Wrongly advice by Mortgage Adviser

sslb

Can anyone help?. I took a 5 year fixed rate mortgage out just over 4 years ago at 6.99%. The mortgage adviser at my bank advised me to take that fixed rate and term time out as she said that the rate was very likely to go up. Well the long shot is that the rate actually came down. If I had not been ill advised I would have been saving myself over £200 every month for 60 months!! - Does anyone know if I can reclaim anything back as I only took the mortgage on the advisers insistance and advice or is it lessoned learnt?

magpiecottage

An adviser is just that, an adviser. They are not fortune tellers. They do not know what is going to happen.

On the other hand by recommending a fixed rate they do know that if you choose it your mortgage payments will remain the same for a particular period of time. That allows you to budget in the knowledge that you will not be at risk of increasing rates making it unaffordable.

That seems prudent advice.

So I do not see any grounds for complaint in your post.

dunstonh

took a 5 year fixed rate mortgage out just over 4 years ago at 6.99%.

Nothing wrong with that.

The mortgage adviser at my bank advised me to take that fixed rate and term time out as she said that the rate was very likely to go up.

There were thoughts around that time that the rates would go up.

If I had not been ill advised I would have been saving myself over £200 every month for 60 months!!

How were you ill advised?

Does anyone know if I can reclaim anything back as I only took the mortgage on the advisers insistance and advice or is it lessoned learnt?

No you cant. Can you imagine your complaint? I wish to complain as the adviser at the bank had an inaccurate crystal ball and could not predict the credit crunch and global recession and all the things that occurred after that.

You buy a fixed rate for certainty of payment. Not because it will be the cheapest. So, the advice was good and correct in the sense.

_Andy_

sslb wrote: »

Can anyone help?. I took a 5 year fixed rate mortgage out just over 4 years ago at 6.99%. The mortgage adviser at my bank advised me to take that fixed rate and term time out as she said that the rate was very likely to go up. Well the long shot is that the rate actually came down. If I had not been ill advised I would have been saving myself over £200 every month for 60 months!! - Does anyone know if I can reclaim anything back as I only took the mortgage on the advisers insistance and advice or is it lessoned learnt?

The latter. Get a grip on yourself

roonaldo

OMG, this must be a hoax post. Its just plain too stupid