Northern rock together mortgage compensation

Rjhsteel

Anyone know much about this? Heard recently that you can claim compensation if your home was in negative equity when it was purchased.

This true?

Edit: Please close post as i'd rather not be judged after asking a simple question.

Senior_Paper_Monitor

No it isn't !

opinions4u

If you could reference where you have "heard" this, it would help.

But I'd estimate that there's a 99.99% chance of what you've heard being utter garabage.

Rjhsteel

A financial adviser.

Peelerfart

Did you hear this from a bloke called Aesop?

pleasedelete

I get a bit frustrated that everyone sees the Northern Rock as responsible. Everyone took the money and now want to blame the bank. The together was not necessarily a bad product.

I took a together mortgage for £200,000 with a £25k loan. BUT the house had planning permission. Used the 25k to build and then tne house was worth £375k plus (spent 100k in total). Remortgaged and paid off together loan and building costs. New mortgage was £350k as then took extra to get outside landscaped as well. Sold house for 500 k 2 years later.

Together was great for us.

kingstreet

At the time could you have obtained a 95% mortgage from one lender and £30k credit from others?

Of course you could.

In which case, what did Northern Rock do wrong?

pleasedelete

kingstreet wrote: »

At the time could you have obtained a 95% mortgage from one lender and £30k credit from others?

Of course you could.

In which case, what did Northern Rock do wrong?

I agree. I don't think they were irresponsible. I think that people took what they saw as free money and spent it irresponsibly.

We went to 2 different nr banks and neither pressured us in anyway at all. Our own bank hsbc would have lent us similar. We also had a virgin? One account at the the time which would have let is keep borrowing back against the value of the house which was potentially a much bigger risk.

handytips

I smell a sad case of Ambulance chasing here. Where do these rumours come from ? In essence the together product was a good product, and certainly helped many many people on to the housing ladder, remember on 90 or 95% of the loan is secured and it is hardly the banks fault that house prices have plummeted in some areas. Remember a mortgage is a long term deal and there will be many up and downs along the way.

opinions4u

Rjhsteel wrote: »

A financial adviser.

Thanks for clearing that up.

What did he/she advise?

Rjhsteel

This adviser works for Lloyds TSB