Mis-sold an interest only mortgage? Is there such a thing! Advice please

virtuous

Hi Everyone, I am new and just registered. This is an interested thread because I have just come across this website that claim to help people who were mis-sold mortgages way back in 2004. Check their details here:-

Missoldmortgages - Challenge Your is a market leader in the Claims Management Sector and is regulated by the Ministry of Justice in respect of regulated claims management activities.

Has anyone heard of them or been helped by them. I am just curious since I was mis-sold a mortgage by a broker who is no longer in the country and who made himself very rich selling mortgages. He claimed to have an insider in Halifax mortgages and to be honest all his mortgages were approved without any credit checks done which to me was odd at the time.

Thrugelmir

virtuous wrote: »

Has anyone heard of them or been helped by them. I am just curious since I was mis-sold a mortgage by a broker who is no longer in the country and who made himself very rich selling mortgages. He claimed to have an insider in Halifax mortgages and to be honest all his mortgages were approved without any credit checks done which to me was odd at the time.

How do you know what credit checks were conducted on you by the Halifax at the time of application?

Did you complete the application form honestly and truthfully?

virtuous

Hi, thanks for replying.

Yes, I did fill in the form honestly and gave it back to him but I was not asked for payslips etc so to be honest I have no idea what was done.

The next thing I was asked was to pay Halifax valuation fee and that was it.

Thrugelmir

virtuous wrote: »

Hi, thanks for replying.

Yes, I did fill in the form honestly and gave it back to him but I was not asked for payslips etc so to be honest I have no idea what was done.

The next thing I was asked was to pay Halifax valuation fee and that was it.

So why do you believe you were missold a mortgage?

virtuous

Hi

Because the monthly payment was way more than I could afford considering I had already told him how much I earn per year. All he said was that after 3 payments he will sort things out with the insider person in Halifax to bring down.

GMS

virtuous wrote: »

Hi

Because the monthly payment was way more than I could afford considering I had already told him how much I earn per year. All he said was that after 3 payments he will sort things out with the insider person in Halifax to bring down.

I assume he was also providing magic beans for you too.

No payslips probably indicates a fast track application. Nothing unusual there. Credit checks would have been done.

You would have received a mortgage offer from Halifax stating the monthly payments. If you believed they were unaffordable why did you complete on the transaction? You should have walked away.

As for an insider who would reduce payments. Did you really believe this?

virtuous

Hi,

Yes, I did, at the time, I was young and naive. What happened was to change my life afterwards, the interestes rocketed for 3 consequently times and then problems started and the so called fixer was nowhere to be found. In the end, Halifax repossessed the house.

dunstonh

virtuous wrote: »

Hi,

Yes, I did, at the time, I was young and naive. What happened was to change my life afterwards, the interestes rocketed for 3 consequently times and then problems started and the so called fixer was nowhere to be found. In the end, Halifax repossessed the house.

None of that suggests mis-sale. Owning a house with a mortgage is not risk free. If you take the risk of not fixing your monthly payments then you have to be prepared if that risk does not pay off.

sophievenusdoom

dunstonh wrote: »

If you had the interest only mortgage covered by and endowment, then it seems strange to think that they could be considered a mis-sale.

Unless they were unaware he had the endowment as he described them as "well established" when he took the mortgages out??