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Jamie-Law
Jamie-Law, Solicitor
Category: Property Law
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Experience:  Solicitor
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We took out an interest only mtg with Northern Rock 2018

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We took out an interest only mtg with Northern Rock 2018 which was advertised by them as a life-long mtg. They subsequently withdrew these mortgages, We were then advised by a mortgage adviser appointed my NRAM who failed to find us an altnernative and he advised us to stay put because Landmark (Northern Rock) were taking over. Landmark are refusing to provide us with the same deal and require us to pay all monies owing (£215,000). We have not managed to come up with any solution and are now faced with losing our home where we have lived for over forty yeas. We have never defaulted in our payments. Is there anyone out there who can possible help us. Landmark wish to have a formal reply as to what our intentions are by October 26th (next week) otherwise they say they will be taking legal action.
Assistant: What steps have you taken so far? Have you prepared or filed any paperwork?
Customer: We have a financial adviser who has attempted to obtain an interest-only mortgage but we were turned down due to our age and my husband's poor credit score. If we had been accepted we could have paid off his credit cards and then had time to sell and perhaps live in rented accommodated. We have an income of a little over £50,000. pa
Assistant: Have you talked to a lawyer about this?
Customer: Yes, my husband recently spoke to a lawyer who was a no help at all. Nothing was ever mentioned about us being miss-sold an interest only mtg
Assistant: Anything else you want the lawyer to know before I connect you?
Customer: For what it is worth I have an excellent credit rating and should my husband die first I would have sufficient money to meet the same monthly amount we are now paying.
Customer: replied 27 days ago.
Posted by JustAnswer at customer's request) Hello. I would like to request the following Expert Service(s) from you: Live Phone Call.
Customer: replied 27 days ago.
Let me know if you need more information, or send me the service offer(s) so we can proceed.

Hello my name is ***** ***** I will help you with your question today. I am reviewing it, please give me a moment.

On what basis won’t they continue it?

Customer: replied 27 days ago.
I believe the end of the mtg expired whilst NRAM were in charge
Customer: replied 27 days ago.
I cannot afford £43
Customer: replied 27 days ago.
We were then advised by their mortgage adviser not to do anything
Customer: replied 27 days ago.
Are you no longer willing to help me because I cannot afford the £43 for a telephone call?

Sorry I am just on the train. Your mortgage does it carry on for a certain term?

Customer: replied 27 days ago.
Our mortgage was for ten years but Northern Rock's documentation stated they were giving life-long mortgages so we believed it was always renewable.
Customer: replied 27 days ago.
I presume their mortgage adviser believed Landmark would renew so that is why he told us not to do anyhthing

Ok. Have you tried to go elsewhere?

Customer: replied 27 days ago.
but there are no other such mortgages available. We need to pay Landmark £215,000 and the only way we can do this is to sell out home where we have lived for forty years. We have never defaulted in our payments, but due to our age, and annual income of just over £50,000, and my husband's poor credit rating we cannot find any solution. Only one company made a tentative offer which would have also enabled us to pay off my husband's debts, but they have subsequently withdrew their offer.
Customer: replied 27 days ago.
Should my husband not survive me I would still be in a position to continue the payments.
Customer: replied 27 days ago.
Basically we have been misguided.

What is it you want to achieve?

Customer: replied 26 days ago.
I am wondering whether we would be right in considering taking action for compensation, What do you think?

But the lender hasn’t breached the contract? It came to an end of the fixed term?

Customer: replied 26 days ago.
We were misguided by Northern Rock who later withdrew their documentation regarding long-life mortgages without any notification to their borrowers, and also, we were advised to stay put and not do anything by the mortgage adviser appointed by them. I know I am clutching at straws but I do feel cheated, and the prospect of no home is worrying me to death.

Ok - clearly Nothern Rock went under, so any new company is not necessarily bound by the terms.

But what I would do is this:

1) write and make a formal complaint. They will investigate the matter and report back to you.

If they do not uphold the complaint you can then go to next step

2) go to the Financial Ombudsman. They offer a free, independent service and can investigate your complaint for free.

They can be found at: www.financial-ombudsman.org.uk

That may resolve the problem for you.

Can I clarify anything for you about this today, please?

If not, I would appreciate a 5-star rating for my answer, by clicking the button at the top of the screen. If you need anything further I am available for a follow up at no extra cost.

Jamie-Law and other Property Law Specialists are ready to help you
Customer: replied 26 days ago.
Panorama are doing a program re Northern Rock on Monday evening.... Thank you, ***** ***** take your adice

Pleasure.