Mortgage Prisoners

Mortgage Prisoners Litigation

More than 200,000 current and former Northern Rock and Bradford & Bingley mortgage holders are trapped paying excessively high interest rates and other unfair charges.

Join the claim

Who can claim?

Do you, or have you ever had, a mortgage with:

  • Northern Rock;
  • Bradford & Bingley; or
  • Mortgage Agency Services 1-7?

And do any of the below apply:

  • Are you stuck paying a high rate of interest?
  • Have you been refused a new deal by your lender?
  • Are you unable to re-mortgage elsewhere?
find out if you can claim

What is the claim about?

People who took out mortgages with lenders including Northern Rock and Bradford & Bingley may be able to reclaim the difference between the very high rates they have been charged and a fair rate. In some cases the sums involved could be very significant.

Harcus Parker will seek to ensure that the injustice suffered by all those affected is brought into the open.

In some cases, mortgages have been sold to 'inactive' lenders. We hope to force these institutions to treat borrowers fairly, by charging a market rate for their mortgages and paying back the difference between that and what has been charged so far.

Anybody who took out a mortgage with Northern Rock or Bradford and Bingley which was not redeemed before 2009 can complete our short questionnaire by clicking on the link below

Why should I join?

You will be joining a group of people similarly affected by the issues.  Many of our clients have told us that, before they joined the group, they thought they were alone. Many have felt ashamed about being in financial hardship and of the impact it has had on their families. By bringing a claim as part of a group, you will benefit from strength in numbers.

You should not however expect your financial difficulties to be solved by the claim. You must continue to manage your debt carefully, and with proper advice. Organisations like Mind, Step Change and Citizens Advice may be able to help.

Fairness

Because you cannot afford to switch lenders, you are in an acutely vulnerable position from which you cannot escape. We will seek to make your monthly payments more affordable.

Accountability

Lenders have profited at the expense of you and people like you. We will try to obtain compensation on your behalf for any overpayments you have made.

Finance

We believe that this litigation offers the best chance that you and other mortgage prisoners have of being compensated for nearly twelve years of overcharging and mismanagement.

How can I join?

You can register to join the claim by clicking the button below.

The claim will be run on a ‘no-win, no-fee’ basis. We will not charge any up-front fees and we will be paid out of any compensation you receive.

Join the claim

About us

We are solicitors. We started Harcus Parker to take on projects in which we believe. We are prepared to work at our own risk and fight for the rights of consumers, pensioners, shareholders and the victims of financial mis-selling.

Damon Parker is the firm’s senior partner and is a recognised market leader in the areas of group litigation, case management and litigation funding. Damon is consistently ranked as a leading lawyer in the legal directories. He has been ranked as a leading individual in Chambers and Partners since 2002. In 2016 he was included in the Lawyer’s Hot 100, and in 2018 he was named in the Legal 500 Hall of Fame.

Damon is assisted by a team which includes Edward Parkes and Jennifer Morrissey, who are also partners in the firm. Edward acts for investors and for financial advisers bringing or defending group claims in relation to the mis-selling of investments (particularly with a taxation angle), and Jennifer’s practice combines High Court Litigation and Arbitration on behalf of clients including international and domestic investment funds, investment banks, private trust companies and high-net worth individuals.

Learn More

You can read more about the background and history to the Mortgage Prisoners issue here

You can find out more about the Committee of claimants who will instruct us here

Share the claim

Please share widely so that others who may have been affected have the opportunity to join.

Frequently Asked Questions

Have more questions? Drop us an email at [email protected]

Mortgage Prisoners are people who are trapped paying excessive interest rates on their domestic mortgages without the opportunity to switch lender, many of whom originally took out mortgages with Northern Rock or Bradford & Bingley. In some cases, the new owner of the mortgages treats Mortgage Prisoners differently from its other customers. For example, TSB operates an inactive subsidiary called Whistletree, which administers a book of former Northern Rock mortgages, and The Co-operative Bank operates a series of inactive subsidiaries called Mortgage Agency Services Numbers 1-7 which now own mortgages which were originated by GMAC RFC.

The claim we will bring will allege that your treatment by your lender has been unfair and that your lender’s actions have been in breach of the terms, or the implied terms, of your mortgage deed. In addition, if the facts support such claims, we will claim on your behalf in respect of other breaches of your mortgage contract we are able to identify. We will contact you if you are eligible for any of these additional claims.

Our clients will say that, although the rate at which banks lend money is discretionary, that discretion must not be exercised in a way which is unfair. This assertion is supported by a number of parts of the Financial Conduct Authority's 'MCOB' rules, which require customers to be treated fairly.

The defendants we have identified at this early stage are:

a) Northern Rock and Bradford & Bingley in their current forms;
b) NRAM Limited; and
c) Mortgage Agency Services Numbers 1-7 Limited.

The old Northern Rock Company is now called Landmark Mortgages Limited and is owned by an American private equity firm called Cerberus Capital Management. Bradford & Bingley (and its subsidiary, Mortgage Express) and NRAM Limited are still ultimately in Government ownership. We understand that Mortgage Agency Services Numbers 1-7 are ultimately owned by The Co-operative Bank.

You can apply to join the claim by clicking "join the claim" above. You will need to complete a short registration questionnaire and agree to instruct Harcus Parker to act as your solicitors. We will then begin to investigate your claim including requesting from your lender that they provide us with all relevant documents relating to your mortgage.

We are acting pursuant to a DBA (that is, a 'damages-based agreement') which is a form of 'no-win, no-fee' agreement and which provides that we will be paid 35% of any damages awarded to you, plus your proportionate share of the money we spend on your behalf on third party services, plus the cost of insuring the risk that you may have to pay the costs of your lender if you lose in Court. It is important, if you join the claim, that you read the DBA, the explanations of the terms of the DBA and the other agreements carefully.

At this stage it is very difficult to say. The amount we will claim on you behalf will depend on factors including: i) the size of your mortgage; ii) the term of your mortgage; and iii) the interest rate you are and have been charged on your mortgage. The amount of any compensation you may be awarded is a matter for the Court.

Yes. You should not stop paying your mortgage as a result of joining the claim. It is vital that, by joining the claim, you do not think you will solve any debt issues you might have. There is no guarantee that the claim will be successful. You must continue to manage your debt diligently and carefully, and take advice where possible. Organisations such as StepChange and Citizens Advice may be able to offer you some guidance about how best to manage your money.

You can read other frequently asked questions by clicking here.

Harcus Parker Limited
7th Floor Melbourne House
Aldwych, London WC2B 4LL

[email protected]

Harcus Parker Limited is a limited company authorised and registered by the Solicitors Regulation Authority (SRA ID number 653501) and registered in England and Wales with company number 1352441. Its VAT number is 304608037.