Claiming money back for a mis-sold mortgage?

albo2002

Are any of the companies that offer this worth the risk?

I bought a mortgage just after the April 6, 2007 deadline, which they all seem to use, via a mortgage broker, from GMAC at nearly six times my salary, which means either the broker acted fraudulently or GMAC failed to behave as a responsible lender (or both).

Obviously, at the time, I was pleased to get the mortgage and didn't do anything to risk not getting it, but since the economy has deteriorated the amount I've owed has caused me problems that were previously unforeseen. Clearly, this is my fault, but if there is a legal framework to claim some money back, especially from GMAC (who have since sold my mortgage onto another company), I'd be interested to know about it.

Any advice would therefore be appreciated.

_Andy_

Nothing to claim back - you were party to the fraud.

VIGILANT22

Quote: Clearly, this is my fault, but if there is a legal framework to claim some money back

No, but their is a legal framework for deception.......

albo2002

the bit about it being 'my fault' is the fact that I hadn't budgeted for the deterioration of the economy, which meant the mortgage repayments were more of a challenge than I had initially thought they would be.

I played no role in contributing to any irresponsible lending, bar than being pleasantly surprised at how easy it is to get a mortgage at nearly six times my salary.

(At exactly the same time a friend of mine got a Northern Rock mortgage at more than 7 times his salary, so I certainly didn't assume that any fraud had taken place).

_Andy_

Was the mortgage self-cert?

ILW

albo2002 wrote: »

Are any of the companies that offer this worth the risk?

I bought a mortgage just after the April 6, 2007 deadline, which they all seem to use, via a mortgage broker, from GMAC at nearly six times my salary, which means either the broker acted fraudulently or GMAC failed to behave as a responsible lender (or both).

Obviously, at the time, I was pleased to get the mortgage and didn't do anything to risk not getting it, but since the economy has deteriorated the amount I've owed has caused me problems that were previously unforeseen. Clearly, this is my fault, but if there is a legal framework to claim some money back, especially from GMAC (who have since sold my mortgage onto another company), I'd be interested to know about it.

Any advice would therefore be appreciated.

Did the broker give you a written guarantee that the economy would not dip?
If not I cannot see how there was any mis-selling.
T think you should take responsibility for your own decisions.

albo2002

_Andy_ wrote: »

Was the mortgage self-cert?

I'm not self-employed, so no.

However, I could be wrong, but I think GMAC were one of the few lenders that didn't ask to see pay slips if you applied for a mortgage.

_Andy_

Self-certs weren't just for self-employed people.
I would assume though that the application form you signed did state an income.

ILW

albo2002 wrote: »

I'm not self-employed, so no.

However, I could be wrong, but I think GMAC were one of the few lenders that didn't ask to see pay slips if you applied for a mortgage.

What difference would it have made if they had asked for payslips? Unless you lied about your income.

VIGILANT22

albo2002 wrote: »

the bit about it being 'my fault' is the fact that I hadn't budgeted for the deterioration of the economy, which meant the mortgage repayments were more of a challenge than I had initially thought they would be.

I played no role in contributing to any irresponsible lending, bar than being pleasantly surprised at how easy it is to get a mortgage at nearly six times my salary.

(At exactly the same time a friend of mine got a Northern Rock mortgage at more than 7 times his salary, so I certainly didn't assume that any fraud had taken place).

As you have stated you had the knowledge at the time your borrowing was 6 times your salary....you had the opportunity then to say no thanks...Nobody forced you to take that level of borrowing...If that was GMAC criteria at the time, they did nothing wrong...but as you said...
"Obviously, at the time, I was pleased to get the mortgage".....Now to start claiming mis sold and "which means either the broker acted fraudulently or GMAC failed to behave as a responsible lender (or both)"...Why didn't you say that in April 07.....It is obvious who is acting fraudulently!!

albo2002

ILW wrote: »

Did the broker give you a written guarantee that the economy would not dip?
If not I cannot see how there was any mis-selling.
T think you should take responsibility for your own decisions.

The bit about the economy dipping is irrelevant, I only mentioned it to explain the whole story.

I'm trying to ascertain whether the companies that invite you to cash in on mortgage lenders and / or brokers that act irresponsibly are worth the risk.