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Mis-sold Mortgage?
HappyMedium_2
Posts: 106 Forumite
If a mortgage was given 2 years ago to a then 63 year old self employed man on a self certification basis over a 15 year period, would he have any grounds for claiming mis-selling given that he had prior to that a triple heart by-pass operation and would not be in a position to repay if things went wrong. Ill health and recession meant that his business went down. The mortgage was with Mortgage Express.
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If a mortgage was given 2 years ago to a then 63 year old self employed man on a self certification basis over a 15 year period, would he have any grounds for claiming mis-selling given that he had prior to that a triple heart by-pass operation and would not be in a position to repay if things went wrong.
Not necessarily. The whole point of self cert was that you were self certifying to say that you wanted the mortgage.
Mortgage Express give no advice. They just received applications to process on their lending criteria merits.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
If the mortgage could not be repaid, the lender would simply repossess, so if unforseen circumstances occur they are protected. Lenders would not lend where it is blatantly obvious money could not be repaid e.g. repayments £1,000 pm, income £990 pm. With any loan there is always a risk it cannot/will not be repaid. People do make full recovery after triple heart bypass and return to normal working life, so lender may not regard the op as a reason not to grant mortgage.
There is an onus on anyone taking out a mortgage that they ensure they can make the repayments and do not wilfully enter into an agreement they know they cannot meet the Ts and Cs of. If a borrower knowingly enters into an agreement he cannot keep then he must bear a considerable portion of the blame if he faces repossession.
The above is neither a criticism implied or otherwise nor a judgement, it is just a point of view.If you are querying your Council Tax band would you please state whether you are in England, Scotland or Wales0
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