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.

Gary