Am I eligible for mis sold mortgage compensation?

dunstonh

Most will not remember the last, Tory-manufactured housing crash and would have believed that prices only ever go up.

To be honest, I dont think people are that stupid. They remember the crash or know about that crash but chose to ignore it.

There are too many safety nets in society today in areas there shouldnt be and this allows people to get away with being stupid, incompetent or just plain lazy. It's just passing the buck. If what they do pays off, then they make money out of it. If it doesnt pay off then they can blame someone else and try and make money out them.

Dan_1976

The biggest net saved for the banks!

I think the ASBO chav thing will turn around, things change over generations. I think my generation and below can see what is going on and are bringing up children properly.

I have a 5 yr old and nearly 2 year old, and they will not be chav's and will not make mistakes that I or this current generation are making!

sarahjane88

Lance wrote: »

Also in post above you mention 'ageism'........ yet part of your complaint is you were 'only 18' as if that makes you not as responsible as someone older... isn't that ageism? You also suggest the bank should have refused your mortgage application because of your age....... would that have been ageism? Would you have complained about their ageism? It would appear that like the various other 'isms' it only works one way.

You both moved out of the flat which can't have helped and left it vacant. Instead of looking for work you then decided to start a family elsewhere.

I do not wish to be judgemental I am merely stating facts in the face of your claims of being mis sold, ageism etc and too be blunt refusing to face responsabilty or your actions. You bought at the wrong time like millions of others around the world.

Firstly, part of my complaint was not because I was 18. I was merely trying to state facts for people to understand the situation and to know I was naive and foolish at the time. I am not blaming anybody for the fact that I was 18. I'm basically being told that I can't accept criticism because I am young and I find that offensive. People are attacking me and I have a right to depend myself.

I was lucky I still had a job when every retailer was crumbling around us. How was I going to find another job when employment was (and even more so today) hard to come by? Also, regardless what you might think, leaving the flat saved me a lot of money every month.

And like I have said, I enquired about something I saw, got my answer thank you very much and that's all I need to know. Not getting labelled and jumped down my throat consistently.

sarahjane88

Dan_1976 wrote: »

"Dropping a kid" What a nice way to talk about it!

Child birth would be grate if you could plan, but if you did plan it to fit in with your finances you would not have children!

MMA

(Moment my ar!e)

You know dan, thank you so much. You're one of the few who are so grounded on here, and I couldn't put what you said any better. I've refused to explain about having a baby... solely because it is nobody's business and nothing to do with what I asked. It was unplanned and that's that.

VIGILANT22

Quote Post 5 "I now have a baby"

I agree with you and it was very badly phrased...however you should never have disclosed this then nobody would have known....by stating this you left yourself wide open....

It's like people on this forum asking a question and then not liking the reply....

Why are you not selling this property..is it in area badly hit by the recession?

Dan_1976

Thanks Sarahjane try telling my critics that!!

I have children and they are the biggest thing in my life. I have been through financial trouble and you know what, they did not notice the lack of brand names in the cupboard or the nicest car on the street had gone! They just need us!

Dan

sarahjane88 wrote: »

You know dan, thank you so much. You're one of the few who are so grounded on here, and I couldn't put what you said any better. I've refused to explain about having a baby... solely because it is nobody's business and nothing to do with what I asked. It was unplanned and that's that.

WTTM

sarahjane88 wrote: »

You know dan, thank you so much. You're one of the few who are so grounded on here, and I couldn't put what you said any better. I've refused to explain about having a baby... solely because it is nobody's business and nothing to do with what I asked. It was unplanned and that's that.

You need to improve your planning as well as your financial skills.


MOMENT

Dan_1976

WTTM wrote: »

You need to improve your planning as well as your financial skills.


MOMENT

A very minor small moment I think. I dont mean to be rude but how parents in this forum could honestly say that they had children at the right time?

opinions4u

Dan_1976 wrote: »

A very minor small moment I think. I dont mean to be rude but how parents in this forum could honestly say that they had children at the right time?

The right time to have kids would appear to be when you're in your mid-fifties, earn significantly more than you spend and have no money worries.

Imagine having teenagers in your seventies though!

keepitforthebirds

Hi SarahJane
Property purchase is complicated and stressful for everyone. You were 18. Your adviser should have taken your age into account and been careful to explain everything clearly. In particular she should have checked your current employment status and employment history. Two young people with 4 jobs all at minimum wage does not indicate the level of financial stability required to pay off a 76K loan at 3.5 x joint income.
She should have taken into account your budget for mortgage repayment and considered how permanent the jobs were. Not many 18 year olds have two permanent jobs for long.
She shouldn't have been juggling your income to try and get the loan and she certainly shouldn't have encouraged you to be 'optimistic' about your overtime.
You should approach the lender and say you have a complaint under the FSA Mortgage Conduct of Business Rules section 11 - Responsible Lending. Rather than confronting them and trying to get compensation out of them explain that you took their advice in good faith but now you have a problem with repayments. Ask what they can do to help. They should be willing to negotiate as they didn't take sufficient care when advising you. Ask them to switch you from a repayment mortgage to an interest only mortgage until you can afford the repayment type. Ask them for consent to let. Then you can legitimately rent out the flat. Make sure you let it out on a proper Assured Shorthold tenancy(after you receive permission!) but don't trust letting agents - get a recommendation or a good friend who has experience. If you are on a high fixed rate then ask them to move you to a more beneficial rate and the rent payments you receive should exceed the interest payable on a 76K mortgage.
When you feel comfortable that your financial situation has improved you can revert to a repayment mortgage - then you can hang on till we hit another crazy property growth spiral(if the empire doesn't crumble completely) and cash out - turning your property nightmare into lovely cash..... and so castles made of sand... slip into the sea... eventually....
let us know what happens - there are other tough ideas but let's start by being nice - that's the purpose of this forum - to share ideas about saving money - not to put people down for their honest and regretted mistakes.