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  • FIRST POST
    • daylad
    • By daylad 2nd Oct 17, 4:18 PM
    • 106Posts
    • 15Thanks
    daylad
    Mortgage.Claims
    • #1
    • 2nd Oct 17, 4:18 PM
    Mortgage.Claims 2nd Oct 17 at 4:18 PM
    has any one had any dealings with Mortgage.Claims regarding missold interest only mortgage? TIA
Page 1
    • zx81
    • By zx81 2nd Oct 17, 4:24 PM
    • 13,643 Posts
    • 14,094 Thanks
    zx81
    • #2
    • 2nd Oct 17, 4:24 PM
    • #2
    • 2nd Oct 17, 4:24 PM
    If they have, they'll probably be too embarrassed to admit it.
    • daylad
    • By daylad 2nd Oct 17, 4:34 PM
    • 106 Posts
    • 15 Thanks
    daylad
    • #3
    • 2nd Oct 17, 4:34 PM
    • #3
    • 2nd Oct 17, 4:34 PM
    why? i dont understand?
    • ACG
    • By ACG 2nd Oct 17, 4:38 PM
    • 15,500 Posts
    • 7,851 Thanks
    ACG
    • #4
    • 2nd Oct 17, 4:38 PM
    • #4
    • 2nd Oct 17, 4:38 PM
    Because they have probably paid an upfront fee and got nothing in return.

    If you have been miss sold, complain directly and save yourself an any fees plus a cut of any compensation.

    But you need to evidence how you have been miss sold.
    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.
    • dunstonh
    • By dunstonh 2nd Oct 17, 5:32 PM
    • 89,852 Posts
    • 55,452 Thanks
    dunstonh
    • #5
    • 2nd Oct 17, 5:32 PM
    • #5
    • 2nd Oct 17, 5:32 PM
    why? i dont understand?
    Originally posted by daylad
    There are no issues with interest-only mortgages. That is why.

    The tiny number of claims companies involved should give you an idea that its not an issue. Those few that do take people on often ask for up front money or, more commonly, come back asking for money a month or two in (after telling you that you have a case but they need £x to pay the solicitor to take it further). Many are just advance fee fraud scams. People who have been scammed, tend not to admit it.

    As has been said on all the other threads where people have asked, the FOS position is that if they feel you were missold, they compare the position you would have been in had you rented instead. As interest rates are at all time lows and property values have risen, there are going to be very few people worse off.

    For example, how much is your property worth now and how much did you buy it for? That is a gain for you that you do not get with renting. The rent would be more than the mortgage as well. So, you have gained there. So, as you are not financially worse off, there is nothing to award you.
    • ACG
    • By ACG 2nd Oct 17, 6:46 PM
    • 15,500 Posts
    • 7,851 Thanks
    ACG
    • #6
    • 2nd Oct 17, 6:46 PM
    • #6
    • 2nd Oct 17, 6:46 PM
    As Dunston says, interest only does not = miss sold. There needs to be a valid reason for the miss sale...

    Interest only and debt consolidation claim - rejected.
    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.
    • dunstonh
    • By dunstonh 2nd Oct 17, 7:54 PM
    • 89,852 Posts
    • 55,452 Thanks
    dunstonh
    • #7
    • 2nd Oct 17, 7:54 PM
    • #7
    • 2nd Oct 17, 7:54 PM
    Here is another typical FOS response to claims company led complaint:

    http://www.ombudsman-decisions.org.uk/viewPDF.aspx?FileID=125229

    Note the bit that says:
    I’ve taken into account that the recommendation was made at a time when an interest-onlymortgage with no repayment vehicle wasn’t considered intrinsically unsuitable or a breach ofregulatory duty.

    and another: http://www.ombudsman-decisions.org.uk/viewPDF.aspx?FileID=119569
    Taking into consideration the regulatory requirements at the time, our adjudicator
    didn’t feel Nationwide did anything wrong by providing the interest-only mortgage.
    • mrginge
    • By mrginge 2nd Oct 17, 8:01 PM
    • 4,199 Posts
    • 7,464 Thanks
    mrginge
    • #8
    • 2nd Oct 17, 8:01 PM
    • #8
    • 2nd Oct 17, 8:01 PM
    has any one had any dealings with Mortgage.Claims regarding missold interest only mortgage? TIA
    Originally posted by daylad
    How much have you paid them?
    • csgohan4
    • By csgohan4 3rd Oct 17, 7:47 AM
    • 3,860 Posts
    • 2,401 Thanks
    csgohan4
    • #9
    • 3rd Oct 17, 7:47 AM
    • #9
    • 3rd Oct 17, 7:47 AM
    Wish I could claim compensation on my mortgage, but sadly I read all the T+Cs and the broker explained this to me in plain English, probably recorded the phone call too.


    Compo compo compo, that's the sad reality now, blame someone else for their problems
    "It is prudent when shopping for something important, not to limit yourself to Pound land"
    • minimike2
    • By minimike2 3rd Oct 17, 3:15 PM
    • 1,907 Posts
    • 1,404 Thanks
    minimike2
    I think I posted about this once before - A popular ambulance chaser with a TV advert where they sing their name, once tried this with me back in 2009. Received a letter regarding the number of breaches I had made in relation to the mortgage advice and made an unsuitable recommendation - with the main point being the repayment method being interest only.

    They just hope you haven't quite done something right on the paperwork in a bit to cash in your PI insurance. In my case, I replied with evidence to refute every point they made and I never heard from them again, but it wasn't nice being asked to stump up almost £10k from people you had actually done a cracking job for. Needless to say I never dealt with them again.

    People just see financial services as an easy target to go after. We see it here all the time - People who knew they were not mis-sold to but see it as easy cash. What a society we live in.
    I am a mortgage industry professional. 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
    • csgohan4
    • By csgohan4 4th Oct 17, 9:33 PM
    • 3,860 Posts
    • 2,401 Thanks
    csgohan4
    you don't expect integrity and honour any more, it's more how can I make money and someone else taking the blame for their own mistakes


    No honour amongst thieves as they say
    "It is prudent when shopping for something important, not to limit yourself to Pound land"
    • dunstonh
    • By dunstonh 5th Oct 17, 12:47 PM
    • 89,852 Posts
    • 55,452 Thanks
    dunstonh
    No follow up from the op yet?
    • csgohan4
    • By csgohan4 5th Oct 17, 4:51 PM
    • 3,860 Posts
    • 2,401 Thanks
    csgohan4
    No follow up from the op yet?
    Originally posted by dunstonh


    were you expecting one?
    "It is prudent when shopping for something important, not to limit yourself to Pound land"
    • dunstonh
    • By dunstonh 5th Oct 17, 4:59 PM
    • 89,852 Posts
    • 55,452 Thanks
    dunstonh
    were you expecting one?
    Originally posted by csgohan4
    not if they have already employed a claims company to look into it
    • csgohan4
    • By csgohan4 5th Oct 17, 5:07 PM
    • 3,860 Posts
    • 2,401 Thanks
    csgohan4
    not if they have already employed a claims company to look into it
    Originally posted by dunstonh


    More chance then of pigs flying then
    "It is prudent when shopping for something important, not to limit yourself to Pound land"
    • dunstonh
    • By dunstonh 10th Oct 17, 5:45 PM
    • 89,852 Posts
    • 55,452 Thanks
    dunstonh
    ho hum... All quiet on the response front by the OP
    • dunstonh
    • By dunstonh 14th Oct 17, 11:48 AM
    • 89,852 Posts
    • 55,452 Thanks
    dunstonh
    Still nothing from the OP.

    However, to keep others from making the same mistake, here is a thread of someone else that has been caught by a dodgy CMC on missold mortgages

    http://forums.moneysavingexpert.com/showthread.php?p=73260371#post73260371

    And guess what, it followed the method described earlier in this thread.
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