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Posted: Sat Dec 27, 2008 4:21 pm
by whichwaynow
If the facts in this story are as they seem then the banks are going to become out of favor even more. I know that there is some small print on some mortgages which allows banks to do this.
http://www.dailymail.co.uk/news/article ... yment.html
Posted: Sat Dec 27, 2008 4:31 pm
by kallis3
Be interesting to see exactly what the banks reasons are.
Posted: Sat Dec 27, 2008 4:58 pm
by Skippy
I read this, and to be honest I think there's more to it than we've heard - the couple have a £226k mortgage on a house they bought for £250k, and then they take out a secured loan for £100k putting the house well into negative equity. It makes you wonder whether they weren't completely upfront when they took out the secured loan.
Posted: Sat Dec 27, 2008 5:18 pm
by David Mond
Here is what I have posted on the Mail's web site:
Nat West can only withdraw the mortgage if the Addyman's have fallen foul of the terms and conditions. NatWest have to explain that under the Banking Code augmented by TCF (Treating Customers Fairly) and more importantly today the EU Directive on Unfair Trading Practices which is now embedded into UK Law. The Addyman's need to resist any repossion proceedings and turn up in Court at any hearing and request why NatWest are ostensibly in breach of their contract with the Addyman's.
The Adyman's house price would have gone up quite dramatically between 2004 and 2006 that enabled them to obtain a further secured loan for consolidation purposes. I don't think there is anything wrong in that as thousands of persons have done that. It is only now with negative equity that their position has changed.
It will be interesting to see what NatWest's real reasons are!