Head of Content
Mortgage Advisor & Director
Hessonite Mortgages
About Hessonite Mortgages
Hessonite Mortgages is a UK-based mortgage provider and a trading name of Topaz Finance Limited. Their parent company has been active since 2006 and offers residential and buy-to-let mortgage products and services.
In October 2023, they acquired the mortgage business of NRAM when they ceased operating as a mortgage lender. As a result, scores of their mortgage customers were automatically moved onto agreements with Hessonite Mortgages.
If you want to know how Hessonite Mortgages’ rates compare to the rest of the market, you can view deals from more than 90 leaders across the market below:
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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) when your introductory rates period 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 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.
How Teito Works
You have two options when you get started with Teito: you can select the option to speak with an advisor straight away or source a mortgage yourself. If you want to choose your own mortgage deal, follow the steps below:
Click ‘Get Started’
Hit the button below and enter a few quick details. It takes less than 60 seconds to begin the mortgage process with us
Compare Quotes Online
Next you can view rates and deals from across the entire market online and choose the one you want in real time
Apply Online
We’ll take it from here and have an expert mortgage broker on hand to ensure you have chosen the best deal for you
FAQs
If you are still in the introductory rates period of your existing mortgage, there are likely to be early repayment charges to switch to a new lender. These will be a percentage of the outstanding loan balance and will be higher for those who are on longer fixes.
If you are on Hessonite Mortgages’ SVR, you can switch to a new lender without penalty.