Mortgage charges !

[pompeyfaith]

Re: Mortgage charges !

JJ,

Indeed if I can fight of the co-op bank and get back 9k from as far back as 1999 I cannot see any major problems here.

[mgfboy]

Re: Mortgage charges !

I'm all for screwing the system if at all possible, but on the insurance point if you knew that taking insurance out with Northern Rock was part of the deal, the deal itself at the time must have been better than one where there was no insurance??????

If the broker that arranged it didn't tell, I say go for it big time, but if you knew I wonder what your argument is.

[jj69]

Re: Mortgage charges !

I'm all for screwing the system if at all possible, but on the insurance point if you knew that taking insurance out with Northern Rock was part of the deal, the deal itself at the time must have been better than one where there was no insurance??????

If the broker that arranged it didn't tell, I say go for it big time, but if you knew I wonder what your argument is.

No broker ! actually in the branch in my local town.The document they sent as part of my SAR states you must take this supercover plus insurance not you must have SOME insurance , also the payment was front loaded therefore it was not spread over 12 months just one fat lump payment of £500, this I can see now is not good value for money or fair basically if you want this mortgage you pay for this insurance..in my opinion it's like PPI , most people were forced it not given an option..

[garlok]

Re: Mortgage charges !

Sorry JJ I'm with mgf on this. You are always given the oppprtunity to read and understand mortgage documents before agreeing to their terms. In fact as, by definition, a mortgage is secured on property it should have been passed via your solicitor ( or at worst your licensed conveyancer) before you signed up to it. The deeds despatch charges you are complaining about are fairly standard and would have been chrged by whoever was handling the conveyancing. You did not make the dreadful mistake of doing your own conveyancing did you?

Most lenders have very specific terms that are required in the schedule of insurance for the property that is required and not all are the same. Who actually is the company that is underwriting the insurance? Do you know that you could get a better deal WITH THE SAME SCHEDULE from another provider at the time you signed up for the mortgage?

Sorry to not offer more comfort.

regards
Garlok

[Never-In-Doubt]

Re: Mortgage charges !

I would also have a go at the insurance why ? because them saying you have to have it as a condition of having the mortgage sounds like an unfair term to have in a contract as it is very much one sided.

Not with a secured mortgage mate; the terms are front loaded BEFORE you sign and agree. I am one of the GMAC-RFC to MAS#5 converts and part of MAS terms say if I don't post my insurance schedule to them every year then they'll charge me £40pm building cover. Forget the fact I'm already covered, I know this, I seen this so I have to accept this.

However, me being me doesn't play ball and refuse - so they charged me 5 months at £40.

I'll let you know how easy it is to fight these bizarre terms

[jj69]

Re: Mortgage charges !

Sorry JJ I'm with mgf on this. You are always given the oppprtunity to read and understand mortgage documents before agreeing to their terms. In fact as, by definition, a mortgage is secured on property it should have been passed via your solicitor ( or at worst your licensed conveyancer) before you signed up to it. The deeds despatch charges you are complaining about are fairly standard and would have been chrged by whoever was handling the conveyancing. You did not make the dreadful mistake of doing your own conveyancing did you?

Most lenders have very specific terms that are required in the schedule of insurance for the property that is required and not all are the same. Who actually is the company that is underwriting the insurance? Do you know that you could get a better deal WITH THE SAME SCHEDULE from another provider at the time you signed up for the mortgage?

Sorry to not offer more comfort.

regards
Garlok

Thats ok I welcome all input need to have a perspective from all sides..yes went through my local solicitor , not sure who underwrites the insurance but it could be Cardiff Pinnacle they are underwriters for the PPI with NR.I know I was not offered any choice for other insurance nobody said to me do you want to arrange your own insurance for example...the actual wording on my policy says 'It is a condition of your mortgage that your home is insured for the full building cost ' which is fair enough ! Although £500 per year to me is excessive in my view..
I agree that some of the charges are part of the mortgage details but sundries for £35 ? It does not even say what these refer to but there are a few of these...besides im a cheeky bugger so may as well go for broke and try to claim what I can..

[garlok]

Re: Mortgage charges !

We have a problem in that I work from home and the number of companies that offer "household" and "buildings" insurance to cover the specifics required in our mortgage (albeit a very small one) AND the "business" is very restricted.

We were allowed to shop around though but as Niddy has said we have to provide an ORIGINAL schedule to the provider every year. We are with Cornhill and they have been pretty good and send us two originals each renewal time now they understand the position. We actually pay just under £290 pa to give you an idea.

regards
Garlok

[jj69]

Re: Mortgage charges !

Not with a secured mortgage mate; the terms are front loaded BEFORE you sign and agree. I am one of the GMAC-RFC to MAS#5 converts and part of MAS terms say if I don't post my insurance schedule to them every year then they'll charge me £40pm building cover. Forget the fact I'm already covered, I know this, I seen this so I have to accept this.

However, me being me doesn't play ball and refuse - so they charged me 5 months at £40.

I'll let you know how easy it is to fight these bizarre terms

Hey NID if you could let me know what the outcome is regarding these indeed strange terms would be grateful..as for now going to give it a try with NR..and update this thread

[Never-In-Doubt]

Re: Mortgage charges !

I pay £350 per annum buildings and get free contents so long as we don't claim - 4 years at the moment so it's not a bad policy.

That's with more than

[mgfboy]

Re: Mortgage charges !

Not with a secured mortgage mate; the terms are front loaded BEFORE you sign and agree. I am one of the GMAC-RFC to MAS#5 converts and part of MAS terms say if I don't post my insurance schedule to them every year then they'll charge me £40pm building cover. Forget the fact I'm already covered, I know this, I seen this so I have to accept this.

However, me being me doesn't play ball and refuse - so they charged me 5 months at £40.

I'll let you know how easy it is to fight these bizarre terms

They should just do a stright refund, all you have to do is show that you already had cover in place. In effect you can only ever insure an item/property once. The first policy written being the one that offers the cover.

[jj69]

Re: Mortgage charges !

They should just do a stright refund, all you have to do is show that you already had cover in place. In effect you can only ever insure an item/property once. The first policy written being the one that offers the cover.

I bet they turn around and say ' You can still claim on our policy ' !!
How nice of them and still charge £40 for the privilage...
Mortgage companies...I s**t em lol....

[jj69]

Re: Mortgage charges !

Northern rock complaints process

http://www.northernrock.co.uk/downloads/ICPNEW.pdf

.pdf reader needed to open

and

http://www.northernrock.co.uk/contact/

Okay here's the first draft of the letter I am sending any comments welcome :

Dear Sir/Madam.
I requested a copy of mortgage documents back in May 2011 and received the required paperwork on the 28th June ( see enclosed)
On investigation it appears that a number of charges have been levied onto the account that I deem unfair and excessive.
There is also four payments of insurance totaling £2029.99 which was for the supercover insurance on this mortgage my complaint being that I find this total amount each year to be excessive for an insurance policy but mainly I was not told that I had the option to choose my own home insurance at the time and this had to be taken to have the mortgage approved, therefore this policy was missold with the intent of making profit for the bank and not necessarily the best policy for myself, or being informed at any point that I could have a policy of my own choice.
I have added a breakdown of the charges and insurance I would like to be refunded, if I do not get a satisfactory response to this matter within eight weeks I shall forward my complaint to the Financial services authority and or the Financial services ombudsman.
I look forward to your reply on the above issues

[di30]

Re: Mortgage charges !

Okay here's the first draft of the letter I am sending any comments welcome :

Dear Sir/Madam.
I requested a copy of mortgage documents back in May 2011 and received the required paperwork on the 28th June ( see enclosed)
On investigation it appears that a number of charges have been levied onto the account that I deem unfair and excessive.
There is also four payments of insurance totaling £2029.99 which was for the supercover insurance on this mortgage my complaint being that I find this total amount each year to be excessive for an insurance policy but mainly I was not told that I had the option to choose my own home insurance at the time and this had to be taken to have the mortgage approved, therefore this policy was missold with the intent of making profit for the bank and not necessarily the best policy for myself, or being informed at any point that I could have a policy of my own choice.
I have added a breakdown of the charges and insurance I would like to be refunded, if I do not get a satisfactory response to this matter within eight weeks I shall forward my complaint to the Financial services authority and or the Financial services ombudsman.
I look forward to your reply on the above issues

Hiya

Just wondered if you received any feedback in regards of your letter yet?

Cheers.

[jj69]

Re: Mortgage charges !

Hiya

Just wondered if you received any feedback in regards of your letter yet?

Cheers.

Hi Di. Yes a lettee back in Janurary to say that all insurances were underwritten by cardiff pinnacle so basically deal with them. Sent a letter back beginning of feb to say I was paying NR into a NR account therefore they took the payments. Basically outlined why it was missold and the complaint still stands , if they refuse to comply I will forward onto fos once the 8 week limit is reached or NR give me their final word. Oh also wanted the charges back as well

[di30]

Re: Mortgage charges !

Hi Di. Yes a lettee back in Janurary to say that all insurances were underwritten by cardiff pinnacle so basically deal with them. Sent a letter back beginning of feb to say I was paying NR into a NR account therefore they took the payments. Basically outlined why it was missold and the complaint still stands , if they refuse to comply I will forward onto fos once the 8 week limit is reached or NR give me their final word. Oh also wanted the charges back as well

Wow, you were quick posting back lol.

Well good luck here then, keep us posted, maybe there will be another opportunity to write back, if they try fobbing off.

Let us know, cheers and all crossed.