interest only mortgage reclaim ????

DELLBOY_2

has anyone been contacted by a company regarding repayment of payments on a interest only mortgage ?
i had one on the phone the other day claiming that it had probably been missold as i didnt have a pension or endownment linked to it .

Any thoughts

dunstonh

has anyone been contacted by a company regarding repayment of payments on a interest only mortgage ?

You do realise that interest only means that you are not making payments down on the mortgage. Just the interest.

There are some scam companies about trying these cold calls on. Typically they either turn them into PPI complaints or they come back to you some months done the road, telling you that you have a case but they need £495 to proceed. You pay thinking you are getting thousands. The company goes bust a year later taking the money up paid up front with it.

i had one on the phone the other day claiming that it had probably been missold as i didnt have a pension or endownment linked to it .

mortgages were not regulated until late 2004. So, any before that you cant complain about. Whilst it is possible to have been mis-sold, it would only be a small minority. You have to consider as well that you have paid less than you would have. So, in effect you are no worse off. there are some cases were small amounts of redress have been paid but they are rare and unusual.

Cold callers are usually scams though. So, best avoid.