Lent too much?

aj150281

I have a mortgage with northern rock which i took out 3 years ago. I wanted to borrow 107,00 to buy my property but was told i could only have 95,000 but could have an additional 26,000 as an unsecured loan. Now in light of all the unlawful lending i am now worried that i was lent too much money. If i was unable to be lent 107,000 to buy the property how come i was able to borrow a total of 121,000 by the same company? Is there anything i can do about this??

opinions4u

aj150281 wrote: »

Is there anything i can do about this??

No. They didn't force you to take the money. You chose to.

Get a grip on yourself and take responsibility for your own borrowing decisions.

Welcome to the board .

Now in light of all the unlawful lending

What unlawful lending?

i am now worried that i was lent too much money.

If you think it's too much why did you ask for it?

If i was unable to be lent 107,000 to buy the property how come i was able to borrow a total of 121,000 by the same company?

Because somebody explained to you a way that you could raise the money you wanted so you took it. You are a responsible adult.

vaporate

opinions4u wrote: »

No. They didn't force you to take the money. You chose to.

Get a grip on yourself and take responsibility for your own borrowing decisions.

Welcome to the board .

What unlawful lending?

If you think it's too much why did you ask for it?

Because somebody explained to you a way that you could raise the money you wanted so you took it. You are a responsible adult.

Cut some slack.

as for the 26k unsecured loan, it's clear they just wanted a good sum of interest return.

whitewing

aj,

What are you actually hoping to do about it?

Are you having trouble paying it?

FraudBuster

The FSA and Consumer Responsibility:

23 September 2009

http://www.fsa.gov.uk/pages/Library/Communication/PR/2009/127.shtml

aj150281

Get a grip on yourself and take responsibility for your own borrowing decisions.



You are a responsible adult.[/QUOTE]


There is no need to be blunt with me, i just didn't understand why i couldn't get the money as just a mortgage. It just seemed strange to me i was unable to obtain 107k to buy the property but they were willing to give me 14k more than i needed.

aj150281

Hi,

Nothin planned to do anything about it, it just seems strange to me how much they lent me in the end when i only needed the 107k.

bumpoowee

aj150281 wrote: »

? Is there anything i can do about this??

pay it back?

whitewing

Okay, so you could just do with someone with some banking experience to come on and explain how it could have happened? I'd be interested too

opinions4u

whitewing wrote: »

Okay, so you could just do with someone with some banking experience to come on and explain how it could have happened? I'd be interested too

The bank said "This amount will be secured on the property, and this amount will be the maximum that you could have as an unsecured loan at the mortgage rate. How much would you like?".

The borrower said "All of it" and wandered off with the money and spent it.

aj150281 wrote: »

There is no need to be blunt with me, i just didn't understand why i couldn't get the money as just a mortgage. It just seemed strange to me i was unable to obtain 107k to buy the property but they were willing to give me 14k more than i needed.

My apologies. Perhaps it was "over blunt". The limit was on the amount secured against the property. The maximum included unsecured lending.

Why did you borrow it if you think it's too much?

vaporate wrote: »

Cut some slack.

I get fed up with people borrowing money and not accepting responsibility for their decision. If I've called this one wrong, I'm sorry. But the original post doesn't half look like an "I want somebody to write off my debt for me even though I chose to borrow it" message.

Boozer

Why did you take the money?? and what did you do with it??

maybe 107K was the maximum mortgage allowed for your salary.