NR 125% Together Mortgage - Major problems

beecher2

stingrae wrote: »

dunstonh - i am NOT trying to get out of paying anything!!!! i - unlike u - am not in the business so therefore am lost with who to turn to and what process to follow. I am following the advice of Nr and your move by getting things checked. I have never missed a payment on either the mort or the loan nor do i intend to. i was just looking for some help on what could be done.

And you've been advised to go onto the DFW forums to get help in how to overpay your way out of the debt. It is your only option I'm afraid - you either increase your income, or cut your expenditure in order to protect yourself from interest rate rises, when they come.

How much is outstanding, and how much is your house realistically worth? Work out how much an LTV of 90% would be and that's your target for overpaying.

AL2009_2

Stingrae, This tread might be of interest to you;

https://forums.moneysavingexpert.com/discussion/2305463

Wutang_2

AL2009 wrote: »

Stingrae, This tread might be of interest to you;

https://forums.moneysavingexpert.com/discussion/2305463

It might be of some interest but irrelevant to this.

_Andy_

AL2009 wrote: »

Stingrae, This tread might be of interest to you;

https://forums.moneysavingexpert.com/discussion/2305463

Why? There is nothing 'unenforceable' about the OPs loan and posting that link does nothing to address the real issue.

PS I am reading 'Emergence' at the moment which has an interesting chapter about the 'bottom-up' behaviour of harvester ants. Much more interesting.

chivers1977

stingrae wrote: »

We are in the 4th year of our 5 year fixed rate together mortgage. We have been in to our local branch enquiring about what will happen next year and have been told that the unsecured loan cannot be moved from NR and that we would be paying 5% above whatever their base rate is next year. Which when worked out using current figures can be 12.8%. Meaning we would be paying back over £60000 on a £14000 loan!
We then decided to have our mortgage checked due to a lot of info we had not been told from our advisor inc. the above regarding the loan. A month ago we requested copies of all our signed agreements for both the mort and the loan. As yet we have had nothing back. The branch manager will not return any calls and has passed the buck to their head office. When I called head office I was told they had 'some' paperwork but 'not all'. A friend who works in the industry has advised of previous issues where NR were shredding credit agreements and whereby people took them to court and the loans were found to be unenforceable.
So, we dont know how to proceed. How long do we wait for the paperwork? And what next if they have nothing??
During the heated meeting with NR where we were told NR mort were 'watertight' the branch manager told us 'off the record' that if we had been mis-sold it had nothing to do with them and it was our advisor through Your Move that had mis-sold us. As yet we await paperwork from Your Move also, although we doubt they will have anything.
Any advice greatly recieved

I think that you may have misunderstood - unless my mortgage offer is different to yours - the unsecured loan will be charged at the same rate as the mortgage unless you pay off the mortgage. Therefore my rate ends 31/10/2011 and my mortgage offer states that the rate will be the Guaranteed Rate which is guaranteed to be lower than the Northern Rock SVR

Thrugelmir

stingrae wrote: »

dunstonh - i am NOT trying to get out of paying anything!!!! i - unlike u - am not in the business so therefore am lost with who to turn to and what process to follow. I am following the advice of Nr and your move by getting things checked. I have never missed a payment on either the mort or the loan nor do i intend to. i was just looking for some help on what could be done.

Realistically your only option is to slowly tackle your debts. Over time the situation will correct itself. Start first with the unsecured loan overpaying by as much you can afford. Even if its only £25 - £50 per month to start with. As others have said visit the other boards and find ways of saving money. It may require some personal sacrifices but will be worth it in the end.

andrewmp

chivers1977 wrote: »

I think that you may have misunderstood - unless my mortgage offer is different to yours - the unsecured loan will be charged at the same rate as the mortgage unless you pay off the mortgage. Therefore my rate ends 31/10/2011 and my mortgage offer states that the rate will be the Guaranteed Rate which is guaranteed to be lower than the Northern Rock SVR

That was my understanding too, the unsecured loan portion only reverts to the higher rate if you move the secured portion away from NR. I could be wrong though.

Wutang_2

This person will have now jumped ship and be getting lots of support and thanks for asking if they can unenforce the loan (not sure what the verb is...to unenforce, to become unenforced..?).

They are asking for original written agreements - 'they' only ask for this when they want to do one thing:

Unenforcanilize a loan.

(again, not sure if thats a word)

Thrugelmir

Wutang wrote: »

This person will have now jumped ship and be getting lots of support and thanks for asking if they can unenforce the loan (not sure what the verb is...to unenforce, to become unenforced..?).

They are asking for original written agreements - 'they' only ask for this when they want to do one thing:

Unenforcanilize a loan.

(again, not sure if thats a word)

The borrower is unable to make the "contract" unenforcable. If the lender took the matter to court it is the judge that makes the ruling.

Wutang_2

Thrugelmir wrote: »

The borrower is unable to make the "contract" unenforcable. If the lender took the matter to court it is the judge that makes the ruling.

Thanks Thrugy, although blindingly obvious, all good.