After the collapse of Northern Rock, a man says he felt trapped in an “excessive” mortgage and is taking his case to the High Court.
After failing to make mortgage payments when his contract was taken over by TSB Whistletree, David Riley, 76, of Yeovil, Somerset, sold his home at a loss.
“It has been difficult. Mr. Riley stated, “It was like being in a prison.”
The TSB stated that it does not believe the claim has “merit” and is “committed to treating Whistletree customers fairly.”
Mr. Riley is one of 2,500 former customers suing TSB Whistleblower for compensation. Their home loans were offered to the bank after the 2007 breakdown, when some case they were “stuck” with rates 10% higher.
“I had no idea that TSB had acquired ownership of my mortgage and that it was now known as Whistletree.”
I had no idea that others were in a similar predicament. “I think it will be more positive now that there is a large group of us,” Mr. Riley stated to Radio Somerset.
Some of the claimants are being represented by Harcus Parker Solicitors. The claimants paid more than 2% more than the bank’s standard mortgage rate, according to a spokesperson.
The management of TSB asserts that they provided individuals with the opportunity to switch to alternative deals; however, a significant number of applicants were disqualified as a result of the modification of the criteria for mortgage affordability.
Matthew Patching, a Harcus Parker lawyer, stated: It’s truly strong and convincing.
“There are individuals who were staying aware of exceptionally high home loan installments for quite a while.”
TBS confirmed that two-thirds of Whistletree customers have either closed their mortgages or switched mortgages since the takeover.
TSB’s spokesperson stated: In advance of any final trial, the court will hold this hearing to address specific issues raised in Harcus Parker’s lawsuit regarding the terms and conditions of the Whistletree mortgage.
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