16k mortgage exit fee

Mrs_Bumble

I am trying to help you but you are not giving enough information to say whether you have a case.

_Andy_

Charming. Not sure how you expect people to help when you won't give detail about the situation.
Nice of you to say thankyou to the people who have tried to help as well. Lovely.

dunstonh

I still see no evidence of mis-sale in what has been said so far.

We know it was done over the phone but not if it was done with advice or not. Many (if not most) phone based applications are not done with advice. You choose the product, they set it up.

The ERC is not a fine. It is a charge for you obtaining a mortgage on special terms that usually requires the lender to put in place special financing and that is the reason why there are charges if you repay early. A bit like getting a mobile phone free with a contract. You agree to tie yourself in for a period and if you cancel early you pay the contract up.

The KFI and the offer letter/contract would have both had this charge very clearly showing on them. The marketing material would have it on there as well. On an advice case, the suitability report (or whatever mortgage advisers call their version) would have it on there as well. Its not hidden and there is no reason to hide from it.

The fact there is an ERC and you paid the mortgage early and paid that ERC is not a mis-sale in itself. The only way it would be a mis-sale is if the mortgage was unsuitable for your needs.

Why is it that you think it would be classed as a mis-sale? We need to know otherwise we cant really comment.

unite79

No - Definatly the ERP will be waived - You will also get an Aston Martin DB9 Brand new as compensation for the trouble you have gone through.

I wish poeple would just tell the OP what they want to hear, without asking all these slly questions, in order that they can base the answer on reality!

hearts

I think if the Mortage was missold and the broker admitted as much, then there would be a claim against the broker for any charges (losses) associatied with the Mortgage.

Mrs_Bumble

hearts wrote: »

I think if the Mortage was missold and the broker admitted as much, then there would be a claim against the broker for any charges (losses) associatied with the Mortgage.

That is what we are trying to get at

Why was the mortgage unsuitable
Was the broker offering an advice and recommendation service
Why was the complaint upheld?


Without knowing why the mortgage was unsuitable and why the complaint upheld can't really say if the broker company is at fault?

If the broker service was not offering an advice and recommendation service and just purely arranged the mortgage requested then how can they be at fault.

OP that is why we are asking the questions.

opinions4u

hearts wrote: »

I think if the Mortage was missold and the broker admitted as much, then there would be a claim against the broker for any charges (losses) associatied with the Mortgage.

There would be.

But the question also needs to be asked: "which mortgage should have been sold instead and what were the ERCs on this?". As well as "how much additional interest would have been charged had this product been sold?".

The poster hasn't provided enough information to be given an answer.

If the correct mortgage had been sold, but carried ERCs that were higher, then the poster could actually have been put in to a worse position as a result of receiving the most suitable mortgage advice at the time of sale.

As it stands, I would say that any financial loss as a result of poor advice should be compensated. But that doesn't mean that the whole ERC charged should be refunded. Just the difference between that and the ERC for the product that should have been sold.

roofer wrote: »

I was charged an exit fee of 16k (which i knew about when i took the mortgage) however i have now proved that i was missold the mortgage in the first place, I have just been given back the brokers fee for the mortgage set up, Do anyone think i have a chance now that i have at long last proved that the mortgage was missold, ?

Yes you have a chance. But only to cover the financial loss that you have suffered compared to the position you'd have been in had you been sold the correct mortgage.

Nearly all the posters above are trying to establish the specifics of the case in order to give you appropriate guidance.

I'd hate to say "reject their offer and take it to the Ombudsman to get more" only for you to end up losing what's currently on offer because there's more detail to the case that I don't know about.

It is more than possible that the broker is offering you less than you are entitled to. Clarify the points raised in other posts and you may get a clearer answer.

roofer

The broker has offered me a full refund and admitted in writing that the morgage was missold,

As this complaint has been ongoing for over 12 months, the financial obudsman frevices are now looking into it,

As the case is still ongoing i dont want to tell you all too much as it might kick me in the backside,

As soon as i know anything i will let you all know the outcome,

Thanks for all the advice.

_Andy_

If the case was already with the Ombudsman, what advice were you hoping to get from the forum?

dunstonh

roofer wrote: »

The broker has offered me a full refund and admitted in writing that the morgage was missold,

As this complaint has been ongoing for over 12 months, the financial obudsman frevices are now looking into it,

As the case is still ongoing i dont want to tell you all too much as it might kick me in the backside,

As soon as i know anything i will let you all know the outcome,

Thanks for all the advice.

Hold on. If the broker has admitted liability and giving a full refund then why are are
1 - asking on this forum
2 - not giving us the full information, meaning we cant answer correctly as you keep changing facts
3 - why is it with the FOS even though a full refund was the settlement? If its a full refund then isnt that the result you want?