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  • FIRST POST
    • allthe7s
    • By allthe7s 12th Mar 17, 6:43 PM
    • 71Posts
    • 270Thanks
    allthe7s
    Northern rock together mortgage loan
    • #1
    • 12th Mar 17, 6:43 PM
    Northern rock together mortgage loan 12th Mar 17 at 6:43 PM
    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%

    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
    Next £615 £495 £436.23 Santander1 £297 £279 £261.95 Santander2 £84 £79 £75.11

    Savings Goal £163.67/£3000 by Dec 17
Page 1
    • sourcrates
    • By sourcrates 12th Mar 17, 7:19 PM
    • 11,154 Posts
    • 10,826 Thanks
    sourcrates
    • #2
    • 12th Mar 17, 7:19 PM
    • #2
    • 12th Mar 17, 7:19 PM
    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.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
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    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

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    • -taff
    • By -taff 13th Mar 17, 1:40 AM
    • 7,207 Posts
    • 4,616 Thanks
    -taff
    • #3
    • 13th Mar 17, 1:40 AM
    • #3
    • 13th Mar 17, 1:40 AM
    This thread may or may not be helpful

    http://forums.moneysavingexpert.com/showthread.php?t=4342285
    • antrobus
    • By antrobus 13th Mar 17, 5:56 AM
    • 14,904 Posts
    • 21,110 Thanks
    antrobus
    • #4
    • 13th Mar 17, 5:56 AM
    • #4
    • 13th Mar 17, 5:56 AM
    Originally posted by -taff
    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
    • By antrobus 13th Mar 17, 6:01 AM
    • 14,904 Posts
    • 21,110 Thanks
    antrobus
    • #5
    • 13th Mar 17, 6:01 AM
    • #5
    • 13th Mar 17, 6:01 AM
    ...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. ...
    Originally posted by allthe7s
    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
    • By allthe7s 13th Mar 17, 7:59 AM
    • 71 Posts
    • 270 Thanks
    allthe7s
    • #6
    • 13th Mar 17, 7:59 AM
    • #6
    • 13th Mar 17, 7:59 AM
    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!)
    Next £615 £495 £436.23 Santander1 £297 £279 £261.95 Santander2 £84 £79 £75.11

    Savings Goal £163.67/£3000 by Dec 17
    • Brownowl2013
    • By Brownowl2013 10th Apr 17, 11:40 PM
    • 23 Posts
    • 10 Thanks
    Brownowl2013
    • #7
    • 10th Apr 17, 11:40 PM
    • #7
    • 10th Apr 17, 11:40 PM
    We no longer have our mortgage but still chipping away at the unsecured loan 11 years later �� Hate northern rock and how much I feel we were taken advantage of as young inexperienced first time buyers - good luck!
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