Would this be a case for miss-sold mortgage?

olikatie

I was newly divorced 7 years ago with two small children and a business of 2 years (ebay selling to be precise). I was given an amount of money in the divorce settlement and I had a buy to let flat. I used a mortgage broker to get me a really good deal. Basically - I got two self-certificated mortgages, one for 80k and the other for 130k; making a total of 210k. I was 45, and both mortgages were taken out over a 30 year span. At the time, I was in a state of shock with nowhere to live and there wasn't much on the market at the time and so I made a very rash decision. As soon as I had signed for my house, I knew I had made a mistake. I got into an incredible amount of debt and had to sell my flat - I am now never going to be in a position to pay off my mortgage and am struggling seriously financially. Do you think I have a case for a mis-sold mortgage? If so can anyone recommend what I would need to do to investigate this?

Many thanks

betmunch

I dont understand where the mis-selling took place.

It seems you wanted 2 mortgages, got 2 mortgages, then didnt like the place you bought?

Where do you feel you were mis-sold to rather than you just making a poor decision?

WTTM

olikatie wrote: »

I was newly divorced 7 years ago with two small children and a business of 2 years (ebay selling to be precise). I was given an amount of money in the divorce settlement and I had a buy to let flat. I used a mortgage broker to get me a really good deal. Basically - I got two self-certificated mortgages, one for 80k and the other for 130k; making a total of 210k. I was 45, and both mortgages were taken out over a 30 year span. At the time, I was in a state of shock with nowhere to live and there wasn't much on the market at the time and so I made a very rash decision. As soon as I had signed for my house, I knew I had made a mistake. I got into an incredible amount of debt and had to sell my flat - I am now never going to be in a position to pay off my mortgage and am struggling seriously financially. Do you think I have a case for a mis-sold mortgage? If so can anyone recommend what I would need to do to investigate this?

Many thanks

Jesus suffering - mis-selling claims get better and better - whose fault was it you took the mortgages out?


MOMENT

opinions4u

Do we have a "Who's that trip-trapping over my bridge?" moment?

I used a mortgage broker to get me a really good deal. Basically - I got two self-certificated mortgages, one for 80k and the other for 130k; making a total of 210k. I was 45, and both mortgages were taken out over a 30 year span.

You could challenge the broker on why he sold you the 30 year term.

It might be because you wanted to keep costs down.

But I don't think mortgages were regulated 7 years ago. So you can't pursue a complaint via the Ombudsman.

VIGILANT22

Contact Cartel and ask for Carl Wright...I hear he helps in cases like this...

FraudBuster

WTTM wrote: »

Jesus suffering - mis-selling claims get better and better - whose fault was it you took the mortgages out?


MOMENT

..........................................:rotfl:

Thrugelmir

opinions4u wrote: »

Do we have a "Who's that trip-trapping over my bridge?" moment?

You could challenge the broker on why he sold you the 30 year term.

It might be because you wanted to keep costs down.

But I don't think mortgages were regulated 7 years ago. So you can't pursue a complaint via the Ombudsman.

BTL is a commercial loan therefore unregulated.

olikatie

Nice to kinow you all have such a good sense of humour. I wonder if there are any professionals out there who know what they are talking about?:T

VIGILANT22

Carl Wright

WTTM

olikatie wrote: »

Nice to kinow you all have such a good sense of humour. I wonder if there are any professionals out there who know what they are talking about?:T

Take it you're not a professional then as you clearly have no idea what you are talking about :rotfl:



MOMENT

Thrugelmir

olikatie wrote: »

Nice to kinow you all have such a good sense of humour. I wonder if there are any professionals out there who know what they are talking about?:T

Basically you took a gamble and got it wrong. So you can't now claim for bad advice.

It is assumed in law that as you are running a business, ie BTL, you are aware of the risks involved. There is why they are regulated in a different way to residential loans.

Unfortunately for you, many brokers were as keen to find you money to borrow as you were to jump on the property conveyor. Fools gold........