morgage mis sold

concard

WE MY WIFE & I HAVE TAKEN OUT AN 18 YEAR MORGAGE ,BUT ONLY 15 YEARS OFF WORK BEFORE I RETIRE ,THAT MEANS IN 3 YEARS TIME WHEN I RETIRE THERE WILL BE STILL BE 5 YEARS LEFT ON OUR MORGAGE.WAS WE WRONGLY INFORMED ABOUT THIS?MORGAGE,SHOULD HAVE THEY TRIED TO SELL US ANOTHER PACKAGE?

Wutang_2

Thats quite an accusation...and did you not look at the details when you took the mortgage out?

if you speak to a whole of market adviser you may be able to remortgage and change the term so it coincides with the timescales you are looking for...

dunstonh

WE MY WIFE & I HAVE TAKEN OUT AN 18 YEAR MORGAGE ,BUT ONLY 15 YEARS OFF WORK BEFORE I RETIRE ,THAT MEANS IN 3 YEARS TIME WHEN I RETIRE THERE WILL BE STILL BE 5 YEARS LEFT ON OUR MORGAGE

That doesnt add up. 18-15 = 3 yet you say 5.

WAS WE WRONGLY INFORMED ABOUT THIS?

Hardly likely. You signed the contract letter that had the term on it. You would have used a solicitor back then as well who would have confirmed the mortgage terms before you signed it.

SHOULD HAVE THEY TRIED TO SELL US ANOTHER PACKAGE?

You mean should you have chosen to buy another package? No. A mortgage is a mortgage. They could have set it up over 15 years if you asked them. However, you asked them to set it up over 18 years and that is what they have done.

The FOS did used to rule more favourably on the consumer side in cases like this but due to it being abused so much by people trying it on that they now take a lot more into account before ruling.

My immediate questions and comments would be

1 - why a term of 18 years? That seems a strange number. Usually its 15, 20 or 25. 18 suggests it was chosen for a reason. Immediate thing that comes to mind is that you couldnt afford 15 years so went with 18.
2 - Is it 3 years past your 65th birthday or are you using an earlier retirement age?
3 - Could you have afforded the higher monthly payments that a shorter mortgage term would have been?
4 - Can you afford the monthly payments after retirement?

Going past retirement age is not a mis-sale. If you used an adviser then they have to confirm affordability and document that it is going past retirement age and that you can afford it. If you didnt use an adviser then the lender will often just to as they are told by you. In the 90s, a lot of people took out mortgages that went past retirement age to keep the monthly payments down with a view that inflation would erode the little amount outstanding at the end and they could use their pension lump sum to pay that off. Your timescale certainly fits with that period.

Ian_Griffiths_Halifax

It's a problem easily rectified if you feel that you want to pay the mortgage off in 15 years time. If the mortgage allows overpayments, which many do these days, then ask your lender how much you would need to pay to repay the mortgage in 15 years time and overpay by that amount.

dunstonh

Note. Due to poor writing, its hard to know from your wording if you have just taken out an 18 year mortgage, whether you are 15 years into an 18 year mortgage or whether you have 3 year or 5 years until you retire or another 15 years.

Incisor

concard wrote: »

WE MY WIFE & I HAVE TAKEN OUT AN 18 YEAR MORGAGE ,BUT ONLY 15 YEARS OFF WORK BEFORE I RETIRE ,THAT MEANS IN 3 YEARS TIME WHEN I RETIRE THERE WILL BE STILL BE 5 YEARS LEFT ON OUR MORGAGE.WAS WE WRONGLY INFORMED ABOUT THIS?MORGAGE,SHOULD HAVE THEY TRIED TO SELL US ANOTHER PACKAGE?

You should sue the hide off them, because how could they expect the consumer to subtract his age from 65 to work out how long he has to go to retirement and then decide whether that is more or less than the term of his mortgage? There are too many sharks out there, skilled in bamboozling people with simple arithmetic.

And with your compensation, you could buy a new keyboard with a CAPSLOCK key which works.

Wutang_2

Incisor wrote: »

You should sue the hide off them, because how could they expect the consumer to subtract his age from 65 to work out how long he has to go to retirement and then decide whether that is more or less than the term of his mortgage? There are too many sharks out there, skilled in bamboozling people with simple arithmetic.

And with your compensation, you could buy a new keyboard with a CAPSLOCK key which works.

Can the webmaster for this MSE site create another sub-section as well as mortgages, loans, credit cards etc and add one named:

"!!!!heads who want to insult anyone who seem to have less knowledge than me"?

It would certainly be popular

dunstonh

Wutang wrote: »

Can the webmaster for this MSE site create another sub-section as well as mortgages, loans, credit cards etc and add one named:

"!!!!heads who want to insult anyone who seem to have less knowledge than me"?

It would certainly be popular

To be honest, the OP hasn't exactly helped themselves on this. Negative responses tend to come on threads where the poster has posted in a way that is negative, abusive or sarcastic.

The OP has shouted the question by using caps look. Trying to claim a mis-sale on something that they ought to have some personal responsibility on and made a right pigs ear of the timescales. The grammar and spelling is poor but then its usually rude to highlight that and you run the risk of making a fool of yourself when someone no doubts spots a grammar error in your post. The shouting is probably the red rag to a bull.

ernie-money

Reading this thread from a neutral point of view, I do not get the feeling that anything was shouted, just that caps lock was accidentally left on...
If concard is due to retire in 3 years time, perhaps he is not as computer savvy as some of us, and doesn't the "confused" smilie suggest that this is a question, rather than an accusation?
It would be lovely if those who have the knowledge to help would be happy to offer it, or at least come with some constructive critisism instead of posting messages that may deter people from ever posting a question here again...
And BIG THANKS to all of those wonderful people who do offer free advice on all the boards here!

Incisor

Wutang wrote: »

Can the webmaster for this MSE site create another sub-section as well as mortgages, loans, credit cards etc and add one named:

"!!!!heads who want to insult anyone who seem to have less knowledge than me"?

It would certainly be popular

I might be wrong, but I think the question could well be a trolling anyway. But if it is genuine, I don't see there is much that can be done to help someone who takes out a mortgage and 15 years later realises that it runs on past retirement in 3 years. Certainly, I see no help coming from you ...

Wutang_2

we are not all geniuses like you Incisor...

some peoples knowledge is in other areas and it is often left in the capable* hands of banks or advisers.

Read the comment from ernie-money too