Help - where can I read up to check if I have been miss sold a mortgage

The_J

Leeds Building Society?

holly_hobby

No you don't need BI to obtain a mortgage, but BI must be held for the duration of the mortgage this will be in the mortgage offer/T&C etc somewhere - as it is a standard requirement. It will read something like "You must take out as a condition of this mortgage buildings insurance" (if there is no requirement to effect blds ins via the provider, the above will contain a notification of the same.

You say that the blds ins provided by the lender was a compulsory part of the product itself (this would have been noted in the fees & requirements details of the illustration, POS and offer docs as above) - so if you wanted to secure the deal they were clear at POS that this formed part of their requirements - which you could choose to accept and enter into (as you did), or select an alternative product or lender instead, who did not have such compulsory requirements (i.e you could select any provider for your blds ins).

Unfortunately based on the current info (unless there is evidence of a pressure sale, for a product that was completely unsuitable), I personally still don't see a mis-sale I'm afraid, the fact that you were not a FTB, and had already had a capped mortgage (indicating budgetary requirements via an unwillingness to be exposed to open ended rate increases, which also infers a fixed rate in itself may have not been unsuitable to both your risk profile and budget requriements). Such facts would form part of any investigation, along with budget and other issues that your FF and RWL would reveal (if available) on examination - which may well support a 5 yr fixed rate as being both a suitable and appropriate recommendation of product and term, when considering your noted budgetary constraints and personal requirements that were discussed at the time (if of course this wasn't an execution only sale).

Unfortunately, the security of knowing your monthly costings for a certain period, can sometimes come at a cost of forgoing to benefit from future interest rate reductions (as you have experienced) but of course the flip side is you are effectively insulated from future increases over the same period - so it can be a game of roulette as we have seen over recent yrs, unfortuantely recent rate movement have not financially benefited you, other than your knowledge of what you mge will cost you month in month out, over the 5 yr term !

H x

dunstonh

6.98% for a five year fixed is not unreasonable. You do not buy a fixed rate mortgage to get the cheapest rate. You get it for stability of payment. 6.98% is actually below the long term average mortgage rate.

The fact the credit crunch came along and then the recession doesnt make the mortgage mis-sold. Indeed, just the few months before the credit crunch hit, all the indications were that mortgage rates were going to rise.

Banks do pull deals on mortgages early at times. Fixed rates in particular. So, there is some truth in what you were told.

They may have misrepresented the insurance sales but the mortgage sounds fine. However, even with the insurance, you almost certainly have no evidence to support your allegations. So, if you did complain, you could provide them nothing to support your case and they would have nothing at their end to support your case but loads to support theirs. Most verbal allegations with no proof are rejected unless there is another failing that can be seen.

haras_nosirrah

What was the LTV OP? If it was 25% deposit then it is completely different to if it is 100% mortgage as it is concievable they were pulling 100% products and wouldn't be replacing hence the urgency was there

Dave_Ham

I am sorry, but it just feels now that whilst I accept products have been and are mis-sold, OP sounds like had a claim up on bank charges and PPI and thinks mortgages may be the next hunting ground..

This would have been a relatively competitive product given the base rate and lending patterns then, it did not work for you and now you are on the compo crusade..

If it was interest only - hang around long enough and these will probably be the next big thing..

The banks are far from perfect, but come on trying to give it the buildings insurance was mis-sold - clutching at straws.

I will not be posting again on thread as cannot add any more value and certainly not giving you the best angle to complain on..