Northern Rock - repaying £65k on £16k loan

cherisarah

Wonder if anyone else is in the same position, had 100% mortage with NR and due to relationship breakdown had to sell. Sale covers mortgage part of the agreement but as 100% mortgage £16k of the money borrowed was in form of loan linked to property. When sale goes through and the mortgage part is paid (plus the £6000 early resettlement fee:mad:) the interest rate will increase from 6.9% to 12.9%, this not not competitive but not that bad however have discovered the duration of the loan will stay at 32.5years and NR are refusing to negotiate meaning I will be repaying £65k in total :eek: - this is worse than any loan shark company I have ever come across. Anyone else in this position and managed to negotiate or challenge NR. I unsterstand they have just introduced new policies as they have poor image when it comes to the types of mortgages and linked loans they introduced. Anyone have more info on these policies and if there is anything in them to help. Thanks

Pete*G_4

i'm afraid to say I don't have much advice to offer, other than to speak to the CAB and then the Financial Ombudsman if you feel you're being treated unfairly.

ILW

Ask them for a settlement figure.