advice for mortgage!!!trouble with bank!

burcrita1

hi,everyone
we have fixed our mortgage last october just before interest rates dropped.After we signed and our documents i have called the bank to cancel it.They told me to not to worry,u can cancel anytime without paying any Redemption penalty!.(except the setup fee )...any way i gave them a call before the first payment due.They told me'' i can not cancel or change without paying penalty'' they also told me they made a mistake to telling me i can cancell anytime.They have sent me appology letter.
i called FSO and put a claim.they got back to me with £200 compensation from the bank.They said this is the top limit u wont get anything else!!
i am not happy i am willing to take them to court!!!
Can someone give me an advice please?
regards

TEDDYRUKSPIN

I am correct to say last October you signed an agreement to have the fixed mortgage? You sent this back? Correct? Then you phoned them to tell them that you did not want to go ahead? Correct?

Did you ask for a confirmation in writing?

Now that you have made a complaint they have giving you only £200 compensation? Did they cancel the fixed rate?

If you are not happy with the result you have a choice not to accept the compensation and take it further.

burcrita1

TEDDYRUKSPIN wrote: »

I am correct to say last October you signed an agreement to have the fixed mortgage? You sent this back? Correct? Then you phoned them to tell them that you did not want to go ahead? Correct?

Did you ask for a confirmation in writing?

Now that you have made a complaint they have giving you only £200 compensation? Did they cancel the fixed rate?

If you are not happy with the result you have a choice not to accept the compensation and take it further.

well i got cofirmation by FSO i was awarded £200.They didnt cancel my fix rate.
if i take them to court,would i be able to get anything?

Conrad

you had a mortgage offer with a key facts illustration that clearly sets out the early repayment fees. Nothing in that document will have said you wont have to pay the fees if someone in a call centre tells you you won't.

As such you agreed to the legally binding terms therein.

I don'y think you will get any compensation, however if there is a recording of that phone call you might want to write to the MD using special delivery postage to make a claim. Taking a Bank to court - mmmmmm

opinions4u

burcrita1 wrote: »

hi,everyone
we have fixed our mortgage last october just before interest rates dropped.After we signed and our documents i have called the bank to cancel it.They told me to not to worry,u can cancel anytime without paying any Redemption penalty!.(except the setup fee )...any way i gave them a call before the first payment due.They told me'' i can not cancel or change without paying penalty'' they also told me they made a mistake to telling me i can cancell anytime.

What was written down in the terms and conditions (and signed for by you) will take precedence over and above any verbal conversation.

i called FSO and put a claim.they got back to me with £200 compensation from the bank.They said this is the top limit u wont get anything else!!

An interesting way of following a complaints procedure. I assume the FSO referred you back to the bank, who offered you £200.

i am not happy i am willing to take them to court!!!

Waste of money. You signed the forms. You agreed to it. The court will award costs against you.

Have you received a letter of deadlock from your bank confirming that they are unwilling to do anything else?

Once you have this you can FORMALLY involve the ombudsman (which I doubt has happened yet). Doing it this way won't cost you anything.

Likely outcome? You signed the forms, so tough.

burcrita1

Conrad wrote: »

you had a mortgage offer with a key facts illustration that clearly sets out the early repayment fees. Nothing in that document will have said you wont have to pay the fees if someone in a call centre tells you you won't.

As such you agreed to the legally binding terms therein.

I don'y think you will get any compensation, however if there is a recording of that phone call you might want to write to the MD using special delivery postage to make a claim. Taking a Bank to court - mmmmmm

I got a letter from bank says'' we checked our records,yes u were given wrong information.we are very sorry.we hope you dont take this matter further..!!''

burcrita1

opinions4u wrote: »

What was written down in the terms and conditions (and signed for by you) will take precedence over and above any verbal conversation.

An interesting way of following a complaints procedure. I assume the FSO referred you back to the bank, who offered you £200.

Waste of money. You signed the forms. You agreed to it. The court will award costs against you.

Have you received a letter of deadlock from your bank confirming that they are unwilling to do anything else?

Once you have this you can FORMALLY involve the ombudsman (which I doubt has happened yet). Doing it this way won't cost you anything.

Likely outcome? You signed the forms, so tough.

FSO is already involved.They said my bank's offer is £200 and i got a letter from FSO.

beecher

burcrita1 wrote: »

I got a letter from bank says'' we checked our records,yes u were given wrong information.we are very sorry.we hope you dont take this matter further..!!''

Honestly - they stated in a letter 'we hope you don't take this matter further'? Find that hard to believe.

burcrita1

beecher wrote: »

Honestly - they stated in a letter 'we hope you don't take this matter further'? Find that hard to believe.

yes honestly.They very apologetic.it says''we do take full responsibility and we are very sorry.We will focus on more training our staff''

it is mad

silvercar

Was this a fixed rate you took out with your existing lender? Or a mortgage with a new provider?

dunstonh

well i got cofirmation by FSO i was awarded £200.

The award of £200 by the FOS is generally where there is no real case to answer but the bank hasnt really acted in a professional manner so its a goodwill gesture.

i am not happy i am willing to take them to court!!!

Good luck on finding a solicitor that will tell you that you have a case and they will take it on for you.