Mortgage Misselling

Bretheren

About 2 years ago I obtained a mortgage through a broker with Future Mortgages.

At the time I completed the documentation with the broker I applied for a repayment mortgage.

I got the offer through on a discounted rate for two years I signed the paperwork and sent it back the remortgage was then sorted.

I am now in divorce proceeding and will have to sell my property. On stdying my documentation more closely I have now discovered I am on an interest only deal.

Whilst I accept in hindsight I should have scrutinised the offer more closely at no point did I ask for an interest only loan and this was never discussed with me as an option.

Am clutching at straws I guess but do I have any recourse to the broker who I assume has misrepresented me in his discussions with the mortgage provider?

Thanks

ILW

Even if you could prove miss selling, you have not lost anything due to it, so no point.

opinions4u

Dig out your key facts documents and read what they said.

Gut reaction is that you have no case, but that document should confirm it one way or the other.

As the post above suggests, how much have you lost out by? You have had more money available due to not having higher mortgage payments.

Hopejack

I suppose at the end of the day they have a higher level of mortgage debt now than they would have had, had it been a repayment mortgage. In the event of divorce, there may have been more equity (?) to divide? Depends of course on when they bought etc - if it was bought 2 years ago then probably not a chance....

Agree however though that they have had cheaper repayments as a result which they have reaped over the 2 years.

It's a balancing act, on reflection I agree that you were missold but not sure you are worse off as a result over the short period.