missold mortgage

dunstonh

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.

Most mortgages are done via a broker. How is that a mis-sale?

Past retirement age used to be taken very seriously by the FOS but less so in recent times as it started to be abused by people putting in fake complaints and using much ealier retirement ages in their complaint letter.

A mortgage is allowed to go past your retirement age. However, you should be aware of this and the broker should document it and verify that you should be able to afford it. i.e. documenting that you want the payments lower now but will increase later when affordability is higher or that you will use the pension lump sum to pay off the residual balance or that you have a large enough pension income to carry on affording the payments then. Typically these would be in conjunction with why you cant afford to to it over a shorter term now.

Anything can be mis-sold. Just because you used a broker and you are paying past retirement, does not mean it was mis-sold.

The company want a fee to look into this but they say if there is no claim we get our money back.

That is what all the failed claims companies have said before they went under and took the up front payment with them.

General rule of thumb is never pay up front to put a complaint in. It you have a good chance of success then let them take it from the redress payment.

Leon_W

The Financial Claims Council is not as you'd expect a recognised body. It is just a marketing company for other claims companies

Leon_W

And for someone who is chaiman of the Financial Claims Council I would have thought he would know that you cannot go directly and complain to the FSA.

Thrugelmir

momo3 wrote: »

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.

How you know this 10 years later?

momo3

Thanks for your reply Moneysavingrangers I will try to contact Abbey but know they are now Santander as we have our current mortgage with them. I do also have the brokers business card so could possibly contact him, although that makes me a little nervous. I don't mind using a claims company but I am not in a financial position to pay any upfront fees or fees if the claim is unsuccessful. Can anyone suggest a reputable company or is that against forum rules. I really could do with some advice. Kind regards Gracie
PS the mortgage would have finished before our retirement age we were careful about that. However I was heavily pregnant at the time and just needed to move to a bigger house before the baby was born so we went with it.

noh

moneysavingrangers wrote: »

momo3,
.....................................................................................

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

Despite your previous claim

"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."

You continue to make factual errors in your posts.
It is the FOS that deals with complaints not the FSA

So you are David Hargreaves the chairman of an organisation you founded to promote the interests of businesses involved in the financial claims sector?

http://www.financialclaimscouncil.org/executive/62-the-board-members.html

momo3

10 years later and 10 years wiser and a lot more experience dealing with loans and mortgages. At the time we were very unaware of the way mortgages worked.

Thrugelmir

momo3 wrote: »

10 years later and 10 years wiser and a lot more experience dealing with loans and mortgages. At the time we were very unaware of the way mortgages worked.

You would have had to redeem your existing mortgage in the process of moving house. So what's the basis of your complaint?

DannyboyMidlands

Check out the board members of the financial claims council. What a bunch of chiefs.

noh

DannyboyMidlands wrote: »

Check out the board members of the financial claims council. What a bunch of chiefs.

Also check the domain registration
http://www.whois.net/whois/financialclaimscouncil.org

Registered by Blue Sky Claims