Any Luck?

crossy65

Has anyone ever challenged a bank or b/s over its mortgage advice and won?When my last mortgage deal was ending i shopped around and all of them told me the rates would rise,i finally went with Brittania as they seemed the most competetive at 6.1% fixed for 10 years,that was two and a half years ago and as we know the rates tumbled to 0.5%,feel a bit aggrieved at the advice and what it`s cost me in that time.
Since then i`ve met my partner who has a house and decided to sell mine and move in with her,the downside being the £11,000 early repayment cost to them. Has anyone had any similar dealings?

castle96

you had a KFI (Key Features)
you accepted the advice
rates could have gone either way...

what you needed was a crystal ball.

surely you can have no comeback against them ?

redpete

As you've said that "all of them" gave the same advice you would be unlikely to get any judgement against Brittania.

Conrad

Crossy I recall that time well, and that there had been a period of rapidly rising rates. The Bank Of England Govenor was signaling further rate rises if inflation were not contained.

Now you simply cannot expect mere mortal, Bank staff to be able to predict the future. Even economists get it wrong all the time, and in any event I am pretty certain the Govenor himself had no idea where rates were going.

Funnily enough I did tell clients to go variable as we approached the higher rates as I had a hunch it would fall, but it was only a hunch.

When I see a Doctor they invariable couch everything in maybe's and caveats as nothing is usualy black and white.

So no is your answer I'm afraid.

There will be times in life where you plump for the quickest queue and times where you end up in the long queue.

Conrad

One other point - most lender staff cannot give formal advice, and offer merely an 'information only' service in which case they'd have nothing to answer anyway as 'information only' puts the onus on the customer to 'make a choice'.

HarrowArrow

Sorry, but it's also rather silly to get a long fix if your personal circumstances are "subject to change".

poppy10_2

crossy65 wrote: »

6.1% fixed for 10 years,that was two and a half years ago and as we know the rates tumbled to 0.5%,feel a bit aggrieved at the advice and what it`s cost me in that time.

If Bank of England rates had risen to 15%, would you feel aggrieved at paying less most other people? You can't have it both ways.

As HarrowArrow says, you should not have taken out such a long fix if you knew there was a chance you would need to be flexible about moving or repaying your mortgage.