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olliegog

Nr Together Mortgage Was Missold?

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was interested (for perfectly legitimate reasons) in the following thread on MSE which has been running for ages

http://forums.moneysavingexpert.com/showthread.php?t=4342285

it seems that the over 25K borrowers felt they should have been treated the same as the under 25k borrowers although for diffierant admin errors.

the thing is - the court of appeal has gone against them and in truth they (like the under 25k complainers) did not LOSE any money -they just wanted thousands 'compo' because they regret taking out the together mortgage (I can see their point but they were obviously so anxious to get ' on the ladder' they took them anyway)

could the 'together mortgage' be mis-sold on the basis that they are borrowing more than 100% of the 'value' of the property?

Edited by olliegog

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Cant see how. My understanding is mortgage was upto a max LTV of 100% the other part was an unsecured loan.

I agree - but I am not sure the 'victims' see it that way and I think they are straw clutching.

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....all in this together......borrow enough to buy your home plus expenses plus furniture, all kitted out nothing down......can I have two please. ;)

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I read this in the Times the other day. The borrowers lost.

was interested (for perfectly legitimate reasons) in the following thread on MSE which has been running for ages

http://forums.moneysavingexpert.com/showthread.php?t=4342285

it seems that the over 25K borrowers felt they should have been treated the same as the under 25k borrowers although for diffierant admin errors.

the thing is - the court of appeal has gone against them and in truth they (like the under 25k complainers) did not LOSE any money -they just wanted thousands 'compo' because they regret taking out the together mortgage (I can see their point but they were obviously so anxious to get ' on the ladder' they took them anyway)

could the 'together mortgage' be mis-sold on the basis that they are borrowing more than 100% of the 'value' of the property?

Thousands of Northern Rock’s bad-bank customers will not receive an average of £6,300 each in compensation because of poorly worded loan documents, a court has ruled. The decision by the Court of Appeal means the government-owned bank will be able to release a provision of about £260 million in its accounts that was put towards paying compensation.

http://www.thetimes.co.uk/tto/business/industries/banking/article4506740.ece

They've already enjoyed massive intervention by the authorities to prevent a real HPC.

Although prices here make the 2007 peak look cheap. Standby for more victims of their own decisions, in the years to come, and those trying to instigate Breakdown 2.0 and pump up house prices to ever higher peaks. They were successful with it in 2008-2010. They lobbied for the QE / 0.5% with all their nonsense that buyers who massively outbid others not to blame for anything at all; 'they just wanted a home'.

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