Rates, fees & charges

Useful information about the interest rates, fees and charges that apply to NRAM mortgage accounts.

Interest rates

The interest rate that applies to your mortgage at present will depend on the specific mortgage deal that you took out with NRAM. Your mortgage Terms and Conditions will state both the initial rate and any subsequent rates that apply.

Interest rates do vary from time to time, and depending on the type of mortgage that you have, the rate that you are charged could potentially go up or down.

Interest rate changes

To see how a future interest rate rise could affect your monthly mortgage payments, use our rate rise calculator. Simply enter some basic details about your mortgage to see how your payments could be affected by a range of potential future rate rises.

Types of interest rate

There are 5 main types of interest rate that are applicable to NRAM mortgage customers. Your mortgage Terms and Conditions will state the type of rate that applies to you.

Fixed rate

If a fixed interest rate applies to your mortgage, it will not change until you get to the end of the agreed fixed rate term. You will then usually revert to one of the variable rates detailed below. We will write to you to inform you of your new interest rate and payment at least 4 days before your interest rate and payment changes.

Tracker rate

A tracker rate will track at a set percentage above or below another rate (often the Bank of England base rate) for a specified term. Your Terms and Conditions will state details of which rate your mortgage is tracking against.

Discounted rate

A discounted rate offers a set discount off either a Product Variable Rate (PVR) or a Standard Variable Rate (SVR) for a specific, initial term. Once the discounted rate period ends, you will then usually revert to one of the variable rates detailed below. The minimum interest rate that can be charged is 0.001%.

Standard variable rate (SVR)

If our SVR applies to your mortgage, your interest rate is not directly linked to any external rates as it is set by us.

Our Standard Variable Rate is currently 4.54% changing to 4.79% following the recent Bank of England Base Rate change. We will be writing to customers affected by the interest rate change to confirm the date when the new interest rate will be applied.

Loyalty rate

Our Loyalty Rate for qualifying NRAM customers is currently 4.29% changing to 4.54% following the recent Bank of England Base Rate change. We will be writing to customers affected by the interest rate change to confirm the date when the new interest rate will be applied.

The NRAM Loyalty Rate is a discount of 0.25% from our Standard Variable Rate and applies if you meet all of the following criteria:

  • you are an existing residential NRAM mortgage customer and have held your mortgage with us on the same property for 7 years
  • your mortgage payments are up to date
  • you do not currently benefit from a special rate (such as a fixed or tracker rate)
  • you are not currently within an Early Repayment Charge (ERC) period
  • you do not have a together mortgage

Fees & Charges

The main fees & charges that apply to our mortgages are listed on these PDF documents:

Tariff of Charges

Tariff of Charges - Arrears and Possession fees