missold mortgage

momo3

So sorry Kingstreet I'm pretty new to this so have obviously pressed a wrong button. If regulation wasn't until 2004 then it looks like I don't have a case.

But many thanks to everyone for the advice

holly_hobby

kingstreet wrote: »

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!

Oops .... thanks Kings ... wipe everything from your mind about 35 yrs and your retirement ... :rotfl::rotfl:

With respect to your mortgage - mortgage advice & suitability only became regulated wef 31 Oct 2004 onwards (kindly reminded to us, with thanks, by O4U).

H x

kingstreet

momo3 wrote: »

So sorry Kingstreet I'm pretty new to this so have obviously pressed a wrong button. If regulation wasn't until 2004 then it looks like I don't have a case.

But many thanks to everyone for the advice

It's okay. It's not a hanging offence.

To start a thread, hit the "new thread" button to the left of the title of the respective board such as "Mortgages & Endowments."

You've replied in someone else's thread here.

kingstreet

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.

Did you have to pay a high loan to value fee?

This was an insurance premium you paid to protect the lender when they were lending more than they wished. It was charged on the excess over 75%.

For example, if you bought a property for £115,000 with a 95% mortgage, Abbey would charge you as follows;-

95% mortgage = £109,250 less

75% of value = £86,250

Amount to insure = £23,000 x 8% premium rate = £1,840 premium.

Does that sound familiar?

As has been suggested earlier, you need to get together all the documentation given to you when you moved and took out the new mortgage. Read what it says. If you need any more guidance, post back here.

momo3

Hi thanks for all your advice, that does sound familiar. Luckily I have learnt to look into contracts in more detail since 10 years ago. Following the advice you have given it does look like we don't have a claim but it still feels unfair that Abbey charged us that amount when we were taking out another mortgage for a higher amount with them. I wish I'd have negotiated further at the time but we just accepted that that was they way of mortgages.

Kind regards