Northern Rock Together Mortgage misold

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  • dunstonh
    dunstonh Posts: 116,371 Forumite
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    If that is the case, adds you my argument this was a mis sold mortgage

    Nothing on this thread suggests any missale. Main reasons being that it was 2007. So, the offer letter would be using the FSA (as it was then) regulated template for costs disclosure and risk warnings.

    You would have signed that agreement.

    A 25 year unsecured loan would drop barely anything in the early years and then reduce very slowly from around year 7-8 and then speed up from around year 15.
    I accepted their excuse, there was not much publicity on claiming mis sold mortgages. I recently saw an article so now interested in knowing if I have a claim against NRAM.

    There are very few successful missold mortgage complaints. That is why you are not seeing the CMCs take these on (bar a few dodgy ones that take up front fees or, more commonly, no upfront fee but after a month or two tell you that you have a case and will get thousands but you need to pay a fee to take it further).
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • TrickyDicky101
    TrickyDicky101 Posts: 3,513 Forumite
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    Have you asked NRAM to explain how they arrive at the outstanding balance? You can gently persuade them to respond by making it clear you are raising a complaint (which will start the clock ticking on the 8 weeks they get before you can complain to the FOS).
  • Nasqueron
    Nasqueron Posts: 8,818 Forumite
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    Ashman69 wrote: »
    Nasqueron - Really?? I have had loans before and they always reduce proportionally. Never have I experienced a loan where you pay all the interest off first and then the capital. If that is the case, adds you my argument this was a mis sold mortgage

    It's not miss-sold, it's just how debt works, this article below explains it well

    https://www.telegraph.co.uk/finance/personalfinance/2955757/Capital-repayment-options.html
  • TrickyDicky101
    TrickyDicky101 Posts: 3,513 Forumite
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    Ashman69 wrote: »
    Hi TrickyDicky

    No holidays and no delayed payments. I agree with your figures, maybe slight more than £8k
    A

    What's the interest rate on the loan? Do you still have the property? If you sold the property then the rate on the loan increases (as it is no longer secured).
  • Samsung_Note2
    Samsung_Note2 Posts: 774 Forumite
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    Thank goodness i went bankrupt..kept the house but had the unsecured loan wiped.

    Was sold the mortgage as 100% secured on house...naughty naughty Northern Rock and there money grabbing ways.
  • Nasqueron
    Nasqueron Posts: 8,818 Forumite
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    Samsung_Note2 wrote: »
    Thank goodness i went bankrupt..kept the house but had the unsecured loan wiped.

    Was sold the mortgage as 100% secured on house...naughty naughty Northern Rock and there money grabbing ways.

    I think it's a bit much to blame NR when you wanted the mortgage, you didn't have to take it
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