Mis-sold Mortgage

braindead68

Hi, I am so new to this lol but, I really need your guys advise and help please. I received a letter from my Mortgage Broker confirming to me that the mortgage that they sold me in 2008 was infact not suitable for my finances and under investigation it was found that I could not afford to have that deal, plus the PPI was put onto the mortgage at a hefty £15608.00. Did not know this at all and it clearly states on my paperwork what they sent me when I took out the mortgage it was their recommendations that they were acting on.
Sorry to seem very thick:o:o but, have I got a case to claim on here?? I would be so grateful if anyone cld answer my question as I have so many PPI claims ppl phoning me each day saying they will act for me but, why shld I part with 30% of my money:mad: if with your help I can do it myself.

betmunch

It sounds to me like your old broker has literally written you a letter saying I have done this wrong, please claim against me!

R_P_W

I dont know if you have a claim to be honest but I'm sure others on here will be able to advise!

As for using a company that calls you and will take a cut - DONT DO IT! I'm sure in a few years there will be another set of companies that will claim you were mis sold your PPI claim service and will get it back for you and it will keep on going.

I did a PPI claim myself, not on a mortgage but on a personal loan. Maybe I was lucky but I just sent a letter to the my previous lender and within 3 weeks they had made me an offer which I accepted.

R_P_W

So you did not know that you were paying PPI? Was it not on your paperwork?

Do you think you can afford the mortgage they sold you? Have you been affording it?

There are people out there claiming to be people they are not looking to make claims against people.

Was the letter definately from your broker?

Annisele

Some (thankfully very few) advisers have a business model that goes:

• Get a job with company A
• As an employee of company A, mis-sell a whole bundle of stuff
• Leave company A, and set up a new company, B
• As an employee of B, write to all your old clients and tell them that company A was a nasty money-grabbing firm, and that everything they've got from A was mis-sold
• As an employee of B, complain to A on behalf of the clients
• Aim to collect 40% of any compensation paid.

I think the most likely explanation is that the letter wasn't from your broker at all, and the second most likely is that your broker left the original firm as above.

However, neither of those explain whether your mortgage was actually mis-sold. It's pretty hard to mis-sell a mortgage (unless the client agrees to commit fraud). So - could you afford it?

Thrugelmir

braindead68 wrote: »

and under investigation it was found that I could not afford to have that deal,

At the time you applied for the mortgage and signed the offer letter. Didn't you consider whether the monthly outgoing was affordable? We are all responsible in some way for decisions we make.

dunstonh

To get a letter like that out of the blue means that broker has had a number of complaints that have been upheld or a compliance inspection has found issues of a volume sufficient for them to write to all those involved.

Single premium PPI is considered bad in 99% of cases. MPPI should be monthly premium. So, its pretty fair to say you were mis-sold. You dont need a claims company as single premium PPI is the easiest complaint going. Plus, the advising firm has effectively held its hands up to it. It just needs you to respond that you didnt know and that now that you do that you are not happy.

As for the mortgage side, that is more difficult. You no doubt went into this with your eyes open and wanted the property and mortgage. If you believe you may have given information that was not strictly accurate (inflating your income for example) then you may not want them investigating the mortgage side as you have effectively committed fraud and there is a register you could end up on which would stop you getting a mortgage again. It takes two to tango. However, if you believe you did nothing wrong then you may choose to ask them to look into it.

Annisele

Dunstonh is right - sorry, I hadn't noticed that we were talking about single premium PPI and I was stuck on the "mis-sold mortgage" bit.

The PPI was almost certainly mis-sold. The mortgage seems far less likely.

braindead68

R_P_W wrote: »

So you did not know that you were paying PPI? Was it not on your paperwork?

Do you think you can afford the mortgage they sold you? Have you been affording it?

There are people out there claiming to be people they are not looking to make claims against people.

Was the letter definately from your broker?

Hi I was told that I might not get the mortgage if I did not take the PPI out with them plus they charged me £50 a month for not having my House and Buildings Contents Insurance with them, I only noticed that after requesting a breakdown of my mortgage payments each month.
The letter is defo from the broker headed paper and the girl's name who sold me it.

braindead68

dunstonh wrote: »

To get a letter like that out of the blue means that broker has had a number of complaints that have been upheld or a compliance inspection has found issues of a volume sufficient for them to write to all those involved.

Single premium PPI is considered bad in 99% of cases. MPPI should be monthly premium. So, its pretty fair to say you were mis-sold. You dont need a claims company as single premium PPI is the easiest complaint going. Plus, the advising firm has effectively held its hands up to it. It just needs you to respond that you didnt know and that now that you do that you are not happy.

As for the mortgage side, that is more difficult. You no doubt went into this with your eyes open and wanted the property and mortgage. If you believe you may have given information that was not strictly accurate (inflating your income for example) then you may not want them investigating the mortgage side as you have effectively committed fraud and there is a register you could end up on which would stop you getting a mortgage again. It takes two to tango. However, if you believe you did nothing wrong then you may choose to ask them to look into it.

Thank u for that. Firstly I gave all the information to the broker 100% acurate. I supplied them with my P60 and my husbands so they knew exactly how much our combined total income was. We paid the broker £2700 to find us the best deal out there for that I would of expected them to have done their maths properly and not sold us that mortgage:mad: thankfully my husbands other job covered the shortfall each month but, what happens to the poor ppl that have not got that?? You go to these ppl in good faith pay good money to them to find the best deal for you and your family and this happens, why should they be allowed to get away with doing this to ppl they should be taken to court as so many are losing their homes without the help of these idiots who cannot do their job properly.:mad:

aleenajoe

there will be addition set of companies that will affirmation you were mis awash your PPI affirmation account and will get it aback for you and it will accumulate on going.