Mis-sold mortgages

Crabwall

Is it true that there is the potential to receive a compensation payout if you have been mis-sold a mortgage with a sub prime lender by a broker?

I was sold mortgage in 2007 with GE Money by a broker who told me I had no other option even though I don't beleive I had bad credit but was eager to get on the property market.

Any advice would be appreciated.

Thanks

ILW

Better to sue your parents for giving birth to an idiot.

kingstreet

If you were advised to use a sub-prime lender and product unnecessarily I would say you do have grounds for a claim. At the time, you should have been provided with an initial disclosure document, key facts illustration all backed up by a suitability letter.

The latter will set out why the adviser believes this lender's product best suited your needs and circumstances. Can you have a look at your copy and tell us what it says and how it reflected your circumstances at the time.

In the first instance, you need to write to the firm which advised you, setting out why you think the lender and product were not right for you. If they do not reach a conclusion you accept, within a set timescale, you have the right to escalate the issue to the Financial Ombudsman Service (FOS).

Simon_gloster

Crabwall wrote: »

Is it true that there is the potential to receive a compensation payout if you have been mis-sold a mortgage with a sub prime lender by a broker?

I was sold mortgage in 2007 with GE Money by a broker who told me I had no other option even though I don't beleive I had bad credit but was eager to get on the property market.

Any advice would be appreciated.

Thanks

Very unlikely. It will also depend if your KFI said you were given advice or not. If not...technically you chose that lender and product although they would have had to give a reason why other lenders on their sourching system cam e above GE and why theu didn't mention them to you.

If there was no-one apart from GE, you must have had heavy adverse credit or something similar. Is this the case?