Mis sold Mortgage

dunstonh

Actually I am not better off(well only on paper)

How much did the house cost to buy and how much is it now?

we were not told that we couldnt insure My Dad

did you ask? Remember back then the onus was more on you to ask than to be told. It was the solicitor that gave the risk warnings.

My Dad,as i mention we both ticked the box on the endowment for a joint policy it came backin my name,no one explained that he was too old,we used an agent of Scott Amicable(as it was then),do you think that Alliance and Leicester were irresponsible in lending the mortgage money?

No. They were not irresponsible. Remember that you asked for the mortgage. They gave you what you asked. How is it someone elses fault? A lender didnt have to consider responsible lending back then as personal responsibility was more important. Plus, lending criteria in the 80s was a lot harder than it was in the early 2000s. Some of the credit boom years could be considered irresponsible. Not the 80s though.

As I mention I was only very young and wish that I knew then what I know now!

That is why you should have listened to the solicitor.

I know its not what you want to hear but there is no chance of mis-sale here. You are timebarred from complaint and its pre-regulation. Plus, you would find it hard to prove loss as despite your struggles, you have a property that is worth far more than you paid for it.

Leon_W

"and have had to remortgage several times because of it "

Oh good grief.

So let's get this staight. You wish to claim some form of recompense now because you had an Alliance and Leicester mortgage and a Prudential mortgage back in the 80's ?

If that's the case I would suggest that you should have complained slightly nearer the alleged miss sale and sold the un-affordable property before you then proceeded to have a family and remortgage several times.

magpiecottage

Your complaint that your father was not covered seems to be an easy timebar because you knew that when he died so you should have complained then, not 20 years later.

In the late 1980s lenders were already giving 3 times earnings and one or two 3½ or 4 times. Assuming your earnings had gone up in the interim and bearing in mind that there was probably a substantial discount on the purchase price, that would still have been affordable.

In the early 1990s, interest rates were high - standard variable rates peaked at 15.4% but then there was a falling trend and the ended up lower than they would have been at outset.

So your repayments might have increased but that is really only because you borrowed more - which your original lender could hardly have foreseen and is certainly not responsible for.

By contrast, if you had continued to rent, then the cost of that rent would have remorselessly increased regardless of what interest rates did and you would still not own a brick.

So, apart from possibly a complaint regarding the endowment - which will probably now be timebarred on the basis that you have passed the specified deadline - you have no grounds for redress.

AngelaD63

Once again,thanks everyone,I do take your points,but honestly I did try and complain at the time(straight away in fact) and again due to total inexperience did not know what to do and of course Alliance and Leicester declined any help.I must say that obviously I do not want to put all my personal details on here,except I could not have sold the house as my Mother was still alive then and would not move from the house she had lived in for a number of years(and no she would not contribute much financially) so Obviously I could not throw her out and sell the property,it was only due to a serious illness that she had to move out and by this time I was living with my now husband(who had gone through a divorce that left him broke)
so whilst I appreciate that isnt A&Leicesters fault it did and still does make money extremely tight(and yes we both do work although I am part time)he had to sell the property quickly when my Mum had to move out and he sold it with £1,000 profit for a quick sale
so basically that is that,guess we are just unfortunate to have been given very poor advice from their agent(who has since gone bust and ddid not have a good reputation)however would dispute the fact that companies where lending 3 times the salary as at the time I bought house I was working as a junior secretary in an Estate Agents,I earnt about £4,000 mortgage was for £20,000 not enough for me to manage on my own,do not recall Solicitors giving any advice either
I am now older and wiser!! but thanks for all your comments