Rates, fees & charges

Useful information about the interest rates, fees and charges that apply to NRAM Buy to Let 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

With Interest rates at an historic low you may be benefiting from low mortgage payments and surplus rents. Whilst this is good in the short term, it's important to understand how future interest changes may impact your portfolio so you can ensure your business model is sustainable in the long term.

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.

To understand the maximum interest rate your property or portfolio could sustain based on your current rent and costs, use this Landlord budget planner. This requires you to identify the basic income and outgoings associated with your investment property and will help you identify when any changes in the interest rate may cause you issues in the future.

Please note – these calculations are based on an 'interest only' mortgage. If you have a Repayment mortgage you will need to factor in the additional capital that you have committed to paying off your mortgage each month.

If your rental income is under pressure and you are worried about making your monthly mortgage payments in the future, then you are not alone. We want to try and help, so that’s why we have introduced a Customer Review service for landlords. Our team of experts are at the end of the line, ready to discuss your situation, offer information and support or put you in touch with other independent organisations who could help. To review your mortgage, simply contact us and ask about this service.

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 14 days before your interest rate and payment changes.

Tracker rate

A tracker rate will track at a set percentage above or below another rate (such as the Bank of England base rate or LIBOR) 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. You will be notified in writing of any changes to your SVR.

Our Standard Variable Rate is currently 4.54%

Loyalty rate

Our Loyalty Rate for qualifying NRAM customers is currently 4.29%

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 Buy to Let mortgages are listed on these PDF documents.

Please note: if you have a NRAM Commercial mortgage, please contact us, as other costs or fees may apply.

Tariff of Charges

Tariff of Charges - Arrears and Possession fees