Mis-sold sub prime mortgage

opinions4u

This does not stop a challenge to the mortgage company for a refund of fees/charges/overpaid interest as we have seen regarding bank charges/credit card charges and PPI

If your agreement says they can vary the rate, then they can vary the rate. Are there any fees that you believe have been unfairly charged?

Is any element of this mortgage for commercial reasons?

notveryhapi

opinions4u wrote: »

If your agreement says they can vary the rate, then they can vary the rate. Are there any fees that you believe have been unfairly charged?

Is any element of this mortgage for commercial reasons?

The mortgage contract states the rate payable after the fixed rate period and the mortgage was purely debt consolidation for personal use - not commercial

FraudBuster

Please come back and let us know how much they want for their up front fee.

GMS

Out of interest, why are you so keen to avoid the mortgage broker being involved in any action?

If the broker has done their job properly they would have no concerns. Cheshire Mortgage Corp unfortunately are the only provider for some people.

Why did the broker recommend Cheshire? Hopefully not because they paid higher proc fees.

notveryhapi

FraudBuster wrote: »

Please come back and let us know how much they want for their up front fee.

The Broker ? £3k:eek:

Senior_Paper_Monitor

:eek: indeed ! (and I work for a fee charging broker)


However, if he advised of the fee openly and you willingly committed to and paid it there is no miselling.

GMS

I do not want to make a complaint about the advice given as that would come back on the mortgage broker which I do not want to happen

So you agree with the 3k fee?

notveryhapi

GMS wrote: »

I do not want to make a complaint about the advice given as that would come back on the mortgage broker which I do not want to happen

So you agree with the 3k fee?

Would not say I agree with it but I signed for it as you cannot go direct to lender

antrobus

So to summarise ...

The company that contacted you regarding being mis-sold a sub-prime mortgage will probably ask for an up front fee but otherwise likely do sod all. It was the mortgage broker that sold you the mortgage in the first place. (Which the Cheshire Mortgage Corp then supplied.) If you don't have a complaint regarding the mortgage broker, then you don't have a complaint.

Conrad

notveryhapi wrote: »

What I am asking is what would the company be looking to complain about?
I went through a mortgage broker who would have got me the deal with probably the only company lending to adverse clients at the time (June 2008). The terms and conditions are not good but I appreciate I signed for them at the time as I had to get myself out of a debt.

Kind regards

You may have a case for misselling. You do not need a third party to help you. All you do is complain to the borker (or the company he is an appointet rep of). He HAS to reply within 5 days and give a final verdict within a few weeks.

If you are not satisfied, then you complain to the Financial Ombudsman Service.

Here is the main issue;

I could have sold cheshire to a number of clients however I did not do so as the rates in 2008 were horrendus and unlikely to be affordable ESPECIALLY WHEN PEOPLE ALREADY HAD A HISTORY OF NOT BEING ABLE TO KEEP UP CREDIT PAYMENTS.

It does not matter what you signed, the test is merely > was the coruse of action recommended by an expert, suitable for you.

Imagine an alchoholic going to thier Doc. The Doc may get them to sign something saying they agreed to take Docs advice that the cure was MORE drink - an extra bottle a day. Cleary the expert failed in her duty to recommend a suitable remedy.

Furthermore you should know that in 2008, Melton Building Society and Stroud & Swindon (ITL) WERE ACTIVELY LENDING TO PEOPLE WITH POOR CREDIT HISTORY AND THIER RATES RANGED FROM 4 TO 8%.