Mis sold mortgage

Norah_G
Norah_G Posts: 1 Newbie
in Mortgages & endowments
I believe I was mis sold an Interest Only mortgage in 2006. I've heard that I may be entitled to compensation as a result. I would appreciate any advice from any one who might be able to help.Many thanks.
«1

Comments

  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
    First Anniversary Photogenic Name Dropper First Post
    Why do you believe you were mis sold?
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Name Dropper Photogenic First Anniversary First Post
    Compensation for what precisely?
  • brit1234
    brit1234 Posts: 5,385 Forumite
    How were you misold the mortgage please?

    You know you have to repay the mortgage sum eventually with your repayment vehicle (shares, ISA, pension lump sum) which you had as an alternative to a repayment mortgage.
    :exclamatiScams - Shared Equity, Shared Ownership, Newbuy, Firstbuy and Help to Buy.

    Save our Savers
  • Leafeysurrey
    Leafeysurrey Posts: 37 Forumite
    I need to get my glasses changed or something. I read the OP was asking for advice.
  • SidJ
    SidJ Posts: 23 Forumite
    First Anniversary First Post
    Based on the information provided what advice would you give?
  • dunstonh
    dunstonh Posts: 116,357 Forumite
    Name Dropper First Anniversary First Post Combo Breaker
    edited 1 September 2017 at 12:52PM
    I believe I was mis sold an Interest Only mortgage in 2006. I've heard that I may be entitled to compensation as a result.

    Where have you heard that?

    The complaints statistics and the published FOS complaint stats show no spike in complaints.
    I would appreciate any advice from any one who might be able to help.

    You would need to tell us why you think you were missold.

    However, be aware, that whilst a lot of mortgages were sold in a way that would not be compliant today, they were sold that way with the full knowledge of the borrower. i.e. if you lied on an application form, then the lender can add you to the fraud database. So, a complaint can be a very foolish thing to do.

    The FOS position on successful complaints about things like interest only mortgages, is to compare the position to what you would have been in had you rented the property vs the mortgage you paid and the equity you have gained in the property value and were to sell up today. In the vast majority of cases, mortgage is by far the better option.

    This is why there are so few claims companies that are taking on missold mortgage complaints. There are some that do it but they tend to hit people with repeat fees (e.g £495 up front, then after so many months, you are told you have a case but they need more money from you to refer it to their legal team etc). it is those fees that make the claims company money and it is nothing short of advance fee fraud.
    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.
  • csgohan4
    csgohan4 Posts: 10,587 Forumite
    First Anniversary First Post Name Dropper Photogenic
    Norah_G wrote: »
    I believe I was mis sold an Interest Only mortgage in 2006. I've heard that I may be entitled to compensation as a result. I would appreciate any advice from any one who might be able to help.Many thanks.



    Who is this someone who told you? Larry from the local pub???


    What is your repayment vehicle for you IO mortgage?
    "It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"

    G_M/ Bowlhead99 RIP
  • haras_nosirrah
    haras_nosirrah Posts: 2,208 Forumite
    Leafeysurrey wrote: »
    I need to get my glasses changed or something. I read the OP was asking for advice.

    but we don't know what his complaint is so how can we advise anything
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • ACG
    ACG Posts: 23,726 Forumite
    First Anniversary Name Dropper First Post I've helped Parliament
    You need to speak to the company who sold you the mortgage in the first instance.

    You will need to explain why you were miss sold, how it was unsuitable and how you are out of pocket because of it. In short you need to have some confidence there were better options.

    Being sold an interest mortgage in itself is not bad advice. I do not do many of them personally, I have done 2 in the last 2 years.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Susannah67
    Susannah67 Posts: 1 Newbie
    There is a company who is advertising on Facebook that if you took out an interest only mortgage after October 2004, you may have grounds for applying for compensation, depending on the circumstances. They are working on a no-win, no-fee basis but say they will take 35% plus VAT if you do receive compensation. I wonder if this is legitimate? Has anyone else had experience of this?
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343.2K Banking & Borrowing
  • 250.1K Reduce Debt & Boost Income
  • 449.7K Spending & Discounts
  • 235.3K Work, Benefits & Business
  • 608K Mortgages, Homes & Bills
  • 173K Life & Family
  • 247.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards