Northern Rock

jkka

TonyMMM wrote: »

If you have taken 4 payment holidays- how long were they for, in total ?

Interest would have continued to accumulate in the gaps and could well have wiped out any capital repayment you had made.

Only one month at a time

Rollinghills

It's beginning to make sense. If you were on 5.5% with initial repayments of 550 then my calculator says you borrowed 102k in total, so 13.5k over the value of your house ( that could include fees). Does that sound right?If so then in fact you will have repaid more than, around 16k (102k - 86k).
You need to find the original documents to see exactly what you borrowed.

You also need to find out exactly why NR are trying to send you over to a different lender. Do they have the right to do so? Can they help you get a similar rate? You don't have much equity in the house so it could be a concern.

jkka

Rollinghills wrote: »

It's beginning to make sense. If you were on 5.5% with initial repayments of 550 then my calculator says you borrowed 102k in total, so 13.5k over the value of your house ( that could include fees). Does that sound right?If so then in fact you will have repaid more than, around 16k (102k - 86k).
You need to find the original documents to see exactly what you borrowed.

You also need to find out exactly why NR are trying to send you over to a different lender. Do they have the right to do so? Can they help you get a similar rate? You don't have much equity in the house so it could be a concern.

102k is way over what would have been borrowed. The house was 88.5k and as it was a 100% mortgage, there were no extras apart from the unsecured, which would probably have taken it in total to about 93k at max.

Jhoney_2

So could be right then OP? Repayment mortgage on c93k over the 9/10yrs allowing for the 4 x 1 month payment holidays, loans and accrued interest.

It sounds about right, but definitely check your original paperwork thoroughly.

vw100

NRAM cant force you to move to another lender. I know someone who also received a letter about moving to another lender but they were not in a position to do so, and just continued on their variable rate.

amnblog

If you borrowed £93,500 on a £88,500 mortgage it was not 100%.


It is starting to sound like you owe £80 + 3K on the unsecured which means you have paid down £10,000, or so which is not a million miles away after 10 years on a 35 year term.

andyfromotley

Blimey mate, it would have been helpful to know some of this from the beginning.

keg1keg

My hubby has received a letter today from the dreaded Nram... Helping you prepare for the future- sounds thoughtful of them but unfortunately we know them too well !!!
They are asking us to consider moving the mortgage ! We wish, it's in negative equity ! ! The hubby has a Together Mortgage and the flat is vacant and costing us 600 per month. We are planning to put it on the market soon but it needs a tidy. All in all he owes 96k Inc. I would say he would be lucky to get an offer for 80k. This letter, are they trying to cover themselves with regards to the court case for over 25k loans or should we be worried ?!?! Have you all received the same letter ?

Thrugelmir

keg1keg wrote: »

My hubby has received a letter today from the dreaded Nram...

NRAM is acting on behalf of all taxpayers as it "us" that are funding the operation.

keg1keg

Yes, we are tax payers ! Sorry I'm looking for some good advice here ! Have you got any ? No ! Move along then please, don't need your boring comment !