Northern Rock/NRAM mortgages

Duko

I'm hearing that customers who had their mortgage transferred from Northern Rock to NRAM may have a compensation claim due to being made to stay on an unfair rate and not offered new business!?

Anyone know any more or how to go about putting in a claim?

davidmcn

Where are you "hearing" this from? Are you by any chance "hearing" claims companies offering to put in a claim on your behalf (after you pay them upfront)? I'm not aware of there being any general right to such claims.

kingstreet

Effectively, these people are suing the Government, not the lenders.

The Government via UKAR sold on these debts to recover taxpayer money and at no time was there any condition that anything other than the contractual requirement the borrower agreed to at the outset be offered.

Therefore the standard variable rate has continued except for a few fortunate former Mortgage Express borrowers who I understand have "BOE minus" trackers.

SonOf

I read the articles on this and I do not know what legal basis they think they have a case. I suspect its going to be a bunch of people who have crowdfunded the legal costs along with their own money and are going to be very disappointed.

Brock_and_Roll

Jilly284 wrote: »

Go to UK mortgage prisoners Facebook page for support & info also mortgageprisoners.com for claim details.

You not a "prisoner" - you can refinance or repay the mortgage any time you like.

If you don't have the income or the cash its not the taxpayers problem. You still have a mortgage that by any historical measure is at a fairly reasonable rate for someone with a (presumably) high loan to value.

Stop spamming these message boards.

silvercar

I've reported the post and asked the forum team to decide if it is spam or not.

In the mean time, it would be great if Jilly284 could stop posting the same message on many threads - which is against the forum rules- and if everyone else can just hit the report or spam buttons as you see fit rather than engage in discussion on it.

Many thanks,

DavidT67

"You not a "prisoner" - you can refinance or repay the mortgage any time you like."

Ah, but they can't remortgage because mostly they have negative equity and poor credit records, it's the ghost of subprime lending lingering on.

"If you don't have the income or the cash its not the taxpayers problem. You still have a mortgage that by any historical measure is at a fairly reasonable rate for someone with a (presumably) high loan to value."

Yep, it's compensation culture and the hope of Govt. assistance to bail out their poor financial situation.

Not helped by poor journalism implying it's the interest rate that's the issue, rather than other factors. https://www.bbc.co.uk/news/business-50821132

Thrugelmir

How many are wrapped up in the old 125% LTV mortgages I wonder.

MPD

Northern Rock went under many years ago, unless on interest only most of those affected must have built up some equity by now.

Having said that a regulation that says you can't remortgage because you can't afford to pay less per month than you have for the past 5+ years is simply absurd.

DavidT67

Indeed many were high LTV and interest only.

2008 was not so long ago really.

csgohan4

Did they include self declaration income mortgages as well?