missold mortgage

momo3

How would I find out if the mortgage was portable at that time?
and I'm sorry I'm not sure what you mean by the mge past NRA being a separate issue??
Please advise

Credit-Crunched

Ok - imagine if they had said no and you could not get a mortgage to purchase your home....

People complain when no mortgages are issued and then complain when they are issued!

holly_hobby

momo3 wrote: »

How would I find out if the mortgage was portable at that time?

Mortgage docs from when you effected the original product i.e the one you wonder whether you could have took with you in 2001.

Mge lender may be able to help, or documents from your 2001 mortgage transaction - which is the subject of your complaint.

momo3 wrote: »

I'm sorry I'm not sure what you mean by the mge past NRA being a separate issue??
Please advise

Well you have 2 issues:-

1st issue = Mortgage is for 35 yrs, which you say exceeds your normal retirement age (NRA) (which we will look at seperately to your complaint re the potential churning (cancellation & un-necessary replacement for no financial benefit to you) of your existing mge product in 2001), which is the 2nd issue


Hope this helps

Holly

momo3

Credit-Crunched
That's just not a helpful comment - I am only researching if I was treated fairly or not? and no complaints if everything was good advice.

opinions4u

2001 was pre-regulation.

So you're not going to succeed with a complaint.

momo3

Sorry I'm not sure I understand 2001 being pre-regulation, but it sounds like I won't be able to take this any
further thanks for the advice.

Kind regards

dunstonh

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.

But did the monthly saving on repayments cover that within the term of the deal?


Also, mortgage advice was not regulated until 2004. You say it was 2001. So, your scope to complain is limited.

Credit-Crunched
That's just not a helpful comment - I am only researching if I was treated fairly or not? and no complaints if everything was good advice.

Although he does have a point.

In the past, a good mortgage broker was seen as one that could get you a mortgage. If one has said, no you cant get a mortgage but you went down the road to another who did get you a mortgage but perhaps over emphasised some points to get you the mortgage, then the average consumer saw the one that got the mortgage as the better broker. Not the honest one that said no.

kingstreet

momo - you are having "35 years" and "mortgage into retirement" mentioned because you hijacked lhandbury's thread instead of starting your own. We're trying to deal with two different cases here so it's getting confusing!

kingstreet

Despite regulation not starting until 2004, my recommendations before that would have detailed reason why notes which would deal with why I'd recommended a mortgage into retirement and how the applicant had responded to my questions about how they would continue to pay the mortgage.

I'm pretty sure most of us doing the job for a long time made minimal changes to our MO on 31 October 2004.

moneysavingrangers

For all you guys who pointed out my error regarding FSA/FOS I thankyou that was my error of course. Its been a long day