Help needed - I think bank didn't gave me full information

sameer_87

I currently own a shared ownership property which I bought at the height of recession in Nov' 2009. I own 30% of the property on which I pay mortgage and on the remaining 70% I pay rent.

I went to see the mortgage advisor in the same bank I have mortgage with earlier this year and then the advisor told me that I have to put down equivalent deposit for any more shares I want to buy in the property. I didn't had enough cash at that time to buy any more shares (in multiple of 25%) as minimum deposit at that time was out of reach. This Saturday (17th September) I visited the bank again and this time I am told that I can staircase upto 90% of the current property value without paying any deposit. This time I went to a different branch.

Had I was given this information in my first visit then I would have obviously acted and bought more shared then and not waste money on rent. Can you please advise me if it is a case of "not giving full information" and can it be fought legally?

Dave_the_Ginger_Cat

Their policy may have changed which may account for different advice.

If you want to fight legally, you'd need to demonstrate you'd incurred a loss due to this advice. With house prices stable or falling in many areas, it's hard to see how this could have happened this year. If you hadn't paid rent, you'd have an increased mortgage payment.

sameer_87

House prices have certainly gone up in my area - the advisor had an increased valuation of the property in my account. I have certainly lost on the increased price and wasted some money paying rent which would have gone in paying the mortgage instead. Thats a good point regarding policy change - I'll find out if that was changed since I first visited them.

Can an advisor be hold accountable for not giving the best advice?