miss sold mortgages

ILW

fishes2 wrote: »

yes he is aware that he will have a reduced state pension, but he was also self employed when this mortgage was taken out thats another reason for the confusion as to why he was allowed this mortgage term.

What are you hoping to achieve by challenging the agreement?

tifo

dunstonh wrote: »

UK law does not require a court case to show that a charge is fair.

I'm sorry, but you seem to play both sides of the coin. On occasions you say a court case is needed to show charges are unfair yet say a court case is not needed to show that they are fair?

There is enough UK law to show that charges CAN be unfair, such as UTCCR Reg 5 and 6, CCA 1974 s.140 and laws on penalties as well as FSA rules. Possibly there's more law around.

There doesn't seem to be much on charges being fair, apart from the test case you keep referring to which applied to personal current accounts and nothing else and it didn't actually judge them to be fair or unfair, only that the OFT cannot take action under UTCCR Reg 6. It was a very narrow viewpoint but with huge implications for the type of accounts assessed and had no impact on any kind of accounts.

dunstonh

I'm sorry, but you seem to play both sides of the coin. On occasions you say a court case is needed to show charges are unfair yet say a court case is not needed to show that they are fair?

That is not "both sides of the coin". It needs a court case to show they are unfair but not one to show they are fair.

There is enough UK law to show that charges CAN be unfair

There is enough to show that SOME charges can be unfair. However, that doesnt mean all charges are unfair.

tifo

dunstonh wrote: »

There is enough to show that SOME charges can be unfair. However, that doesnt mean all charges are unfair.

No, only those that are disproportionate in relation to their actual cost or those that are a core part of the agreement. It is likely that those charged in relation to a customer's breach of contract will be unfair.

tifo

i'm done with responding on this thread unless the OP asks a question that requires a response.

because it's becoming a two/three way argument between those responding to the OP, which is not what the question was.

fishes2

ILW wrote: »

What are you hoping to achieve by challenging the agreement?

What I am hoping to achieve is if I can challenge the conditions of the mortgage the lender might allow us to change the mortgage to joint names and then I can put money in to reduce the mortgage ammount and change to a repayment. WE cant put the house in joint names without the lenders permission and they have refused.

fishes2

dunstonh wrote: »

How many times do we have to repeat this on so many threads? UK law does not require a court case to show that a charge is fair.



Where in this thread does it say that an ERC has been paid? The mortgage is 5 years old so there is unlikely to be an ERC in place as most last only as long as the deal. It is possible that the charges mentioned for capital repayments are for ad hoc payments only and not regular overpayments. It could be that we are in a tail end of an ERC period (op says 5 years, so that could be rounding up).

Question to fishes2: What happened to the money that was raised with the mortgage? Did it buy a new property? Did it clear existing debts? Was it used to make another purchase?

The money raised on this mortgage was only £3000 and it went on a holiday, silly move I know but some people dont understaand finances.
Not sure myself about an ERC we asked the mortgage lender if we could pay regular ammounts off the mortgage and they told us we could but there would be a £150.00 admin charge for every payment.

ILW

Surely the ERC on £3000 cannot be that much.

fishes2

Think I probably answered that wrong the mortgage is for £115.000 but the current loan was a remortgage which was just for £3000.

dunstonh

Not sure myself about an ERC we asked the mortgage lender if we could pay regular ammounts off the mortgage and they told us we could but there would be a £150.00 admin charge for every payment.

That is unusual. Normally that sort of payment is for ad hoc payments. Who is the lender? Maybe someone here knows their overpayment restrictions. (its not an ERC by the way in this case)

The money raised on this mortgage was only £3000 and it went on a holiday

So, there was already a mortgage in place and this was just a further advance to get £3000?