missold mortgage

momo3

We are not sure that we have a genuine complaint which is why I am asking for some advice. The mortgage we redeemed was with Abbey and the new mortgage was with Abbey which were at a similar percentage rate. However the broker advised us to end our existing mortgage and pay the redemption fee and then take out a new mortgage. I just wanted to know if this was the correct advice at the time.

Kind regards

dunstonh

momo3 wrote: »

We are not sure that we have a genuine complaint which is why I am asking for some advice. The mortgage we redeemed was with Abbey and the new mortgage was with Abbey which were at a similar percentage rate. However the broker advised us to end our existing mortgage and pay the redemption fee and then take out a new mortgage. I just wanted to know if this was the correct advice at the time.

Kind regards

Were you better off by doing that or worse off?

DannyboyMidlands

You're on base rate plus 0.75% making a whopping 1.25%. What do you have to complain about?

holly_hobby

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.

Hindsight is a wonderful thing ..

Do you have any documents from the time of the mortgage and those which the Broker would have provided to you, in respect of their recommendations and products arranged ?

Just as a note - not all mortgages were portable pre 2001 and even after (although now they are common place) i.e portability is a rate that the lender allows you transfer to your subsequent purchase, subject to status and conditions, and capped at the amount of borrowing held under the rate at the time of porting).

So you may find upon examining your mortgage offer, that the product was not portable, and that there was no avoidance of paying any early redemption penalty (other than delay your move).

Hope this helps

Holly

momo3

Worse off because we had to pay a redemption penalty of £2262.65 and a deeds handling charge of £85.00 plus the monies we received were 103, 050 the mortgage was for 104, 811.00 so I assume that this included additional arrangement fees. I'm not really sure if we have a case or not.

Kind regards

Leon_W

momo3

If you feel you have a complaint then follow the procedure here. You will not have to pay any upfront costs and neither will you have to payaway 30% if your complaint is upheld.

http://www.direct.gov.uk/en/MoneyTaxAndBenefits/ManagingMoney/FinancialProblemsAndComplaints/DG_10035570

momo3

Dannyboymidlands the base rate at the time was 5.25% plus 0.75%

opinions4u

momo3 wrote: »

Worse off because we had to pay a redemption penalty of £2262.65 and a deeds handling charge of £85.00 plus the monies we received were 103, 050 the mortgage was for 104, 811.00 so I assume that this included additional arrangement fees. I'm not really sure if we have a case or not.

Kind regards

But how much interest have you saved over the last few years compared to doing nothing?

momo3

Thanks Holly, that may well have been the case and the mortgage was not transferable in which case my question is answered. I will read the details in more depth.

holly_hobby

The OP needs to determine in the original mge product (i.e the one already in place at 2001) was portable - otherwise the argument is academic.

The mge past NRA is a sep issue to be looked at.

Holly

* crossed with OPs post - once the mge offer from the original product has been examined we will know where we are going *

H