Do Hessonite offer mortgages to new customers?

No. The only mortgages on their books are the existing ones they inherited from NRAM when they left the market in 2023.

Existing customers from NRAM were automatically transferred over to Hessonite Mortgages when they acquired their mortgage business.

Anyone who was on an NRAM agreement will have been transferred to an identical deal with the same rate under the Hessonite banner.

Your options if you were moved onto a Hessonite mortgage

Although Hessonite doesn't offer new mortgage deals, you can make changes to your existing mortgage with them if you were switched over from the defunct lender it acquired.

It is possible to request the following changes to your Hessonite mortgage online:

• Make overpayments
• Switch to or from an interest-only mortgage
• Apply to borrow more
• Change your term length
• Request to take in a lodger
• Request to live in your buy-to-let property
• Request a mortgage payment holiday
• Change your mortgage type from residential to buy-to-let

You also have the option to find a new lender and move away from Hessonite.

What happens when your introductory rates period ends?

As Hessonite doesn’t offer new mortgages, you will be placed on their standard variable rate (SVR) - currently 9.29% - when your introductory rate ends. This will almost certainly mean paying a lot more for your mortgage, so it is in your best interest to find a new lender.

It is recommended that you start searching for a new lender to remortgage with at least six months before your initial rates period ends. This is something our brokers can help you with - they have access to every lender in the UK market and can weigh up all of your options, help you choose the right one, and close the deal before your initial rates period ends.

Alternatively, you can take the DIY route and source a new lender yourself using our free comparison service - get started here to access the latest mortgage rates online.

What are your options if you can’t remortgage?

Following Hessonite Mortgages’ acquisition of NRAM’s mortgage customers, some borrowers are at risk of being stranded on the lender’s costly standard variable rate because they do not fit the criteria for a remortgage elsewhere.

If this applies to you, you are what is often referred to as a ‘mortgage prisoner’. Being in this situation can be stressful and disheartening, but there could be options available.

Firstly, you should speak to a mortgage broker about your circumstances, as they will offer impartial advice and lay our every possible solution for you, which may include:

• Finding a specialist lender who is sympathetic to mortgage prisoners
• Overpaying on your mortgage to make the debt manageable
• Increasing your equity to improve your eligibility for a remortgage
• Sell up and downsize

How Teito can help Hessonite Mortgages customers

If you were placed onto a mortgage with Hessonite, our brokers can help you. We will review all of your options and help you choose the right one for your needs and circumstances.

If it’s in your interest to make changes to your existing mortgage with Hessonite, they will advise you accordingly, but they will also scour the entire market to see whether there’s a better deal out there. If there is, they will guide you through every step of the remortgage process.

For borrowers who cannot remortgage, our brokers can provide impartial advice and connect you with a lender who specialises in providing solutions for mortgage prisoners.