Was I mis-sold a Mortgage??

WANGERZ-36

Hi guys and gals. I am a newbie to this forum, so please foregive me if this has already been addressed.

I recently re-mortgaged my house to enable me to plough more money into my Young business. Barclays bank did all the neccesary paper work and arranged for an evaluator to come to my house and value my property. Barclays agreed to lend me a further £35k against the equity in my home. So far every thing is above board.

The one thing I didnt get from Barclays was a personal check on my income to see if I could actually afford the mortgage re-payments - in fact, I asked the lady who was dealing with my application why they hadn't done a check on me to which she replied "in the current climate, if I were to do this then you wouldn't get the mortgage". Does this count as a "mis-sold Mortgage"?

Just to clarify, Barclays was not my current mortgage lender (I was previously with HSBC). and all this happened about three month ago (July). Your help and comments are most appreciated.

LilacPixie

Were you truthful about your income??

WANGERZ-36

I was never asked! My income was never discussed untill I asked. Once all the paper work had arived I phone the lady dealing with the application if I needed to give income / out going details. I had tried to get a loan from HSBC about two months previous to this and they basically told me that by calculating my income against outgoings they would not be able to do anything for me.

opinions4u

The fact that they haven't verified your income does not constitute a mis-sale.

You asked for the money.

You met their underwriting criteria.

Where is there a mis-sale?

WANGERZ-36

I am not saying there was a mis-sale...more like asking "was there a mis-sale" I kknow what you are saying, but surely the banks have a legal duty to ensure that they are not lending money here there and every where with-out ensuring a customer can re-pay?

_Andy_

Why did it not bother you at the time?

WANGERZ-36

why? because all i was interested in was getting hold of some money to ensure my business didnt fail. The money has helped the business survive a tricky few months.

_Andy_

OK.
Out of interest why does it now bother you and what would you like to happen as a result?

WANGERZ-36

Well, I wouldnt say it bothers me at the moment. The business is doing very well and recovery is well and truely underway for us. It's just one of those nagging questions that bugg me. I wonder if there is any way (should the worst happen) I had a claim to being mis-sold my mortgage.

LilacPixie

each lender has it's own criteria so failing with HSBC then passing with Barclays is not unusual. I find it hard to believe that they did not ask any income questions what so ever.

I don't believe there is such a thing as a mis-sold mortgage TBH. mortgage paperwork was issued i presume, you signed and returned accepted the money the mortgage is secured on your home. IMO you have no claim.

WANGERZ-36

I think that you are correct LilacPixie. I many ways I agree with you. I am lucky that the extra money that Barclays lent to me has had a huge inpact on how the business is progressing and managing to keep all employess in work. But it could so easily have been a bad gamble! How many others out there have done what I did - some as you say, may well have been turned down by lenders and suffered grave consiquences. Others may have been able to do what I did but still fallen victim to the Reccesion. I just wonder how many have not been as fortunate as myself and are now in dire circumstances.