Mis sold mortgage help!!

Walker1378

Most of the replies i received were unhelpful and some i found quite offensive.
I asked for advice not to be abused - very disappointed.

luckyfool

What is your complaint? That you should have been able to get a better rate from a high street lender due to your credit history? That you should not have been able to get as high a mortgage amount as he falsified your income?

Did you sign the application form? What income did you originally declare, and what was it changed to?

You could report the original broker to the mortgage lender/fos/the police as if what you say is true the broker committed mortgage fraud. If you knew you were signing for an inflated income then so would you, so I would be careful that both you and your partner's hands are clean before report/complaining about anything as you could both also end up being investigated for fraud.

Again, not sure what you are complaining about, and what you are expecting to get out of it. Can you show that you would have been able to get a loan based on your genuine income for the amount applied for on a better rate from a high street lender? It will be very difficult for you to prove this, especially given that you did have a default, and presumably given that your deposit was only £8,500 this will only have been 5 or 10% of the purchase price so options even back then will have been limited. Even at the height of the credit bubble high street lenders were not throwing mortgages at people who needed 90-95% borrowing but had defaults on their credit history.

I'm not setting out to criticise you here, or suggest that you definitely do not have grounds for a complaint, but without knowing more its difficult to know what actual loss you are seeking compensation for. It's not a grounds for complaint that you regret buying because the housing market has taken a downturn or the value of the house you bought has gone down.

GMS

Jemma1504 wrote: »

I am trying to put together a complaint about my mortgage which i believe was mis sold. The only help i am able to find is from claims companies who want around 25% of anything i win, which i am not willing to pay. I really need some sound advice on how to proceed with my complaint. The mortgage is with Kensington Mortgages, was self certified and is interest only. I have obtained a copy of both myself and my then partners credit reports and mine was near perfect but my partner had a default for a small amount owed to a mobile phone company. The broker altered each of our incomes to make us more attractive to Kensington. The broker did not try to put us with any other lenders before Kensington and did not fully explain what kind of lender Kensington was, unfortunately being only 20 years old and first time buyers we completely trusted him. We had a £8,500 deposit which we put down when we took out the mortgage nearly 6 years ago. Any advice welcome...........

You were aware of what a self certified mortgage was I assume?
You say broker altered incomes but you MUST have signed the application form which was submitted to Kensington.

Why has it taken 6 years for you to decide you were mis sold? What has happened to make you think this?

dunstonh

I really need some sound advice on how to proceed with my complaint.

You wont get that from a claims company. They tend to issue template letters of the like you get from the internet.

The broker altered each of our incomes to make us more attractive to Kensington.

And obviously you were complicit in this fraud as you are aware of it. Whilst that doesnt let the broker off the hook, it does mean you have committed mortgage fraud and that could make it difficult to obtain mortgages in future when you declare this to future lenders. You could end up shooting yourself in the foot as well as shooting the broker.

The broker did not try to put us with any other lenders before Kensington

How do you know? i.e. what evidence do you have to support your claim. Typically, the broker should have an audit trail showing why a prime lender wasnt used. Of course, that doesnt mean a bad one will but what do you have to show he didnt do the research?

Any advice welcome...........

Give us some figures and the brokers here can tell you if you would likely have been accepted on a prime mortgage.

What was the loan to valuation? (and amount borrowed and purchase price)
What was the (rough) date of default and amount?
What was your earnings at the time (both declared and correct figures)?

Why did you do interest only and not repayment? It suggests affordability was an issue and that is typically a reason why a higher risk lender was used. So, what reason do you have to counter that?
Why did you do self cert?

What are you looking to achieve from a complaint?

smcqis

what exactly is your complaint? sounds more to me like any fault lies with you unless im reading it wrong?!

_Andy_

Jemma1504 wrote: »

Within a year of starting this mortgage i wasn't happy with it but its the recent press on Mis sold mortgages which has made me really think about it. At the time of taking the mortgage i knew nothing about mortgages and put my trust in the broker. I knew what self certified was and this is what the broker wanted us to do despite the fact we went to him with proof of our income. We took all the brokers advice and have the mortgage from hell to show for it!

But you chose to go ahead with a fraudlent application. No-one forced you to lie about your income.
No-one forced you to make a risky move by going interest only.
Surely alarm bells should've sounded?

musicmaker29

not sure how you can blame a broker unless you were unaware at the time he had falsified your incomes (i.e. you didnt sign a bit of paper saying this). Been 20 does not mean anything in this case, you were still adults entering into a legally binding contract...

Sorry if this sounds harsh but are you just trying to get some cash out of the broker?

luckyfool

Jemma1504 wrote: »

Within a year of starting this mortgage i wasn't happy with it but its the recent press on Mis sold mortgages which has made me really think about it. At the time of taking the mortgage i knew nothing about mortgages and put my trust in the broker. I knew what self certified was and this is what the broker wanted us to do despite the fact we went to him with proof of our income. We took all the brokers advice and have the mortgage from hell to show for it!

Why is it a mortgage from hell? Are you on a variable rate? What rate are you paying? Why don't you remortgage to a new lender if your credit history has improved, you have paid your mortgage on time, and you can prove your income?

If you were aware that you were signing for an inflated income on your application then you committed mortgage fraud (as did your mortgage broker). I think you should be worrying less about trying to get compensation out of someone, and more about that.

snowlady07

Why is it a 'mortgage from hell'?

Boozer

I think it could be a mortgage from hell if you are not saving money somewhere else to eventually pay off the loan at the end of the term, may be a never ending mortgage.could you answer the questions from others and maybe someone can help you.

dunstonh

Jemma1504 wrote: »

Yes either you are reading it wrong or haven't explained well enough.

If you answer the questions i posted earlier, then we wont have to guess. We will be able to see if a high risk lender was likely or not. Then we can guide you accordingly.

Also, you say 6 years ago. Was it before or after mortgage regulation come in during October 04?