Hi everyone!
In January 2007, a remortgage for the sum of £680,000 was arranged by a broker (on an INTEREST ONLY basis) with Northern Rock, without the need of a proof of income. My business suffered severe financial losses in 2008 during the credit crunch, and we could not keep up with the repayment as we were charged interest at 4.95% which amounted to approximately £3000 per month, interest only. As a result of getting into arrears, we were transferred to NRAM. We repaid the arrears in full in 2014.
We are still continuing to pay at the 4.95% interest rate and are trapped in as they are unable to provide any other product, neither have they given us any reduction in interest even whilst other lenders (apart from NRAM) reduced their rates in line with the base rate. Due to the fact that our business wound up, and then due to the stress caused by these issues, my wife and myself have suffered serious physical conditions; we are unable to earn any income and are supported by our family (siblings) to keep up the payments, although we have an income of approximately £2860 a month through other sources. Now, we have reached the end of our tethers asking for help, and are not in the position to remortgage due to the fact that we do not have the income multiple required; we fear that we will be forced to sell our home if we do not find any other option.
We look forward to hearing from you if there are any possibilities to save our house, and claim from NRAM or any other lenders who would consider remortgage on affordability, at a better interest rate, than based on income multiples.
Thank you.
In January 2007, a remortgage for the sum of £680,000 was arranged by a broker (on an INTEREST ONLY basis) with Northern Rock, without the need of a proof of income. My business suffered severe financial losses in 2008 during the credit crunch, and we could not keep up with the repayment as we were charged interest at 4.95% which amounted to approximately £3000 per month, interest only. As a result of getting into arrears, we were transferred to NRAM. We repaid the arrears in full in 2014.
We are still continuing to pay at the 4.95% interest rate and are trapped in as they are unable to provide any other product, neither have they given us any reduction in interest even whilst other lenders (apart from NRAM) reduced their rates in line with the base rate. Due to the fact that our business wound up, and then due to the stress caused by these issues, my wife and myself have suffered serious physical conditions; we are unable to earn any income and are supported by our family (siblings) to keep up the payments, although we have an income of approximately £2860 a month through other sources. Now, we have reached the end of our tethers asking for help, and are not in the position to remortgage due to the fact that we do not have the income multiple required; we fear that we will be forced to sell our home if we do not find any other option.
We look forward to hearing from you if there are any possibilities to save our house, and claim from NRAM or any other lenders who would consider remortgage on affordability, at a better interest rate, than based on income multiples.
Thank you.