mis sold mortgage and ashton fox

Wh05apk

emmabaker wrote: »

Thank you both
at the time my variable rate mortgage (which i was tied into) was going up and up. My partner had just started receiving incapacity benefit and i was part time working so we wanted to fix our mortgage and sought advice from a broker that had contacted my mother in law. he charged us £1000 (added to the mortgage) and assured us that everytime we had to remortgage in the future he would do it for free also he said he'd found us a mortgage that was the same payment same term and £3000 back in cash so being young and nieve we agreed looking back we should have knocked years off or reduced payments etc.

So how do you think that was mis-sold?

the£1,000 fee is a bit steep, but presumably you were aware of that and agreed to it?

dunstonh

at the time my variable rate mortgage (which i was tied into) was going up and up.

Which is quite normal with variable rate mortgages.

he charged us £1000 (added to the mortgage)

Not a bad sized fee and it can be added to the mortgage. (£1000 for an independent is good. For whole of market on commission its higher than you would like but not exactly a complaint issue. Size of fee is not something the FSA actually have rules on).

You havent mentioned any wrong doing.

emmabaker

yes they asked my partner if we'd been missold ppi then asked if we'd remortgaged.

emmabaker

yes i was aware of it and when he told me he's normally charge £500 per mortgaeg advice session (thing) and worked out that if we changed our mortgage three times it would be worth it then umm just that we we very young 21 and 22 years old and was basically told to hide some outgoings and over exagerate income also i feel we should have been given the option to lower the years or monthly paymnets intead of increasing the overall mortgage by £3000. all this i might add only came to my thinkning in 2010 when we remortgaged and was able to keep the payments the same and take a year off the term of the mortgage. sorry if this doesn't make sense. i know i may be totally wrong and i may not have been mis sold anything but i don't think i am asking too much that if i was i could get something back. (or am i)

emmabaker

i would like to thank all of you for your responses! i am very greatful xx

The_J

You were on a variable rate.
It was going up.
A broker recommended a fix.
He charged a highish but transparent £1000.
You were able to fix at the same payment and the same term.

I'm afraid there is no problem with that at all.

Reducing the term would have increased your monthly payments.
Reducing your payments is obviously great. Most people would like to pay £1 a month on their mortgage. Unfortunately interest rates don't really allow it.

dunstonh

we we very young 21 and 22 years old

You are an adult in the eyes of the law.

was basically told to hide some outgoings and over exagerate income

Yes. That is wrong to be told that. However, you were party to this fraudulent application. Do you really want to tell the lender you put a fraudulent application in and find that your name is added to the fraud database killing your ability to get mortgages in future? So, it was wrong but you agreed to do it.

i feel we should have been given the option to lower the years or monthly paymnets intead of increasing the overall mortgage by £3000.

How can prove you were not? How many examples would you want to have? You already mentioned that your partner was on incapacity and concerned over monthly payments going up. Shortening the term would have increased them more.

i know i may be totally wrong and i may not have been mis sold anything but i don't think i am asking too much that if i was i could get something back.

You may have a case, if you can prove it, that the application was fraudulent but you can shoot yourself in the foot doing a complaint on that basis. The rest of it is about as weak as you can get.

The reality is that a lot of people told lies on the mortgage application in the 90s and 2000s and thought it was fine to do so. Had this broker told you that you could not get a mortgage then you probably would have walked down the road to the next one and until you got one that said yes.

FraudBuster

hide some outgoings and over exagerate income

If you lied on your mortgage application you could be opening up a whole new can of worms.

emmabaker

ok duely noted thank you very much everyone for all your help on this matter and i am so glad that i came on here for advice before proceeding with anything i think i will burn all the paperwork form the solicitor when it arrives and pretend nothing ever happened!!!!!!
embarrassed much!

Wh05apk

emmabaker wrote: »

ok duely noted thank you very much everyone for all your help on this matter and i am so glad that i came on here for advice before proceeding with anything i think i will burn all the paperwork form the solicitor when it arrives and pretend nothing ever happened!!!!!!
embarrassed much!

No problem, certainly got heated!

I think the point is, if you had a valid complaint every one her would support you fully, but what we all detest is the current ambulance chasing/PPI style fraudulent claim situation. If anyone has a valid complaint, they can pursue this direct, solictors are not required.