mortgage bad advice

leigh13arsenal

hi can any one help 5 years ago we went to mann and co to buy a house we used there mortgage advisor we was bit naive any way we basically had 30 thousand pound to put down on 175 thousand mortgage we was told by the advisor that we could only get an offer from gmac which we went with they had a 12 thousand pound redemption we was told if we stayed with gmac for 2 years we would then go onto a high street rate wrong again so we had to go with kennsington another expensive mistake 9 thousand pound redemption we have finally got with abbey now but have since been told that with 30 grand deposit we should have had high street mortgage in first place have we got a case of bad advice ???????? thanks leigh we paid any thing from 1200 to 1600 pound a month

Leon_W

Why did you have to pay the redemption ?

beecher2

Who told you that you should've got a high street mortgage? Perhaps your credit rating at the time was bad?

dunstonh

but have since been told that with 30 grand deposit we should have had high street mortgage in first place

Both mortgage lenders focused on subprime and low quality borrowers. So, what about your situation stopped you from using a prime mortgage lender?

The deposit itself is just one part of the situation. Income is another. How much were you pushing the income limits?

Why did you move lender and pay an early repayment charge? Was that through the same sales rep?