Mis-sold Mortgage Northern Rock Together Mortgage

fairylight_2

Has anyone successfully claimed on a Northern Rock Together Mortgage. We are currently going through Gladstone Brookes to claim on our mortgage, wondered if anyone had been successful, how long it took and what sort of money they got back?

dunstonh

Has anyone successfully claimed on a Northern Rock Together Mortgage.

On what grounds?

We are currently going through Gladstone Brookes to claim on our mortgage, wondered if anyone had been successful, how long it took and what sort of money they got back?

Good luck with that. I hope you havent paid them up front.

27col

How can you be mis-sold a mortgage. Surely you have to go in and apply for one.

fairylight_2

I was working as a PPI recovery person for a while and its a new thing that has come over from the states where it has become very successful. Main things to look for are whether you went through a broker to get your mortgage, lots of secret commissions etc being paid, especially if they referred you to a sub-prime lender. Its called mortgage auditing to see if there are any things that don't add up in the mortgage, and believe me there are lots of people now becoming aware that they could have been taken advantage of.

dunstonh

I was working as a PPI recovery person for a while and its a new thing that has come over from the states where it has become very successful.

The UK is higher regulated than the US and the insurance industry is very different.

Main things to look for are whether you went through a broker to get your mortgage, lots of secret commissions etc being paid

That turned out to be a complete flop for claims companies though. There has only been one successful case where they worked and in that situation the broker positioned themselves as independent and took a few and a commission and failed to disclose the amount of the commission. The court ruled that the commission should be repaid to the consumer. It was about £250. If it was fee only or commission only then there is no issue. If it was fee and commission then only if the broker was independent would it matter. Under FSA classifications, independents are agent of the client. Tied or multi-tied are not agents of the client. There are very few independents doing mortgages. Most are whole of market or panel.

Its mainly only the dodgy claims companies that still try this due to low chance of success and the small amount you may get if it works.

magpiecottage

dunstonh wrote: »

If it was fee and commission then only if the broker was independent would it matter.

Even then, any case since October 2004 would probably fail because the lender will have disclosed any payment to the broker in the mortgage offer. Fee and commission is lawful provided it is disclosed to the borrower that the broker will receive both.

fairylight_2

Pre 2004 different

roonaldo

fairylight wrote: »

Has anyone successfully claimed on a Northern Rock Together Mortgage. We are currently going through Gladstone Brookes to claim on our mortgage, wondered if anyone had been successful, how long it took and what sort of money they got back?

this is absolute cobblers.

dunstonh

fairylight wrote: »

Pre 2004 different

Still virtually impossible to prove and only applies if you paid a fee and a commission earned and the commission was not disclosed. Such a small window and a load of effort for a couple of hundred quid if you are lucky. This is why virtually all claims companies dont bother with it. Only ones that do are the ones that charge up front. Typically charging more than any possible redress payment is likely to be.

dunstonh

I just looked at Gladstone Brookes website and there are few things on there that would put anyone on guard from using them.

There are a number of things they have listed that are not mis-sales or have such a low chance of success that you may as well list every single product going. Also, their claims of settlement within 8-12 weeks is unrealistic and the MoJ told companies to stop making such claims. On one page they indicate that figures of up to £40,000 could be reclaimed on MPPI. With a typical MPPI costing around £25pm, that would be highly unlikely as your mortgage would have to be over 100 years to see that sort of figure.

The charge is 25% plus 20% VAT. If you are successful and the money is used to reduce a debt then you have to find their fee out of your own pocket.

antrobus

fairylight wrote: »

Has anyone successfully claimed on a Northern Rock Together Mortgage. We are currently going through Gladstone Brookes to claim on our mortgage, wondered if anyone had been successful, how long it took and what sort of money they got back?

I think you'll find that the answer is 'no'.