Think i have been misled on my mortgage

DMP_101

Hi,

If anyone can help would really appreciate it.

I have taken out a mortgage with platform home loans via a broker. The offer i had was for a 2 year fixed, yet just days before the sale went through they changed it to 3 years fixed.

Do i have any comeback. I emailed the broker recently about this, she said she would look in her files and get back to me (she didnt) and the morgage company said it changed as the deals change every month.

I dont have anything to lose, so wanted to invistigage further into this. I feel like i was sucked in with the deal I wanted, then switched at last minute.

Any advise welcome, happy to provide further info if possible.

_Andy_

Did you sign anything confirming you were happy with the three year fixed? Eg an offer letter would have been sent to you - if you didn't want it did you not contact them to state that?

dunstonh

If the deal changed then you would have had to sign something to reflect that you agree to that change.

Given the way deals expire and often pulled without much or any notice, it is not uncommon to find you are timed out and have to have a new deal.

I feel like i was sucked in with the deal I wanted, then switched at last minute.

You would have agreed to the new deal. So, you had plenty of opportunity to deal with it before you gave any commitment.

Conrad

The broker by law must reply within 7 days in writing as to how the complaint will be dealt with and timescale.

Brokers have to tell the FSA (the regulator) how many complaints are recieved each 6 months and further confirm they have a robust complaints procedure in place.

Email the broker now and remind them of this and that you expect a prompt reply.

My guess is the broker, like many, got a little lazy and would definitely confirmed to Platform to switch you to the 3 year deal - THAT IS YOUR DEFENCE I THINK.

You need to quanify the 'loss' you want. Difficult to quantify that, so maybe see what the broker replies with first.

In any event brokers like this drive me nuts and are common place, so get complaining and get the FSA in the loop.

Perhaps they will offer you some cash to bring it all to a 'quiet' conclusion shall we say.

DMP_101

Thanks Conrad. Do you mean you think the broker asked me to be switched to a three year so they got a larger kickback from platform?

The house i bought was too expensive on the earnings multiples and the broker reccommended that i take out a self cert and she told me what income to write. I was aware of this and happy to do it to get the house I wanted, but 2 years in paying 1995.50 a month out of an income of 2860 i certainly regret it. I

dunstonh

DMP_101 wrote: »

Thanks Conrad. Do you mean you think the broker asked me to be switched to a three year so they got a larger kickback from platform?

The house i bought was too expensive on the earnings multiples and the broker reccommended that i take out a self cert and she told me what income to write. I was aware of this and happy to do it to get the house I wanted, but 2 years in paying 1995.50 a month out of an income of 2860 i certainly regret it. I

You have grounds for complaint on that basis. You dont need to focus on a potential issue over 2 year or 3 year deals as that is really a non issue and one that you have a more likely chance of losing.

luckyfool

DMP101 - I would be wary about including that in a complaint as you are effectively admitting to mortgage fraud.

If the product changed then a new mortgage offer would have been issued to you so you certainly would/should have been in the loop on it. I understand you might be having some buyers remorse about taking a 3 yr vs 2 yr deal with 20:20 hindsight given the current low level of rates, however I'm not sure that you will necessarily have a complaint that stands up.

Also, Platform do not/did not differentiate their procuration fees or commissions based on the length of a fixed rate to the best of my knowledge, so that should not have been a factor.

_Andy_

DMP_101 wrote: »

Thanks Conrad. Do you mean you think the broker asked me to be switched to a three year so they got a larger kickback from platform?

The house i bought was too expensive on the earnings multiples and the broker reccommended that i take out a self cert and she told me what income to write. I was aware of this and happy to do it to get the house I wanted, but 2 years in paying 1995.50 a month out of an income of 2860 i certainly regret it. I

So you knowingly committed fraud, as did your broker?
Superb.

DMP_101

I didnt understand it as that at the time. i have paid the mortgage everymonth even if it means selling things to do it. Yes it was a silly thing to do

puppy8910club

I would seriously consider selling the house for same price u paid (around abouts) and then downgrade to a reasonable house price so you can afford to live without worry.

You cant go on for too long selling things etc. You will soon be in debt then reposession in the future. We all want things but i just bought a property for 145k and its really nice. Downgrade and stick to lower payments. Take a hit of 2-3k on solictor fees etc u have already paid but its better than loosing it all together!

DMP_101

i cant sell for another year as I have an early repayment charge of 20k. Plus I bought the house with the idea to 'do it up' although i have only finished a third of it.