missold pension mortgage

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puivert
puivert Posts: 3 Newbie
in Mortgages & endowments
Any advice on missold mortgages?

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  • ACG
    ACG Posts: 23,729 Forumite
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    Can you explain why you think it was miss sold?
    If you prefer not to, then you can write to the the advisor or lender with a complaint, if your not happy with their response you can then go to the financial ombudsman.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
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    A pension is a repayment vehicle not a mortgage product.

    Onus is on the borrower to ensure that the repayment vehicle will be adequate to repay the mortgage at the end of the term.


    What's your complaint?
  • puivert
    puivert Posts: 3 Newbie
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    ACG wrote: »
    Can you explain why you think it was miss sold?
    If you prefer not to, then you can write to the the advisor or lender with a complaint, if your not happy with their response you can then go to the financial ombudsman.

    Thank you for response.

    Not made clear that there was no guarantee that we would have insufficient funds to pay off the mortgage.

    We were not given warnings that the fund was underperforming.

    Not advised that the two most important financial commitments of my life were dependent on the success or failure of 1 product.

    As it is an investment backed pension the risk of a shortfall comes at the very time (retirement) when one is least able to do something about it.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
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    puivert wrote: »
    We were not given warnings that the fund was underperforming.

    Do you pay an adviser to manage your affairs?

    Do you read the annual statements or other information pertaining to your pension that you receive?
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
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    puivert wrote: »
    As it is an investment backed pension the risk of a shortfall comes at the very time (retirement) when one is least able to do something about it.

    Shortfalls are cumulative. Given recent market performance. This isn't something which has occured in past 12 months.
  • holly_hobby
    holly_hobby Posts: 5,363 Forumite
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    was the pension already in place when you effected the mge ?
  • Let_Us_See
    Let_Us_See Posts: 1,319 Forumite
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    Are you claiming you were missold an interest only mortgage or missold a pension as a repayment vehicle? Did you already have a pension when you took out the interest only mortgage? When was the last meeting with your adviser to review the performance of your pension? How often did YOU review your pension performance?
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