Mortgage Rates

murmur123

I visited my mortgage adviser yesterday, he informed me that I am paying to much for my mortgage repayments. I signed up to a fixed rate interest only mortgage with Alliance and Liecester which had a bonus that allowed you to be tied in to a smaller rate of repayments after a certain amount of time, I was unaware of this bonus and have since been signed, through a member of my mortgage advisors staff to a different Alliance and Liecester mortgage which means I am paying approx £500 more than I would have been if I'd have stuck to the original offer. Surely the mortgage advisor and Alliance and Liecester should have been aware of this when offering me the second package and if so, will I be entitled to reclaim these subsequent payments and revert to the original mortgage.

I feel robbed....any help appreciated.
Thanks

Aidan

kingstreet

Were you given "advice" to take the action you did? Is the firm of advisers authorised by the FSA? Were you dealing directly with an A&L employee?

What was the original A&L product?

Is the adviser now, part of the same firm as the one you are now claiming mis-advised you?

You are going to have to set this out for us clearly and carefully so we can establish what has happened.

murmur123

Yes, we would not have signed anything without advise and never dealt directly with A&L staff, the firm is authorised by the FSA and has hinted we should approach the ombudsman, however they didn't seem to think we would have much success
Unfortuneatly the guy that advised us has moved on.
Will need to look in to the A&L product and get back to you.
Thanks
A

kingstreet

In the paperwork you were given, you need to find the initial disclosure documents, key facts illustrations and the suitability, or "reasons why" letters. These will give you the information we're likely to need.

Before you can consider going to the Financial Ombudsman Service, or FoS, you need to make a complaint to the firm who advised you and to exhaust their procedure first.

Get as much info together as you can, then post back so we can try to unscramble what's happened.

murmur123

Will do, many thanks