missold mortgage

lhandbury

I have just received a phone call from charge right and they said we had been mis sold our mortgage as it was through a broker and also it was over a 35 year term which will go into our retirement age.
The company want a fee to look into this but they say if there is no claim we get our money back.
Is it worth pursuing ???

Senior_Paper_Monitor

Oh lordy - here we go again !!!

No it isn't - thieves, charletans and rogues the lot of them.

opinions4u

1. Don't use a company to pursue anything like this.

2. Why do you think the mortgage may have been mis-sold?

You asked for a loan to buy a house and you got it. So what's wrong?

we had been mis sold our mortgage as it was through a broker and also it was over a 35 year term which will go into our retirement age.

It's not mis-sold for going through a broker.

When did you take the mortgage out?

Why did you take a 35 year term?

How old are you at the end of the term?

Wh05apk

If you feel you have been mis-sold complain direct to the broker, you do not need to involve 3rd parties.

FraudBuster

Charge Right Ltd

https://forums.moneysavingexpert.com/discussion/3498275

momo3

Hi can anyone help. I have been looking at my finances and in particular a mortgage that we took out with Abbey in 2001
We moved house and already had an Abbey mortgage for 47600 on a capped rate of 6.25%. We were advised by a broker that it would be better to end this deal and take out a new mortgage again with Abbey for the new amount of £104,811 at base rate plus 0.75% which at the time amounted to 6%. We therefore followed his advice and paid our early redemption charge of £2262.65 plus a deeds handling charge of £85.00. The new money we received was £103,050 towards the purchase of our new home. Can anyone tell me if this advice was fair and reasonable. My husband and I still smart at the fact we had to pay such a large redemption fee. We did not know at that time that it was possible to take our existing mortgage with us and top up to purchase the new house. If we had done that would the broker have still received a fee? or was his fee only payable if we took out a new mortgage. If anyone can advise I would be most grateful. If everything the broker did was fair then that's fine. I just wish Abbey had spoken to us direct about it as we were existing customers.

Kind regards

moneysavingrangers

OK. Im a ceo of a claims company and the chairman of the financial claims council so I should know what Im talking about with regard to this issue. My details are not on this post so there is no conflict of interest and we have plenty of work already anyway.

To answer your question, it is likley that you have at least one claim as a result of the loan exceeding your retirement age. This is not a hard and fast rule and depends on your ability to pay of course. Some people retire on a fraction of their past earnings and this is an issue if the loan/mortgage extends into this period. So you need to ask yourself if you would be able to pay the mortgage at that time. If not then you may need to increase your pension.

If you wish to test the firm who called you ask to speak to someone in the management team. There are some shoddy firms out there and there are some excellent ones. Use your gut feeling.

The comments by 'Snr Paper Monitor' All I can say to you is simply to grow up. Claims companies on the whole do an excellent job for a vast number of people. Without them the vast majority of customers who have recieved their money back would not have done so. Your comments are unworthy of this site and more than a little patronising to the general public.

Hho5apk. I agree with you. This chap should talk to the broker to to see if he can explain the reasons. If he is not satisfied then use a claim company to investigate.

If you want me to suggest a claims company to help you. Find one on the web and try and pick one that doesnt charge upfront.

Ones that charge upfront can be very good of course however a good firm should be able to offer you a free intial
Assessment

moneysavingrangers

momo3,

We see this type of issue quite often. From what you have mentioned it is difficul to tell if your broker acted in your best interest or not.
It would appear that he did not however that will depend on the exact terms of your mortgage.

I suggest that you went to the Abbey and asked them what they would have been able to do at that time. Please ensure that you speak to someone snr as some of the younger staff may not be able to help.

If you find that the broker may have been looking after his own interests and not yours (look up fiduciary duty on Google) then I would suggest that you asked him to repay you the
Commission he recieved and to pay you the redemption penalty. If he disagrees you can either complain to the FSA directly or go to a claims company. There are plenty on the net

Senior_Paper_Monitor

MSR - if cold calling a potential client (I get a couple or more of those a week) and stating that those components mean a mortage was "missold" without any concept of the advice given and broader knowledge of the complete circumstances, and then ask the client to bung in a deposit is the 'grown up' way of doing business and something you wish to defend I will happily carry on with my childish practices of the last 55 years !

holly_hobby

I am a self employed FS Compliance Consultant - and work for amongst other companies regulatory bodies (in respect of complaints and audits).

Whether your claim is succesful or not is based solely on the facts of the case, and not the presentation or the involvement of a Claims Company.

The involvement of a Cliams Co will neither result in an uphold or rejection of the complaint.

Many operate on a "no win no fee" basis - so that they only accept the business if they believe there to be a fee in it for them - they usually request that the complainant signs a request that any compensation cheque is made payable to the claims co - who subsequently withdraw their fee, and pass the remainder onto the Claimant.

So the very individuals whom they claim they are assisting in reimbursement for poor advice, mal-practice and/or financial loss - are further compounding the individual loss, by then retaining a portion of the compensation awarded (in respect of their fee). Which is obv a contradiction in terms.

FOS (as all FS providers) do not condone the use of such companies, and clearly state that there is no need to involve them in the complaint procedure, as they can neither secure you a sucessful outcome, or any enhanced compensation, other than that to which you are entitled (in the case of an uphold).

Additionally, a mortgage going into retirement is not necessarily inappropriate advice - only a full review and evaluation of the indiviudals circs (at POS), comments, and POS docs will do that.

Holly

pleasedelete

Chairman of the financial claims council- sounds so official. Isn't it just a trade body that you set up yourself last year?