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Northern rock together mortgage compensation

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  • Together mortgage had 95% secured with the additional up to 125% as a unsecured loan, charged on the same rate as the mortgage.

    Upon redemption, if the property sale did not clear the unsecured amount, it was transferred to a personal loan & a loading on rate.

    So you never had a negative equity mortgage from day 1 - its was 95%, with the remainder you added for fees or whatever you did with it, as a seperate unsecured loan running alongside.

    Not sure where the Lloyds TSB adviser is coming from, or why he is of the opinion that you have grounds for complaint - unless you were forced by Nothern Rock to enter into the Together Mge when they had a more suitable product available to you from their product range at the time ?

    Hope this helps

    Holly
  • dunstonh
    dunstonh Posts: 119,697 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    This adviser works for Lloyds TSB

    You should make a formal complaint to Lloyds TSB straight away. Their tied sales reps are not authorised to give advice or opinion on the products and services of companies that they are not linked to.

    There is no compensation for borrowing in negative equity. How do you think that a good proportion of the population got out of negative equity back in the 90s if it was unlawful?

    It's probable that the LTSB sales rep is low skilled and has heard third party information and is just repeating it. Or its possible that they know a claims company that puts in complaints with an upfront charge and will try and pass you onto them to earn some money on the side. Whatever it is though, the sales rep is acting outside of their remit and would be in trouble with LloydsTSB if it was reported.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • This Lloyds adviser is a friend, and after searching online it seems i may have a case.
  • On what basis do you have a case ?
  • Spot on response Mr Dunstonh
    Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam
  • Rjhsteel wrote: »
    This Lloyds adviser is a friend, and after searching online it seems i may have a case.

    No one forced you to take out more than the value of the property. Yet another person looking to place the blame on anyone but themselves!
  • opinions4u
    opinions4u Posts: 19,411 Forumite
    Are you capable of constructing anything for than a sentence in support of this assertion?

    Can you reference links online? Or refer to conversations with advisers in a little more depth?

    So far it's been like pulling teeth.

    One piece of advice I will give. DO NOT PAY ANY CLAIM COMPANY TO PURSUE THIS.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Rjhsteel wrote: »
    This Lloyds adviser is a friend, and after searching online it seems i may have a case.

    Rather than waste your time. Suggest you visit the Debt Free Wannabe board and tackle the root cause of the problem. As only you have the power to address it.
  • InkZ
    InkZ Posts: 258 Forumite
    Part of the Furniture Name Dropper Combo Breaker
    You only have a case if you were given bad advice with an advised sale after November 2004 and this applies to any mortgage with any lender.
  • _Andy_
    _Andy_ Posts: 11,150 Forumite
    The posts on the MSE forums are getting more pathetic and ridiclous by the day.
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