Northern rock "together"

poppy10_2

BPJ2009 wrote: »

I feel particularly agrieved that this was never highlighted in bold letters during our application.

Nor were we advised that repayment would have been a much more suitable option given that we did not have an endownment, savings plan etc.

Does anyone think I have grounds for a complaint.I dont think Northern Rock have leant to us responsibly.

Yes, this is shocking behaviour and you certainly have cause for complaint. May I suggest you protest by self-immolation in front of NR headquarters.

BPJ2009

so by overpaying the interest only rather than switching the debt to repayment the balance will decrease more quickly?

On a separate note, I love how some people jump on these forums like they have never made a mistake in their lives. Ok, we took the deal, ultimately it is our responsibility however, I do not feel that key facts surrounding the mortgage were highlighted at the time. Well done for your sarcasm though, much appreciated...:T

Hippychick

When you took out the mortgage you would have signed a separate credit agreement for the unsecured loan, all of the information about the loan is on that agreement.

I know you would have signed it because NR do not release the funds on completion unless they have a copy of the signed credit agreement.

The best thing you can hope to do is to remortgage at the best rate you can find and if needs be switch the loan to one with a lower interest rate. Alternatively stay on Northern rocks SVR rather than switching mortgages.

I would speak to NR perhaps you can switch the mortgage to a repayment one? if not then find out if making overpayments would reduce the capital.