Gary M

I am a mortgage prisoner and have been for years.

I took an interest only, Northern Rock “Together” mortgage in 2007. I feel I was badly advised at the time! Shortly Afterward my property plummeted in value due to the economic climate. I am now in extreme negative equity.

That said I have never missed a payment, even though the interest rate charges have been huge. They have ranged from 5.95% in the beginning to the current rate of 5.03%. The lowest rate I have ever been charged was 4.53% between Oct16 and Jan 18. (Most of the UK homeowners have enjoyed rates of 0.25% – 1.5% during this time-Editor)

This situation has resulted in me existing beyond my means. In order to keep the mortage paid I have been constantly running up debts in other places. Several times I have approached NRAM for help, but the stock answer has always been; “ we don’t do mortgages”.

With time running out, (I am due to repay the debt 2025), I am now being forced to look at a shortfall sale. The amount of interest I have paid to these people does not bear thinking about. In my opinion, It is unjust that we have been forced to pay so much with no means of escape.