Lent too much?

_Andy_

Love the way the OP wasn't 'worried they were lent too much' at the time of signing the mortgage contract and spending the money. Genius.

psoley

3 years is a long time to be worried about something and not do anything about it.

I agree with above, about how this could have happened. £95,000 is the max the system would allow on a mortgage for your circumstances / property at the time and £26,000 is the max you can have on an unsecured loan.

If the property was £107,000 where did the other £14,000 go, why did you need it?

Bufger

psoley wrote: »

3 years is a long time to be worried about something and not do anything about it.

I agree with above, about how this could have happened. £95,000 is the max the system would allow on a mortgage for your circumstances / property at the time and £26,000 is the max you can have on an unsecured loan.

If the property was £107,000 where did the other £14,000 go, why did you need it?

no idea what he's done but that 107k property will now likely be worth 90-100k and if hes spent all that extra money on rubbish he'll be paying loads of interest and have a negative equity (possibly).

Not the best of situations to be in but a good lesson (if he wants or even cares to learn it?).

Please prove us wrong and tell us you invested the extra money in shares of Apple before the iPhone was announced????!!

Conrad

You were no doubt over the moon when you sourced N Rock and got an acceptance.

Now you want someone to blame.

What ever happened to dignity and backbone.

aj150281

This obviously isnt the place to get advice!!! I'm not trying to get out of anything or blame anyone, i was very young when i bought my flat and obviously a bit niave but now that people are starting to question loans and ppi i thought i wouyld ask the question. There seems to be too many big headed people on here that just like to have a go at people like me! I am very happy with Northern rock as they have been very helpfull. If you have the knowledge on this then why not just give the advice instead of having a go!!
And thank you to the people who have been helpfull!

benjo

"Is there anything i can do about this?? "

I dont understand your question, please clarify....

'I was mis-lent too much money is there anything I can do about this??'

'I borrowed too much money and now I am having difficulties paying it back, is there anything I can do about this??'

'<Insert any other option here> is there anything I can do about this??'

Im sorry to say but it really does read like... (to me)

'I knew I didnt earn enough to borrow the money I needed to buy my property on a mortgage, but NR offered me a way around lending rules and I took it...given all the recent kerfuffle about irresponsible lending, bank charge reclaiming, missold endowments etc I wonder if there is any mileage in trying to get some money back;);)?'.

Please clarify what you mean and I will try to answer.

Pobby

Well you guys may be cleverer than the op and never make mistakes. Good `un on you. I am sure you will recall the hype of the last 10 years of lending? Personally I found it surrealistic. Ms. Vorderman et al making borrowing so fluffy and nice. All the panic about buying now or miss the boat.

Not all of us are financial wizards. Seems to me that in the mad minds of NR. Let`s give the borrower a mortgage to cover most of the cost, but hang on he doesn`t quite earn enough, so let`s give him a loan at what ever percent that will top up. I am also sure in the warped mind of NR they thought that if they had to repo the flat would be worth at least a squillion quid. `ouse prices only go up, innit.

Just part of the house price ponzi.

Wutang_2

Pobby wrote: »

Well you guys may be cleverer than the op and never make mistakes. Good `un on you. I am sure you will recall the hype of the last 10 years of lending? Personally I found it surrealistic. Ms. Vorderman et al making borrowing so fluffy and nice. All the panic about buying now or miss the boat.

Not all of us are financial wizards. Seems to me that in the mad minds of NR. Let`s give the borrower a mortgage to cover most of the cost, but hang on he doesn`t quite earn enough, so let`s give him a loan at what ever percent that will top up. I am also sure in the warped mind of NR they thought that if they had to repo the flat would be worth at least a squillion quid. `ouse prices only go up, innit.

Just part of the house price ponzi.

Irrelevant,

If they were 'lent too much' then surely they still have the spare cash still in the bank?

Nothing to do with the housing boom, Northern Rock, Sub-prime mortgages, Michael Jackson, the FBI, or anyone else.

Peelerfart

You know I've just reread this thread and we are,for the most part, coming over as very judgemental.

The OP has admitted to being young and niave and without doubt has made mistakes. Also his post was misleading, but come on as pobby has said - we all make mistakes !

bumpoowee

Peelerfart wrote: »

You know I've just reread this thread and we are,for the most part, coming over as very judgemental.

The OP has admitted to being young and niave and without doubt has made mistakes. Also his post was misleading, but come on as pobby has said - we all make mistakes !

So what do you suggest? blame society? If people aren't castigated for being massively irresponsible where are we all going to end up? Of course Northern Rock have been incredibly stupid but they have been castigated too.