Mortgage Mis-selling Claims Company's

stormstorr

Hi,
looking for some advice please;

Was sold a re-mortgage in 2007 through a broker at a company called DFD Mortgages (no longer trading?).
Have researched on the internet and nievely (from our point of view) it would appear that we have not been given the correct advice and the broker did not offer us other alternatives which may have been better suited to our situation.
For instance we have gone from a repayment mortgage to an interest only product and we were advised to add non secured loans onto our mortgage etc etc.
Has anybody had experience of these company's that are offering 'Mortgage Audits' etc. Have had one firm offer to take up our case but want £400 up front. Without wanting to throw good money after bad - are there any firms that offer a no win no fee service.

Thanks

dunstonh

Have researched on the internet and nievely (from our point of view) it would appear that we have not been given the correct advice and the broker did not offer us other alternatives which may have been better suited to our situation.

The broker isnt there to give you alternatives for you to chose. The broker is there to find out your needs and give the best solution to fit those needs.

For instance we have gone from a repayment mortgage to an interest only product and we were advised to add non secured loans onto our mortgage etc etc.

Going to interest only probably wasnt a good move but can be justified if it gives you short term relief to be able to move on to repayment basis later. Adding of more expensive short term debt into cheaper long term debt can be a good thing as long as you use the money saved for the right reasons. However, only you can decide that as you control your spending.

Has anybody had experience of these company's that are offering 'Mortgage Audits' etc.

Mostly a complete load of rubbish. Typically looking for single premium MPPI most of the time as that is an easy reason.

Have had one firm offer to take up our case but want £400 up front. Without wanting to throw good money after bad - are there any firms that offer a no win no fee service.

General rule of thumb is if they want money up front it is either advance fee fraud or you have very little chance of success and they earn on the up front amount paid.

magpiecottage

DFD Mortgages Limited is no longer authorised by the FSA but, according to Companies House, it does still exist.

If you think you may have been missold I would suggest you get a copy of your file from it at:

Fairclough House
Church Street
Adlington
Lancashire
PR7 4EX

You may need to make a Data Subject Access Request for this and there may be a fee of up to £10 for this. However, you will then have details of what they recommended and why. That could be important because a mortgage broker that no longer has FSA authorisation is dead in the water and you may well end up needing to go to the Financial Services Compensation Scheme.

In the meantime, if you think you have a complaint you should take it to the firm direct. That will cost you just a stamp.

The unsecured loans can also be complained about. It is possible that the change was justified, though.

Thrugelmir

stormstorr wrote: »

For instance we have gone from a repayment mortgage to an interest only product and we were advised to add non secured loans onto our mortgage etc etc.

What advice were you given actually given regarding the unsecured loans?

opinions4u

Customer: Hello Mr Broker, I'm after a mortgage and want my monthly outgoings to be as low as possible.

Broker: Well Mr Customer, if you lump in all your loans and credit card debts and go interest only we can get your payment down as low as £xxx a month. You will need to do something to reduce the debt later on.

It's more than possible that you haven't been mis-sold a mortgage.

As for claims companies, tell them where to go. If you genuinely feel that you've been offered an inappropriate mortgage pursue it yourself. But if you've had a conversation similar to the one I've outlined above it may not be worth the effort.

stormstorr

Thanks for the replies

I'll contact them direct then - but I had already noticed they had their FSA approval withdrawn in Feburary, I guess thats a sign they are closing up shop.

It was more the fees they hid in the paperwork I wanted to question.

Thanks anyway

GMS

If you genuinely thought you had been mis-sold/advised then why did it take a call from a company wanting £400 up front for you to realise it?

You completed on a mortgage which was offered to you so you were clearly happy with the terms of it.

Switching from repayment to interest only would be appropriate in some circumstances, usually for a short term to prevent drowning with debts. If this was the case then you have been put in a better position therefore happy with the scenario.

Consolidating unsecured debts on to a secured loan can be appropriate in some circumstances but not all. If you were paying 35% per annum on a credit card which was strangling you then there is an argument for transferring to a 5% mortgage rate (for example) as it would remove pressure which may have led to huge issues such as bankruptcy or charging orders.

Was there a reason for the mortgage being agreed to? Seems bizarre to take out this wholly inappropriate mortgage but not say a thing for 4 years.

stormstorr

GMS wrote: »

If you genuinely thought you had been mis-sold/advised then why did it take a call from a company wanting £400 up front for you to realise it?.

They didnt call me - I called them after seeing a local independant Financial Advisor.

GMS wrote: »

Was there a reason for the mortgage being agreed to? Seems bizarre to take out this wholly inappropriate mortgage but not say a thing for 4 years.

Theres obviously a lot more behind this including a family member with a terminal illness but I'm not going into that on a forum. Please dont make assumptions - all I'm asking for is advice not 'you should have known better'.

GMS

stormstorr wrote: »

They didnt call me - I called them after seeing a local independant Financial Advisor.


If an adviser is recommending a claims form then there wil most likely be a commission payable. Check the numbers. Easy to condone somebody else for money


Theres obviously a lot more behind this including a family member with a terminal illness but I'm not going into that on a forum. Please dont make assumptions - all I'm asking for is advice not 'you should have known better'.

'Obviously' a lot more behind it? Why obvious? If you dont want to post details then don't post the bit you think will get you the response you want.