mis sold mortgage / bad advise from IFA

homerjuk

I've seen on certain websites that say you can claim agaist mortgage lenders if you believe you have been mis - sold a mortgage, which I believe I have.

I was advised by an IFA in 2007 to take my current mortgage offer, it was with GMAC and was a self certificated (sub-prime, i think!) mortgage. I am not very savvy with finances (which my IFA new) so put my trust in the IFA. The mortgage was for 103.000 over 25 yrs on earnings of 18.000 pa I am single so no other income - the 25 yr term will end when i'm 73! Can anyone tell me if I have a case, if so, can I claim myself or do I need to go to one of the several claim sites that are popping up everywhere?

TIA

ILW

homerjuk wrote: »

I've seen on certain websites that say you can claim agaist mortgage lenders if you believe you have been mis - sold a mortgage, which I believe I have.

I was advised by an IFA in 2007 to take my current mortgage offer, it was with GMAC and was a self certificated (sub-prime, i think!) mortgage. I am not very savvy with finances (which my IFA new) so put my trust in the IFA. The mortgage was for 103.000 over 25 yrs on earnings of 18.000 pa I am single so no other income - the 25 yr term will end when i'm 73! Can anyone tell me if I have a case, if so, can I claim myself or do I need to go to one of the several claim sites that are popping up everywhere?

TIA

In what way were you mis sold?

Seems you got what you asked for.

Dave_Ham

Unfortunately this thread was only ever going to go one way.

I would suggest that if you spoke to the IFA in question you would get a different story.

You needed a solution, get one on terms that reflect your circumstances (called self cert for a reason) and then come calling bad advice hunting a quick buck.

I may be unfair, but I doubt it.

Out of interest, if the IFA in question had said to you I am sorry I cannot help you; would you have looked for a different IFA?

_Andy_

homerjuk wrote: »

I've seen on certain websites that say you can claim agaist mortgage lenders if you believe you have been mis - sold a mortgage, which I believe I have.

I was advised by an IFA in 2007 to take my current mortgage offer, it was with GMAC and was a self certificated (sub-prime, i think!) mortgage. I am not very savvy with finances (which my IFA new) so put my trust in the IFA. The mortgage was for 103.000 over 25 yrs on earnings of 18.000 pa I am single so no other income - the 25 yr term will end when i'm 73! Can anyone tell me if I have a case, if so, can I claim myself or do I need to go to one of the several claim sites that are popping up everywhere?

TIA

So basically then you made a fraudulent application.
Regarding the term, if you didn't want it to be so long why did you take it over that term?
Seems it was mis-bought as much as mis-sold

dunstonh

I was advised by an IFA in 2007 to take my current mortgage offer, it was with GMAC and was a self certificated (sub-prime, i think!) mortgage. I am not very savvy with finances (which my IFA new) so put my trust in the IFA. The mortgage was for 103.000 over 25 yrs on earnings of 18.000 pa I am single so no other income - the 25 yr term will end when i'm 73! Can anyone tell me if I have a case

Whilst you are pushing limits on an income of £18k, its not unusual for the credit boom.

There are actually very few mortgage complaints and even fewer are upheld. Most of the claims companies operating in this area make their money on up front fees or try to put in cross sale complaints about PPI.

Personally, I wouldnt have liked a mortgage on those figures but the problem is that the adviser only gave you what you were asking for. Chances are had the adviser said no you cant have it then you would have gone to one that did. So, like above, it sounds more like you misbought rather than mis-sold.

However, you have given us very little to go on.

smcqis

mis sold? more like mis understood? You may not be good with finaces but surely you can add your age to the mortgage term and come up with the correct figure??

magpiecottage

To be blunt, if you are so innumerate that you cannot instantly spot that 48+25 = more than 65 or 66 or whenever you expect to retire, you are probably not capable of budgeting sufficiently well to buy a home with a mortgage.

On the other hand if that is the case, you are probably not capable of budgeting sufficiently well to rent a home either.

I would hazard a guess, given the income multiples, which DunstonH indicates would have been at the top end of affordability, that a shorter term would have resulted in monthly payments that were beyond your means.

This sounds more like buyer remorse than misselling.

homerjuk

_Andy_ wrote: »

So basically then you made a fraudulent application.
Regarding the term, if you didn't want it to be so long why did you take it over that term?
Seems it was mis-bought as much as mis-sold

in what way did i make a fraudulent application? i gave all my financial info to the ifa, and she did the application, surely if I'd wanted to be dishonest i would have bumped my income up!

_Andy_

homerjuk wrote: »

in what way did i make a fraudulent application? i gave all my financial info to the ifa, and she did the application, surely if I'd wanted to be dishonest i would have bumped my income up!

Well if you signed to say it was X when it was Y then that's fraud.
Still struggling to see how this was mis-sold

dunstonh

in what way did i make a fraudulent application? i gave all my financial info to the ifa, and she did the application, surely if I'd wanted to be dishonest i would have bumped my income up!

If the adviser knowingly gave the lender the wrong information then its a fraudulent application. If you signed the application knowing the information is wrong then you also committed fraud.

part of the problem with these sorts of claims is that you were complicit in the fraud. So, a lender can blacklist you on the database therefore killing your ability to get lending again.

surely if I'd wanted to be dishonest i would have bumped my income up!

If you didnt submit incorrect information then there is no wrong doing by you or the adviser. The lender made a foolish decision in lending you the money much in the same way you were foolish to borrow it. However, there is no consumer protection in place to cover that.

So, with that in mind, why do you think it was mis-sold as there really appears to be nothing here to suggest it is?

roonaldo

I dont see what the problem is, you took on the mortgage which sounds perfectly fine, it takes you into retirement which doesnt make it mis-sold.

Gmac also worked out mortgage affordability on monthly income/ outgoing basis. It would have been underwriten and was deemed to be affordable to you, otherwise you wouldnt have got the mortgage.