CAB questions perhaps a mis-sold mortgage by NR

ESO1967

Hi
I hope someone can point me in the right direction. My local CAB have told me it looks like I was mis sold our NR mortgage 5 years ago, I asked if she could ask where to go to get sound advice, and she sent me here lol, she told us to be careful of companies that would rip us off.
I have googled and its a minefield, please can someone help don't know who to turn to.
Many thanks.
:T

ViolaLass

Why do you think it was mis-sold?

powerwin

On what basis do you feel your mortgage was missold?

Rgds

ESO1967

Our advisor said that we were lent 120 % and because they could not lend anymore they gave us the rest in a un-secured aspect.
I hope this makes sense I'm not very good at explaining very well.
Not sure if this is 120% in total or up to 120 % then the rest unsecured but even so the financial advisor at the time new it was to pay off exsisting debt when we went for the re-mortgage.
Hope this helps.

Senior_Paper_Monitor

That sums up the CAB training/qualifications in many cases I am afraid.

The one good bit of advice is do not go to wewillclaimforanything of anyone.com !!

Find a friendly local mortgage broker and they may be happy to spend half an hour going through your paperwork, explain what happened and comment if there appears to be anything wrong.

Or ask the one who arranged your last mortgage (assuming you had a broker) - they will usually be happy to explain their advice.

Senior_Paper_Monitor

By the sound of that you were not missold - you misbought (over a period of some time)!

dunstonh

Our advisor said that we were lent 120 % and because they could not lend anymore they gave us the rest in a un-secured aspect.

That is correct and how their product worked. So, what part of that makes you think (or the CAB) that it was mis-sold?

Not sure if this is 120% in total or up to 120 % then the rest unsecured but even so the financial advisor at the time new it was to pay off exsisting debt when we went for the re-mortgage.

So you already had the debt but were re-financing?

If so, why did you re-finance? Was it to make it cheaper for you?

ESO1967

Our advisor believes that NR sold these type of mortgages going up to the limit then giving them the rest as unsecured because this is what they did of the time and proberly becase really re-mortgaging to pay off exsisting debt this way is wrong advise by our broker and NR.
We are not to sure either way and think we need to sit down with someone and go through our paperwork, this was a re-mortgage at the time to clear debt, is the words re-financing the same ?
Thanks.

ILW

What are you hoping to achieve?

McKneff

Money, Money, Money, Compensation, Compensation, Compensation

I despair

ESO1967

Well its a very long and difficult story but long and short " keep my house "

We are taking advice from CAB on various things and she just pointed out that she believed we have been mis-sold this mortgage and to be honest I can not answer your question because I am not sure that we have, hence why I was on here looking, but it seems that perhaps I haven't been mis sold.
Its a difficult one because I don't always understand all of this sort of stuff and when your in need of help you go the way you think is right and at the time it was wrong and is why we are having problems now.
Thanks to all on your help.
:rotfl: