Northern rock together query??

Lb170

Hi, first post and hope its in the right bit, I've a query I hope someone may be able to answer about the infamous Northern Rock!
My mortgage was redeemed two years ago and I thought nothing more of it until.... The cca refund saga came through my letter box.
What a nice surprise I thought, and calculated I'd be receiving around £800 quid! Therefore I was disappointed when the letter finally arrived 2 days ago saying I'd only get £66 back!
Strange I thought, I remember taking the mortgage (£63750 ish) and unsecured loan (£12000 ish) in 2004 and based my calculations on that.
So, looked into my credit history as no longer have any paperwork and noticed that in 2006 my mortgage and loan debts had changed to mortgage £75000 ish and loan £1000 ish.
I can only assume that when my mortgage rate changed, so did the structure of my loan!
Question is, has anyone else had this happen without knowledge? Or would I have had to sign an agreement for NR to restructure?
I honestly cannot recall asking for or agreeing to this. Any advice welcome

amnblog

Go back to them if you believe you may have been short changed.

I cannot see anyone on this forum being able to make your entitlement calculations for you.

Lb170

amnblog wrote: »

Go back to them if you believe you may have been short changed.

I cannot see anyone on this forum being able to make your entitlement calculations for you.

Forgive me for not posting clearly but I'm not looking for any calculations to be made for me, I'm interested in the question of whether the practice of changing an unsecured part of the together mortgage to secured is normal? And would I have had to agree to the debt restructure?
I have no paperwork as I'd considered the mortgage cleared and therefore no reference to terms and conditions.
I will , of course, be more than happy to put this to northern rock but was just putting out a situation to the forum as to whether or not its worth the hassle.

amnblog

A Lender cannot switch debt from unsecured to secured without your OK. Have you got your wires crossed on the figures?

Lb170

Thanks, I had assumed that was the case. Wires not crossed on figures, NR's together would only lend 95% as a mortgage with the remaining 5% plus additional funds as the unsecured part. Going off the purchase price I'm sure of the figures.
Your answer has given me the confidence that its at least worth contacting NRAM.
Thanks again for the replies.

plunt

they would not legally be able to switch your unsecured loan to a secured loan (otherway around probably wouldnt be an issue as it would work to your advantage). Reason ofcourse being if it is a secured loan they then can reposes your property if you default.

It sounds like you had a "nothern Rock Together Mortgage" may be worth checking the T&c's to see if as you paid off the secured segment the unsecured would become secured at the lower rate

At no point did they maybe offer you a cheaper rate during the 2 years? As then you may have signed a form which essentially lowered their risk of their unsecured loan to you. However Im guessing you would have remembered this if that was the case!

Best of luck and let us know how things go.

Lb170

Yes it was the 'together mortgage' product. The only logical answer I can guess is that the rate was switched as it seems to have occurred approximately 2 years into term.
I have no recollection of signing and will press NR for any document relating. I think it's a SAR request ? Is that correct? Thanks .

Thrugelmir

Lb170 wrote: »

Thanks, I had assumed that was the case. Wires not crossed on figures, NR's together would only lend 95% as a mortgage with the remaining 5% plus additional funds as the unsecured part. Going off the purchase price I'm sure of the figures.
/QUOTE]

Doesn't stack up with your earlier post.

Strange I thought, I remember taking the mortgage (£63750 ish) and unsecured loan (£12000 ish) in 2004 and based my calculations on that.

Lb170

Thrugelmir wrote: »

Lb170 wrote: »

Thanks, I had assumed that was the case. Wires not crossed on figures, NR's together would only lend 95% as a mortgage with the remaining 5% plus additional funds as the unsecured part. Going off the purchase price I'm sure of the figures.
/QUOTE]

Doesn't stack up with your earlier post.

£67500 agreed purchase less £3375(5% deposit unsecured) = £64125 as a 95% mortgage.
Then had additional top up to the unsecured loan part to pay fees and furnish property.
Read the original post, the figures given were approximations to get the point across.