Mortgage talk financial coaching

shelley9876

Hi, I'm not sure if this is the right place (1st time poster!).
I got a mortgage through mortgage talk 2 years ago, 1st time buyers with no deposit, so they advised us to get a 'plus' mortgage. We were also offered the financial coaching scheme, which being naive and not understanding what was being offered I agreed to. I thought it was an extra £8 per month for 2 years but it turns out it was for the 30 years of the mortgage. The coaching scheme was not helpful in any way. My coach left, and the replacement went on maternity leave in November and since then I've heard nothing from the company.
I was told mortgage talk would contact me to arrange a remortgage when our fixed rate was over - but after looking into it myself I realised there was no way we could remortgage without paying off the rather large 'plus' loan. They never contacted and have failed to reply to any emails.
I can no longer find anything on the net about the financial coaching service, and am wondering if anyone knows anything, is it still going?
Also wondering if there is any possibility of us attempting to claim back the money we paid for this useless service, also a friend thinks we were miss sold the mortgage, and should complain. Who should I complain too?
Sorry for all the questions, very new to this. Any advice appreciated.
Thanks

silvercar

Why does your friend think you were missold the mortgage? Presumeably you wanted a big mortgage with no mortgage and the advisor arranged it.

shelley9876

I think it is because we were led to believe we could remortgage after 2 years, which was never going to be possible. Thankfully interest rates have gone down, or now we would be finding it very difficult. I'm aware it's our own fault for not looking into things carefully enough. My main concern is the financial coaching aspect.

betmunch

I dont think you have any claim on mis-selling the mortgage.

Not so sure about the plus thingy, have no idea what purpose that has served!

good luck with it anyway!

opinions4u

shelley9876 wrote: »

Hi, I'm not sure if this is the right place (1st time poster!).
I got a mortgage through mortgage talk 2 years ago, 1st time buyers with no deposit, so they advised us to get a 'plus' mortgage. We were also offered the financial coaching scheme, which being naive and not understanding what was being offered I agreed to. I thought it was an extra £8 per month for 2 years but it turns out it was for the 30 years of the mortgage. The coaching scheme was not helpful in any way. My coach left, and the replacement went on maternity leave in November and since then I've heard nothing from the company.

Ok, please can you clarify:

1) How the scheme is paid for (was it a lump sum added to your mortgage, is it on the same direct debit as your mortgage payment).
2) What does your agreement say about cancelling the service? Can you give notice of cancellation?
3) What have the providers told you abot how to cancel paying for a service that you're not getting?

I was told mortgage talk would contact me to arrange a remortgage when our fixed rate was over - but after looking into it myself I realised there was no way we could remortgage without paying off the rather large 'plus' loan. They never contacted and have failed to reply to any emails.

They may have assumed property prices would carry on rising.

I can no longer find anything on the net about the financial coaching service, and am wondering if anyone knows anything, is it still going?

Never heard of this sort of service before.

Also wondering if there is any possibility of us attempting to claim back the money we paid for this useless service

I think you need to get some clarity as to what the service is, how you are meant to access it, how you are meant to be able to cancel it. Check through the documents you have and then try to get something in writing. Depending on the answer you get, contact them asking for a full refund of costs for the service you haven't received. If they refuse, go to the Financial Services Ombudsman.

also a friend thinks we were miss sold the mortgage, and should complain. Who should I complain too?

You might have been mis-sold the bit of the mortgage that gives you the additional services. I've no idea how the Ombudsman would treat this. If he doesn't deal with it, it may be worth pursuing via the Small Claims Court. You have paid for a service and you aren't getting it. You don't explain why you think the rest of the mortgage may have been mis-sold though.

Creed123

Shelly
I work for Mortgage Talk, have come across your post and was disappointed to hear your feedback about our Financial Coaching Programme. It sounds like the coaching has gotten a bit mixed up with your mortgage in your mind, which is understandable, but to clarify this does not, on its own, affect your ability to remortgage.
More importantlty, I am keen to resolve the issues you have with both the service and your remortgage but I am unable to contact you directly. I would appreciate if you would call us directly so that we can resolve the issues and help you to progress. I don't want to post our number in case I break Martin's rules but you should have it on your communication from us. Please ask to speak to the Financial Coaching Manager.

unite79

Creed123 wrote: »

Shelly
I work for Mortgage Talk, have come across your post and was disappointed to hear your feedback about our Financial Coaching Programme. It sounds like the coaching has gotten a bit mixed up with your mortgage in your mind, which is understandable, but to clarify this does not, on its own, affect your ability to remortgage.
More importantlty, I am keen to resolve the issues you have with both the service and your remortgage but I am unable to contact you directly. I would appreciate if you would call us directly so that we can resolve the issues and help you to progress. I don't want to post our number in case I break Martin's rules but you should have it on your communication from us. Please ask to speak to the Financial Coaching Manager.

Or ring your bank and save yourself £8 per month, no one is going to coach you into re-mortgaging a 100% + house anytime soon.