Northern rock together mortgage loan

allthe7s · 12 March 2017 at 7:43PM

Hi guys

I have been thinking on and off for a few weeks about this and thought I'd ask for some opinions.

So we bought our house in 2007 with no deposit using a northern rock together mortgage so 30k unsecured loan on top of a 95% mortgage.

10 years on the loan balance is 25k. The interest rate has always been the same as the mortgage (6.79% for the 1st 5 years and 4. Something since then)

Northern rock went belly up days after our 1st mortgage payment was taken and we have been under NRAM since then. They do not have any deals and they do not sell products so we cannot remortgage with them or stay with them when we move house

However our t&c state that if we leave them for our mortgage then the loan interest rate goes up to 14.9%:eek:

Do you think we have a case to try and get either a. The loan wiped (dream solution lol) b. The interest removed. C. The interest kept at the 4.something rate.

Due to the fact that we are actually unable to stay with NRAM due to us moving house? Or am I just being ridiculous?

7s

sourcrates · 12 March 2017 at 8:19PM

Hi, we move threads if we think they’ll get more help elsewhere (please read the forum rule) so this post/thread has been moved to another board. If you have any questions about this policy please email forumteam@moneysavingexpert.com.

-taff · 13 March 2017 at 2:40AM

This thread may or may not be helpful

http://forums.moneysavingexpert.com/showthread.php?t=4342285

antrobus · 13 March 2017 at 6:56AM

-taff wrote: »

This thread may or may not be helpful

http://forums.moneysavingexpert.com/showthread.php?t=4342285

Does not look like it.

Please note - in respect of loans taken out before 6 April 2008, the CCA regulations only apply where the amount we agreed to lend you (the amount of credit) was £25,000 or less.

http://www.n-ram.co.uk/loans/cca-loans

OP had a "30k unsecured loan".

antrobus · 13 March 2017 at 7:01AM

allthe7s wrote: »

...Do you think we have a case to try and get either a. The loan wiped (dream solution lol) b. The interest removed. C. The interest kept at the 4.something rate. ...

I would say (a) no, (b) no, and (c) no. But I am not a lawyer. You can always take advice from a real one.

If you are moving home and are refinancing the secured (mortgage) loan, you can obviously try and refinance the unsecured loan as well.

allthe7s · 13 March 2017 at 8:59AM

Thanks,

We will hopefully get a loan with Tesco once the house sale has completed to pay it off and be on a much lower rate of interest. I just didnt know if anyone else had had any success with these loans due to the fact you actually cant stay with NRAM (ie its not very fair - not that they care about that!)

Brownowl2013 · 10 April 2017 at 11:40PM

We no longer have our mortgage but still chipping away at the unsecured loan 11 years later &#55357;&#56875; Hate northern rock and how much I feel we were taken advantage of as young inexperienced first time buyers - good luck!

Northern rock together mortgage loan

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