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Posts Tagged ‘northern rock mis-sold mortgages’

Natwest mis sold mortgages

Friday, February 26th, 2010

Natwest logoClive had a mortgage with Northern Rock and in 2008 his fixed deal ran out raising his monthly payments from 600 a month to 1100 interest only.

Clive could not afford the new payments, with the cost of living rising and with his hours being cut in work. Clive went to NatWest where he had a personal account and who then offered him a new deal albeit with a high interest rate.

Clive mentioned to the mortgage advisor that he heard rates were likely to drop but was told that Natwest’s rates would stay the same regardless of the Bank of England’s rate and advised Clive that it was unlikely any other lender would drop either for the foreseeable future and that they were offering a good deal.

Natwest surveyed Clive’s property and he believed substantially undervalued it, when in comparison with similar properties in his area. With looming financial pressure and on receiving the valuation of his home Clive became panicked by the advisors cautionary words.

Clive accepted the Natwest’s mortgage offer largely based on the advice that it was unlikely he would get a mortgage offer anywhere else as he had such little equity in his property and there was a risk it would drop lower.

6 months later Natwest’s interest rates lowered and Clive attempted to renegotiate a deal. He was told that with such little equity in his property he did not fit Natwest’s criteria despite already having a mortgage with them. When Clive insisted to speak to someone at Natwest about a mis-sell he was told that the advisors would never have given him this advice and left him with no other options.

Mis sold Mortgages is a trading style of Gravitas Law Ltd.

Gravitas Law is regulated by the Ministry of Justice in respect of claims management activities.

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Our Authorisation no. is CRM15800.

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