Was I mis-sold a Mortgage??

moatmeister

You are very lucky to have been granted a loan. i am in a similar position in that my wife runs a profitable limited company trading for just over 1 year in an established industry that i work for. Our staff and suppliers get paid regularly onthe dot but my salary of £40k net is paid in variable amounts and on variable dates during a given month to suit the company cashflow. we have recently applied for a joint mortgage with abbey and it has been declined without appeal because of this variable payment schedule at the underwriters stage even though initially they said it would notbe a problem.

They make up their own rules to suit themselves as they go along.

jamief

So lets see:

You borrowed money, and whilst this money was benefiting you, were quite happy to use it.

You are now trying to find out that possibly, in the future, if your business is to fail, whether you'd have a claim for a "mis sold" mortgage to get out of paying back the money YOU borrowed.

In my opinion, you are either

a) An utter cretin
b) A troll
c) Both

I'm suspecting you are c)

katehesk

My partner was offered a mortgage by Halifax, which based on his outgoings he would never be able to afford, only with my help. They asked to see wage slip though.

Banks are still lending irresponsibly, I agree.

Why does this seem to happen in every thread? Forum member's seem to thrive on pulling new posters to pieces. I think it's a valid question

opinions4u

katehesk wrote: »

Forum member's seem to thrive on pulling new posters to pieces.

The story is a complete load of tosh. That's why it has been pulled to pieces.

The OP states that he wasn't even asked about his income. Despite having signed a form that asks that specific question.

Banks are still lending irresponsibly

Is this the same banks that are accused of being risk averse and not lending enough to prop up the economy?

WANGERZ-36 wrote: »

My income was never discussed

Nonsense. You signed the form.

getmore4less

WANGERZ-36 wrote: »

The point I am making is that even now, after all the troubles the banks have caused through reckless lending, they still have not learnt the lesson. I know that Business' need banks and banks need business'. I just hope that we all recover as a whole and not end up in a worse situatin than we are already in.

What was the LTV?

Leon_W

Not many lenders will remortgage a residential property so the money can be used for business purposes. Woolwich/Barclays (as far as I am aware) don't either, so any application for a remortgage with "business purposes" as the reason would get kicked out immediately. No wonder they didn't want to know what the money was to be used for !

jamesperrett

When I took out our current mortgage with Woolwich a couple of years ago I was surprised that they didn't want proof of income (although they asked me verbally about income). However, we only wanted to borrow 30% of the value of the property and we had previously had a Barclays mortgage with no problems.

In the past I have also had a Barclays mortgage in order to raise money for business purposes with the full knowledge of both the branch business manager and mortgage advisor.

Cheers

James.