northern rock ERF

[joejo]

Hello
Could i please have some advice
I had a mortgage with northern rock back in 2008 we had to take out further borrowing but northern rock could not help us as they no longer were able to lend money
We had no choice in having to move lenders but they charged us a early repayment charge of £3,003,63
I have written to them explaining that i thought this charge was unfair as they could not keep to their part of the contract But they are refusing to refund the charge saying it was correctly charged and this is their final decision
Any help with my next letter would be greatly appreciated
Thank you

[Diana M]

Re: northern rock ERF

May I ask what was the reason you had to take out further borrowing in case it related to Northern Rock in some way?

For example were you suffering from cash flow difficulties so struggling to pay your mortgage so the further borrowing was to prevent or cope with an arrears situation. Or was the further borrowing needed for another purpose such as a property extension or conservatory etc?

Di

[joejo]

Re: northern rock ERF

Hi Di
It was for both reasons Home improvements and we also paid some creditors
Thank you

[Diana M]

Re: northern rock ERF

Was there a term in your Northern Rock mortgage which specifically referred to the potential for a further advance (subject to meeting their current criteria etc) ?

Or was this issue ever discussed with your mortgage broker (unless you obtained your NR mortgage direct) and did the KFI say you could have a further advance at a later stage?

Di

[joejo]

Re: northern rock ERF

Di
unfortunately we have not got any of the paper work on the northern rock mortgage
The only paper work i have is from the solicitor who dealt with the remortgage
The mortgage with the NR was fully portable though which is why we tried them first but this was just a few months after they went bust and we were told we could not even apply as no further borrowing was available for anyone
Thank you

[Diana M]

Re: northern rock ERF

A portable mortgage is a loan which you can take with you to your next purchase and it would only be for the amount of the original loan not a higher amount (no further advance or additional borrowing).

How long ago did you redeem the NR mortgage and when did they say refusal to refund the ERC was their Final Decision?

Was it a NR Together Mortgage?

Di

[joejo]

Re: northern rock ERF

A portable mortgage is a loan which you can take with you to your next purchase and it would only be for the amount of the original loan not a higher amount (no further advance or additional borrowing).

How long ago did you redeem the NR mortgage and when did they say refusal to refund the ERC was their Final Decision?

Was it a NR Together Mortgage?

Di

Hi Di
We took out the mortgage in 1999 we redeem in April 2008
I have only just put my complaint in 2 weeks ago and they sent a letter this week with their refusal
The reason we dont have the paper work is because i put in a complaint with them in 2008 with a solicitor but they went bump and i have been unable to get the paper work back since
I resonantly came across paper work that i do have which is why i have started the complaint again
The together mortgage i am not sure if it was or not but have also written to them asking them to investigate as the redemption statement quotes our reference number as TOGADMIN/DW/then the account number
I also have a letter from the northern rock which i presume was sent out to all customers dated March 2008 stating what had happened their situation and that they could not offer any further lending as the primary objective was to repay the Bank of England
So they clearly could not help us at this time which left us no option to remortgage with another company
I have provided them with prove that we did take out further borrowing with the new company
Thank you for taking so much time in helping me

[joejo]

Re: northern rock ERF

[Qjoejo;680836]Hi Di
We took out the mortgage in 1999 we redeem in April 2008
I have only just put my complaint in 2 weeks ago and they sent a letter this week with their refusal
The reason we dont have the paper work is because i put in a complaint with them in 2008 with a solicitor but they went bump and i have been unable to get the paper work back since
I resonantly came across paper work that i do have which is why i have started the complaint again
The together mortgage i am not sure if it was or not but have also written to them asking them to investigate as the redemption statement quotes our reference number as TOGADMIN/DW/then the account number
I also have a letter from the northern rock which i presume was sent out to all customers dated March 2008 stating what had happened their situation and that they could not offer any further lending as the primary objective was to repay the Bank of England
So they clearly could not help us at this time which left us no option to remortgage with another company
I have provided them with prove that we did take out further borrowing with the new company
Thank you for taking so much time in helping me[/QUOTE]

[joejo]

Re: northern rock ERF

Hi Di
Is there any help or advice that can be given
Any thing you suggest would be a great help