missed any payments but can not sustain much longer.


You must contact NRAM and tell them of your change of circumstances.  They will want to establish the extent of your difficulties and then ensure everything that can be done to keep you in your home is done.  This may include a new payment plan, changing when and how you pay, converting your mortgage to an interest only basis for a short time or lengthening the period over which you have to pay the mortgage.

At the same time you should speak to one of the free debt counselling services, such as those run by Citizens Advice or the Consumer Credit Counselling Service.  Citizens Advice will be able to help with both your housing and payment concerns.

With regards to the negative equity, I regret that there is no quick fix.  If part of your debt is made up an unsecured loan then NRAM may let you carry this on after the property has been sold and the mortgage repaid.  If the value of your property is insufficient to clear the mortgage then NRAM have even more of an incentive to help you remain in the property.  Call them now on 0845 604 4850.  Lines are open:

Monday - Friday: 8.00am - 8.00pm

Saturday: 9.00am - 1.00pm


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Answers provided in response to Ask the experts are based on the information provided and do not constitute advice under the Financial Services & Markets Act. They reflect the personal views of the authors and do not necessarily represent the views, positions, strategies or opinions of John Charcol. All comments are made in good faith, and John Charcol will not accept liability for them.

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Our charges are based on two considerations: the loan amount and the complexity of your individual circumstances. We will provide you with a free initial consultation and we will always explain exactly what you will be charged before you choose to  proceed with an application. As we offer a bespoke service our charges can vary. Our minimum fee is £495, (of which a non-refundable £150 is payable when you make a formal mortgage application). The average fee paid by our clients over the last year was 0.24% of their loan value. (For example, if your loan amount is £300,000 our average fee would be £720). If your circumstances are more complex we may charge a higher fee. Our maximum fee is 1.5% of the loan value. (For example, if your loan amount is £300,000, our maximum fee will be £4,500).

These fees apply to all regulated mortgages. Certain mortgages, primarily most buy to let and commercial mortgages, are not regulated. Fees for non-regulated mortgages can vary depending on your requirements and circumstances. Please contact us directly for more guidance.



John Charcol is a trading name of John Charcol Limited and its Appointed Representatives. John Charcol Limited is authorised and regulated by the Financial Conduct Authority. The Financial Services Register number is 665649. Registered in England No. 9157892. Registered office address for John Charcol Limited is 5th Floor, Cutlers Exchange, 123 Houndsditch, London, EC3A 7BU.

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