Landmark Mortgages

Mike7070

Hi All, we bought a house in 2007, using Northern Rock as the mortgage provider. In 2008, the mortgage was transferred to NRAM, then on to Landmark who acquired the mortgage book from NRAM (effectively HMG/Taxpayer who had to bail them out). Under Landmark's management of our mortgage they imposed usurious mortgage rates of 7.99%, when the bank rate was at an all time low of a 0.25%, with no opportunity to switch to more equitable market rates from other providers, meaning that we were paying about a £1,000 per month over the then market rate for our mortgage. Fortunately we were able to pay this and more besides, and eventually sold the house to downsize in 2020, just before the Covid 19 pandemic closed everything down. We had a forensic analysis done of our mortgage account, and it transpired that we have been  overcharged in region of £80,000. My question is how do we get this overcharge repaid to us? We did enlist the services of Pure Legal, who went into liquidation and transferred our case to Clear Legal, who subsequently advised that they could no longer deal with it!

MWT

I would start by ensuring that you can rely on the 'forensic analysis' to be accurate, who did you instruct to perform that work and what was the basis for claimed overcharge?

There are unfortunately many entities taking money from those who ended up with interest only mortgages at closed book lenders, the statements they make regarding compensation and over-charging may prove to be based on 'hopeful' interpretations of the time limits and rules around such complaints.

Hence it would be wise to be sure you do have a claim before throwing any more money at this...

RelievedSheff

What makes you think you were "over charged?"

We too were with Landmark until 2019 when we sold the house and moved elsewhere.

The rates charged were always well communicated and we received a letter each time the rate changed. 

Yes they were not the best rates at the time, but they were never meant to be. That doesn't mean that you were over charged though.