Together-mortgage shortfall advice..

[Jaksmyboy]

Long story short,

after purchasing a shared ownership property 10 years ago, on an interest only mortgage (13% interest rate ), with the promise that 'after a year or two you will get on to a repayment mortgage and staircase'...… Mmmmm then the market crashed and we were done for!

 

for 5 years we paid the extortionate rate, then found out that our payments weren't even covering the interest, so our balance had gone up and up in this time.

We continued for another 5 years but then last year we had had enough and decided to voluntarily surrender the property.

 

The property has now sold and all proceeds from the sale have been shared between the housing association (who owned the rest of the property) and Together,

 

their solicitor has now informed us that we have a £4000 shortfall to pay and to contact Together to arrange a repayment plan with them...

 

So my question really is; is there anything we can do?

What happens if we don't call to arrange a payment plan?

 

Thanks

[dx100uk]

I would suspect you owe nothing and they owe you.

 

get an sar off to them

I bet there are £1000's in unlawful fixed penalty fess and alike.

also look for any insurances they charged you.

the ONLY thing you must have inplace in buildings ins..and i'm not too sure with an HA if you even needed that as you aren't responsible for the building itself, that's the HA responsibility through your maintenancence fees etc that they them selves charged.not 100% sure on the last bit but I think that's right ..

 

but anyway, all of the above are reclaimable at their int rate.

[Jaksmyboy]

You're right @dx100uk the building insurance was included in the cost of our rent to the HA (which we weren't aware of for several years so were paying separately for it).

 

So apply for a sar from Together then and fingers crossed.....

 

Thanks

[dx100uk]

so if together have charged you ANY insurances then

treat as a PPI reclaim and get them back.

 

knowing your players I will almost guarantee they did.