Mis Sold Mortgage question??

getmore4less

So your mum owed £45k total including mortgage

All you needed to do was have the house signed over and a mortgage for £45k.


Looks to me you might have paid the £45k twice.

Conrad

WyrdMystic wrote: »

but my main concern is that there are brokers going round saying to desperate couples and I quote - 'this is common practice'.

Is there a way of raising the issue against the broker, without looking for any kind of compensation so the issue is investigated?

You are correct, there are some very dodgy brokers out there doing exactly this. They tend to be silver tongued and pretty slick. It's unlikely you will be able to do anything.

The problem is that bridging finance was un regulated but mortgages are regulated, so you would need to pin down EXACTLY which part/s of the process you want to complain about.

I suspect that it's the bridging finance which really stung you - I can guarantee the broker took a massive fee out of it without you even realising.
I'm not sure how you go about complaining re the bridging - probably trading standards, but as your Mum applied, she would have to make the complaint.
She would perhaps argue it was an unfair contract and that she as a hapless desperate innocent with no knowledge, was duped into the whole thing.

HER CHOICE AT THE TIME WAS TO SELL THE HOME. You may say that that was not a choice you could bare, but in Law it was a choice that did exist, so you CANNOT argue using this point. For example, many others in her position would have sold as a remedy to repay all debt.

Very very complex.

GMS

getmore4less wrote: »

So your mum owed £45k total including mortgage

All you needed to do was have the house signed over and a mortgage for £45k.


Looks to me you might have paid the £45k twice.

Not that simple. The owner of the property was bankrupt therefore the property vests with the Official Receiver or Trustee.

A property cannot be disposed of without permission and is there is sufficient equity this will usually mean repayment of unsecured debts in full.

Bankruptcy will not mean debts written off if there are sufficient assets to repay them.

WyrdMystic

Thanks everyone - just one thing to some of you though - I have not once said at any point that want to make a claim - I have no intention of doing so - I simply asked what a mis sold mortgage was.