Mortgage Prisoner Stories.
Thank you to the members who had the courage to share their experiences of being a mortgage prisoner.
Graham
Graham, passed suddenly on the 11th July. This came as a devastating shock to us all. Graham was a highly valued, totally committed proactive member of our Group and his contribution to our cause, albeit in the background, has been a consistent and constant source of stability and strength to all who had the privilege to know and work alongside him.
Graham’s health had suffered seriously, as well as the financial detriment as a mortgage prisoner. Here is his story Read more...
Nicola H
We took out a Northern Rock Together loan in March 2006 off of the back of another from a different property in 2002. We took it on Interest only with the intention of only staying there for 3 years. The house was 18 months old when we bought it. We foolishly thought that it would increase in price, as our previous property had.
Christine
Our mortgage prisoner warrior Christine sadly passed away in March 2020. Her passion for the campaign against the vultures was with her till the end. Now her daughter and 2 sons continue to support the fight in memory of their mum. Here is her story, RIP Christine.
The Robart Family
We bought our house in 2001. I had a well-paying City job with Merrill Lynch. I had worked my way up from Compliance and Operations and into a new role as Communications Manager. This particular move was our third. We were following the long-established pattern of moving up the ladder. We were comfortable in our life roles and aside from all the everyday demands of maintaining a mortgage, everything seemed on track.
Warren
Poem, Another Year Trapped.
Trapped in a mortgage it’s just as it sounds.
Literally mortgage prisoners paying too many pounds.
Our initial loan was sold to a vulture fund with no borrowing or loans.
They can charge what they want in-spite of our moans.
Jayne
My story really starts with the ethics I learned as a child. My mum was an incredibly strong and independent woman. Perhaps more so than her peers in the 1950s. Her strength of character was no doubt shaped by a challenging childhood. Diagnosed with cancer in her neck at 12 years old, she didn’t have a lot of school time and left at an early age. Thankfully she beat it.
David
My story began about 10 years ago; I was in debt and a re-mortgage was suggested to clear a large chunk. My credit rating was poor and so we went through a broker who recommended Scarborough Mortgages. We were accepted on an interest only mortgage over 22 years. What was never pointed out to us was that, after 2 years into the mortgage, our interest rate would go up to 4.5 % and it has been at this rate ever since.
Elizabeth
My husband and I have a Northern Rock (now NRAM) mortgage started in 2004 and it was on a 50% LTV - so not everybody was on a 125% Together mortgage. We had a choice of lenders but were pushed to NR by a broker. This was an investment property and, on an interest, only mortgage basis. Unfortunately, due to being unfortunate victims of the notorious Lloyds Bank Bristol BSU our main home was lost to HBOS and we find ourselves living in our small investment property having lost just about everything although the matter is now being investigated by the BBRS.
Lucy
I took out my 100% Northern Rock Together Mortgage in Nov 2007 for £87k fixed for 5 years at 7.19% on capital repayment terms. I took it out solely in my name as my partner had a poor credit rating and had just changed jobs so we thought including him on the mortgage application would jeopardise our chances of being accepted. The intention was to move in 6 months to a years time by porting the mortgage and we would look to add him to it then.
Gary
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.
Sarah
(Name has been changed to protect the author’s identity)
My late husband was a serving Police Officer who had a stress related breakdown prior to his untimely and sudden death at only 42 years old, having served in the Police for 10 years, most of which he had enjoyed. We were married for 21 years. We met when he was 21 and I was 23. Truly tragic to watch a decent, strong man crumble and become quite ill.
Carol
(Name has been changed to protect the author’s identity)
We sold a business in 2007 which had got too large and stressful to manage. We had a shortfall and needed to raise funds against our house to clear all our outstanding debts rather than go bankrupt. We wanted to do the honourable thing. We had decided we would sell our home and make a clean start. As we had dependants, we were encouraged to try to keep our home and not rent.
Kelly
Kelly Gynn is what we would refer to in this present climate as an NHS Hero……she is a Nurse. Kelly is also a Mortgage Prisoner.
We asked Kelly to tell us what life is like for her working on the front line on a COVID NHS hospital ward and as a Mortgage Prisoner.