Is there any news on payouts from lenders on miss selling interest only mortgages


I was badly advised by a so called friend who was a financial adviser

He no longer works in the industry since being struck off, I am stuck with a number of buy to let interest only mortgages, all with negative equity

I look back and wonder how stupid i was,i am now aware that no checks were done for any of the mortgages and income figures were just made up to get the mortgage through

All the mortgages were self cert and i wasn't even working at the time

Is there anything that i can do?, I am depressed all the time......


  • Mortgagefreeby50Mortgagefreeby50 Forumite
    509 Posts
    Debt-free and Proud!
    I remember attending a talk on 'how to make money investing in property' and it advised exactly that- remortgage to release equity for deposits to take out interest only mortgages in 5 more properties. Nobody had a crystal ball I suppose, I hope you find a way through.
    Slow progress is better than no progress.
  • edited 28 December 2012 at 6:37PM
    edinburgheredinburgher Forumite
    13K Posts
    Part of the Furniture 10,000 Posts Name Dropper
    edited 28 December 2012 at 6:37PM
    While I sympathise with the depression - why would you expect to be compensated for lying to try to use the banks' money to leverage a property empire for yourself? Sounds like you got greedy and then got burned - the usual outcome :eek:
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