mis sold mortgage? pls help

ajay5021

Hi

Can someone please clarify what 'mis sold mortgage' means.

I took out a remortgage in 2007 with northen rock for 56000 for a fixed 15 years term. the application was done via telephone and accepted. but 5 years down the line i am struggling with payments and arrears. any advice please.

mij544

Depends if you went direct and was given the information by Northern Rock, or if you went through a broker and was given advice.

If you are struggling though, talk to the lender rather than miss payments to see if they can help.

Wh05apk

Mis-sold means you were sold something that was not suitable for you.

Why are you struggling? have your circumstances changed? if so that would not make the mortgage mis-sold.

kingstreet

Rather than have words put in your mouth by the professionals on here, please set out how you went about obtaining your mortgage and what aspects of its arrangement and features you feel do/did not match your circumstances.

dunstonh

Can someone please clarify what 'mis sold mortgage' means.

It could mean anything. Typically it is a mis-used term used by dodgy claims companies to try and put in speculative complaints to generate them a commision out of you.

I took out a remortgage in 2007 with northen rock for 56000 for a fixed 15 years term. the application was done via telephone and accepted. but 5 years down the line i am struggling with payments and arrears.

That is not a mis-sale in itself. That is just one of the risks of taking out a mortgage. You may have spotted the risk warnings in bold letters when you applied for a mortgage; Your home is at risk if you do not keep up the payments.

A mis-sale has to be a significant failing in the process or bad advice given. You either think you were mis-sold or you have had someone suggest you were. So, what is it that makes you think you may have been mis-sold?

betmunch

If OP called up and asked for it its likely not to have been sold at all, mis-requested? Mis-bought?

Nothing in the OP to say it was mis-sold at all.

_Andy_

ajay5021 wrote: »

Hi

Can someone please clarify what 'mis sold mortgage' means.

I took out a remortgage in 2007 with northen rock for 56000 for a fixed 15 years term. the application was done via telephone and accepted. but 5 years down the line i am struggling with payments and arrears. any advice please.

and so that's Northern Rock's fault is it?
Jeez this forum is a joke. 'Mis sold' just because you're struggling now?
!!!!!!

smcqis

The forum isnt a joke the thread is a joke if the opening statement is the full story

Wh05apk

_Andy_ wrote: »

and so that's Northern Rock's fault is it?
Jeez this forum is a joke. 'Mis sold' just because you're struggling now?
!!!!!!

I think you are being a bit harsh here, the original post was simply asking what "mis-sold" means, although it sounds like the op's circumstances may have changed or simply they could not handle the mortgage, there are numerous reasons it "could" have been mis-sold, for instance was the OP about to retire, and the mortgage arranged into retirement? We don't know, and without knowing the fill story, I think it's a bit harsh to comment (although I do agree with you some posts can be a bit of a joke)

Thrugelmir

smcqis wrote: »

The forum isnt a joke the thread is a joke if the opening statement is the full story

Hopefully we're not here to judge but make observations, guide and advise.

Annisele

Thrugelmir wrote: »

Hopefully we're not here to judge but make observations, guide and advise.

Sorry to nitpick, but I think this is an important distinction. Whilst many of the posters on here are authorised to give advice (I'm not), the boards themselves are not for advice.

Observations and comments, sure - but if the OP wants advice, he should find somebody with professional indemnity insurance and pay for it.