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possible Missold mortgage..
superdaddybear
Posts: 6 Forumite
After Re-Mortgaging my home for financial reasons in Feb 2008 I recieved in January 2009 a letter from my mortgage provider.
I will cut short what it said but the main points said.
"THIS LETTER IS IMPORTANT-ITCONCERNS THE MORTGAGE ADVICE WE GAVE YOU IN Febuary 2008 AND REQUIRES YOU TO TAKE ACTION TO REVIEW WHEATHER OR NOT OUR MORTGAGE ADVICE WAS APPROPRIATE"
Why are we writing to you?
"Following an internal review ***** **** has become aware that we may not have fully established that the mortgage we reccomended to you was affordable, based on your personal circumstances and your income and outgoings at the time we gave you mortgage advice"
"As a result we may have reccomended a mortgage that was not,in fact, affordable to you"
Is this why week in week out they are trying to get me to switch lender?
I will cut short what it said but the main points said.
"THIS LETTER IS IMPORTANT-ITCONCERNS THE MORTGAGE ADVICE WE GAVE YOU IN Febuary 2008 AND REQUIRES YOU TO TAKE ACTION TO REVIEW WHEATHER OR NOT OUR MORTGAGE ADVICE WAS APPROPRIATE"
Why are we writing to you?
"Following an internal review ***** **** has become aware that we may not have fully established that the mortgage we reccomended to you was affordable, based on your personal circumstances and your income and outgoings at the time we gave you mortgage advice"
"As a result we may have reccomended a mortgage that was not,in fact, affordable to you"
Is this why week in week out they are trying to get me to switch lender?
0
Comments
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This letter was almost 2 years ago. Why decide to act now?
Seems like a strange letter for a lender to send. Are you sure it's from the lender?I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Strange or not its from the lender and correct word for word! All I was asking was could the mortgage have been missold, the time scale has nothing to do with it.
The letter requires me to take action it doesnt say when!
missold is missold isnt it..0 -
Did you approach the lender directly or use a broker?I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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Try giving some details.
What was the deal and the details used.
What were the financial reasons.0 -
I wanted a loan and went on to money supermarket,I entered the figure I wanted to borrow and it came up with a result so I contacted them, sorry I forget who now but having given me figures on line they said they couldnt help, but could provide me with a alternative lender.0
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Which lender did you go with?
Did they advise you or was it a non-advised sale?I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Central Home Loans, and i believe was a advised sale!
What is a un advised sale?0 -
Sorry friend I am new to this, I only wanted a loan but ended up re-mortgaging my home because of helping out family.getmore4less wrote: »Try giving some details.
What was the deal and the details used.
What were the financial reasons.0 -
Advised is where a recommendation is made, non advised is where information is given and you choose yourself. Lenders usually go non advised.
Who was the bridging loan with?I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
So, to get this straight then -
You approached a lender wanting to borrow some money.
The lender supplied you with the money you asked for.
You now think they, perhaps, should not have let you have the money even though you applied for it.
Do you have the money to return to them????0
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