Mortgage miss sold ?

Raykay_2

18 months ago I changed my mortgage from Woolwich to Barclays (O.K. I know they are one and the same ).
I was advised to go for a fixed rate, 'as the rates never go down' ! ! ! !
Was I miss sold this product ?

Radiantsoul

Surely you are joking?

dunstonh

Was I miss sold this product ?

What is it Martin has posted on the right.... "There's no such thing as a stupid question"

Erm yes there is and this has to be it.

Mini_Bear

Im sure no-one held a gun to you ur head and forced you to agree the mortgage. At the end of the day many people who work in branch banks know little more on the likely outcome of the economy than anyone else. All financial advise must be carefully considered. A fixed rate is just that. Your fixed = stuck. Many people chose these for their security and when interest rates rise this is a good thing. Perhaps work out how much you could save if you change mortgages and paid all the early redemption fees etc. Doubt it would cost in. There are a lot of people in your position - my partner included!

Gorgeous_George

Professional Financal Advisers can only offer facts. The facts were that interest rates were historically low (at 5-6%) and were likely to rise. Nobody knew that they would fall so dramatically.

While you have taken a poor mortgage deal, nobody would have known it was so at the time. Financial Advisers are not fortune-tellers.

GG

miss_undastood

likewise rates could suddenly rise to 15% like they did in the 80's. In that case those with a fixed rate deal are winning, and those with trackers are losing.

You take your gamble, and remember: Some you win, others you lose.

koexelek

Raykay wrote: »

I was advised to go for a fixed rate, 'as the rates never go down' ! ! ! !

If they put had put that in writing to you ( which they no doubt didn't) you would have a case against them

dwsjarcmcd

Raykay wrote: »

18 months ago I changed my mortgage from Woolwich to Barclays (O.K. I know they are one and the same ).
I was advised to go for a fixed rate, 'as the rates never go down' ! ! ! !
Was I miss sold this product ?

What and you believed them!! More fool you.

betmunch

I think you might have a case if you can prove this was said, which I think you wont be able to do.

Check the original offer and see if it says Johny Advisor recomended you take this product. If it is a recomended product then you have a case.

But it only brings you back to proving that the advisor recomended the product "because interest rates never go down" which is highly unlikely. If you are lucky you will have a letter of suitability with some of the paperwork, that will detail why an advisor recomended a certain product.

Good luck if you do persue this, but I think the advisor would not have left himself open to a miss selling claim

cranezoe

Course they could have meant "maybe the fixed rate is the best for you as during the time you are on this fixed rate the rate never goes down" as opposed to the bank of england base rate never goes down?

I dont see why you would believe that rates never go down... they have done in the past so why not now?

betmunch

Thats a good call, could easily have happened.

Either way the issue is going to be proving it was said. And even then it would have to be an advised sale. If it was execution only then it doesnt matter what was said by the advisor!

I'd like to know how this pans out, please keep us posted