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NRAM standard variable rate scam
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Of course this forum has posts from plenty of people in impossible situations for, isnt that what it's designed for - so that we can try and help each other rather than spending our day being a keyboard warrior posting unuseful things to those seeking help, often people at their lowest point. I would suggest if you haven't got anything constructive to say you scroll on to the next post and leave the posting to those who are trying to give comprehensive answers and help! Fingers crossed you accept the advice and move on! :cool::cool:
Before the GFC interest rates were higher across the board. Base rate was 5.5%. Few people are paying higher than that even now some 10 years later. As a consequence should have been able to find some money to start repaying the capital owed. Every £10 repaid off the balance would have reduced the interest charged the following month. Over time the speed of repayment would naturally accelerate. With mortgages there's no quick answer to repaying them. Just a long hard slog.
― Daniel Crosby
You've been given the correct information already by several people - it is helpful, it's just not what you want to hear hence this post. You won't get money back, move on and stop worrying.
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Yes agreed but the issue and the reason people are trappped is the house price crash, so couple both aspects together and you have a hopeless situation. I have been paying off considerably more than the initial fixed mothly price and it has taken me 10 years to get to a point where I am out of negative equity. Had I been able to move to a reasonable rate and do a product swap it would have taken me far less time to bring it out of negative equity. I just dont agree that I was not able to either swap to a product on a fair interest rate or have the svr at the same elevations from base rate as in the illustration. If i was deemed a high risk at the point i took the mortgage the illustrations should have reflected this. Thanks again for your input, appreciate having another perspective;););)
Again great response thanks. Totally understand where you are coming from but my LTV was rubbish at the time I applied for the mortgage, sureley i should have been deemed high risk then and the parameters set accordingly? I suppose what I'm saying is I was given figures at point of sale, since then through nothing I have done and I have been considered high risk and the figures altered to reflect that. Should I not have had elevated figures to start with then I could have made an informed decision?? Do you see what I mean? In essence I'm now paying for everyone else's bad debt when I have broke my back to fulfil my obligations and have managed to scrimp and overpay to get myself out of the situation
if you look at deals today, you will see that the lower the LTV, the better the interest rate. Problem is that NR completely failed when it came to risk assessment.
Today you would be paying more. But we cant change the past.
And life sucks. I am about to get my annual FCA levies. Over £10,000 I have to pay and its to cover the bad firms that do things that I would never dream of. Its not fair but that is the nature of costs being spread over a certain number of people. The current generation are paying for the spending habits of the state in the 60s & 70s. The next generation will be paying for the debt we rack up today. Loads of things are unfair.
At some point, there will be a way to deal with mortgage prisoners. Probably too late for you. But there is no scheme or method to help you and as there is no contract breach, there is no wrongdoing.
We have a Facebook group offering support
UKMortgageprisoners
Lots of people in the same boat trying to tackle the unfair SVR we have been secured in whilst the rest of the world have enjoyed low rates.
How did threadstarter Lebowski111 get on , I wonder