Mis-sold Mortgage Northern Rock Together Mortgage

dunstonh

erica7682 wrote: »

Crikey!!!!! you guys really are on a witch hunt on here!!!! is this really all your lives consist of on here ripping people to shreds?!?!?!?!? clearly this is the case :-( I thought this website was all about offering constructive advice and help???? clearly this is NOT the case!

You are right, this website is about offering constructive advice and help and that is what has been posted. It is not about making fraudulent and try-it-on complaints that possibly some small trader may have to pay out on.

It site is also not to help dodgy claims companies try and promote services.

dunstonh

Do you really think that that is the case here????? as I dont, and genuinly think that some people have been screwed over by companies such as NR like myself and should the proper advice been given to naive individuals such as myself and many others

Buying a house is not a risk free transaction. There are warnings on the paperwork and you are encouraged to seek legal advice, financial advice and get a survey. If you fail to do these things (usually to save a few pennies) and then something goes wrong then basically it is your own fault.

You cannot complain after the event that you did not get the right advice if you never sought the advice in the first place.

NR has not screwed anyone. Indeed, that was part of their problem. They basically gave many people exactly what they wanted rather than say "no" more.

You really should not judge people so harshly. Such as in my situation if you had seen all the paperwork and such like in my case then maybe you would think a little differently

Mortgage paperwork is largely generic and consistent. There is nothing there which anyone should have any problems with as long as they get legal advice and financial advice in the areas they do not understand.

chefyboy75

Hi can anyone help me? I had a northern rock together mortgage in 2008, rang them to ask what my interest rate would possibly be when i came to the end of my fixed rate period, was told the price of my mortgage would be going up from £900 to nearly £1200 a month which we couldnt afford so had no choice but to put my property on the market.
Applied for another mortgage with them, was provisionally accepted but the sale of my property fell through. Sold again and went to apply for a mortgage but was then told we couldnt have one with northern rock at that point so had to go to halifax. we sold the house 5 months before the end of the fixed term and got stumped with an erc of £3795. Once we had moved we received a letter from northern rock saying they had mis-calculated and we owed them a shortfall of nearly £700 which we then had to pay.
So we no longer had a mortgage with them but because our loan was no longer tied in the payments shot up from around £170 to £360 a month.
I have now been informed that NRAM as they are now called have scrapped the erc and are repaying them back to customers who can prove they couldnt get another mortgage with themselves, now we dont have a mortgage with them but are still customers due to the loan that was actually tied in. We also have a portfolio from when they were northern rock and it states that once a northern rock customer they virtually guarantee to always be able to offer you a mortgage!! Are we entitled to claim the erc back? We were basically forced to sell our house as northern rock refused to help us out and just feel a bit annoyed that after all the trouble weve had with them, and the obvious that as taxpayers we had to bail them out that this with the erc being waivered is just about the icing on the cake!

roonaldo

chefyboy75 wrote: »

I have now been informed that NRAM as they are now called have scrapped the erc and are repaying them back to customers

Did some sales man from some dodgy CMC tell you this?

chefyboy75

Sorry not sure what a cmc is? I found out about them scrapping the erc from their website-nrams that is

Hornsey

Hi

In 2004 I bought a nice 2 bed new build flat in North London. It was valued at £299,999. In early 2005 ( a few months after purchase) I had need to sell. I spoke to a number of estate agents who said that 299,999 was unachievable. It was suggested that I wait a few years to achieve that value. I put it on the market with a big chain and failed to recieve a single inquiry. I decided to rent it out. A few years (2007) later I did the same and again no inquiries.

It is now on the market for the third time and I am hearing a lot of talk that builders/developers colluded with dodgy valuers to inflate the price at which it was sold to me. Is this misselling and how do I go about following this up?

Thanks for reading, looking forward to comments.

H

ILW

The valuation was not dodgy as someone was prepared to pay it, may get back to that at some point if it is in a decent area.

Hornsey

ILW wrote: »

The valuation was not dodgy as someone was prepared to pay it, may get back to that at some point if it is in a decent area.

If I am told that the property is valued at £299,999 and I borrow this amount only to be told a month later that it is only worth £275,000 a month later (2004/5 is pre bust) something is not right.

Why would I spend almost £25k more that I needed to? You have a very strange definition of dodgy.

In fact the kind of dodgy selling I have outlined is the reason why the banks crashed and almost dragged the rest of down too.

Any sensible comments please.

H

dunstonh

It is now on the market for the third time and I am hearing a lot of talk that builders/developers colluded with dodgy valuers to inflate the price at which it was sold to me. Is this misselling and how do I go about following this up?

Valuations are not cast in stone. A valuation is only an indication of what they think someone will pay for it. The fact you bought it indicated that there was someone willing to pay it.

New build flats/apartments did go through a bubble period that saw valuations that would now be considered unrealistic. Some of which were inflated by the builder (often by use of incentive schemes). That in itself is not wrong.

The fraud issues tend to be based on wrong land registry values being given and not showing the valuations the right way.

If you believe you have been a victim of fraud then you go to the police with your reasons why and your evidence to support it. Chances are they are more likely to say it is a civil matter and that you should seek legal advice for action against the builder. Builder is likely to say that they put it up at a price and you were willing to pay it.

If I am told that the property is valued at £299,999 and I borrow this amount only to be told a month later that it is only worth £275,000 a month later (2004/5 is pre bust) something is not right.

That is right and perfectly fine. You just have to watch any of those daytime house programs which get valuers in and you find that you could have one saying £250k, another 300k and another 325k. None of them are right until a buyer comes along with a price that you accept. The house price frauds have tended to be differences of 50%. Not 10%.

roonaldo

Hornsey wrote: »

If I am told that the property is valued at £299,999 and I borrow this amount only to be told a month later that it is only worth £275,000 a month later (2004/5 is pre bust) something is not right.

really a house is only worth, what someone is willing to pay.