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Mortgage company lost my signed docs

edited 30 November -1 at 1:00AM in Mortgages & Endowments
5 replies 542 views
EllessaEllessa Forumite
3 posts
edited 30 November -1 at 1:00AM in Mortgages & Endowments
Please help. In 2007 I took out a 10 year fixed mortgage, I was told that after 5 years I could apply for a new product, remain for a further 5 years on the fixed rate or revert to SVR. During 2012 I called several times to confirm the date when these changes could happen and was told 31.11.12 and that I could if i so chose revert to SVR (currently 3.99%) and was also given verbally an illistration of new monthly payments. In december when I called I was told this was incorrect info and I am stuck on fixed rate for another 5 years.... They apologiesed for the missinformation and sent me a cheque for £50.00 (not cashed)
Under Subject access I requested call logs and transcripts of calls and my signed mortage docs - the responce was they cant locate the calls and have lost my signed morgage offer.....
The ombudsman isnt being much help?
Where do I stand if they have lost my signed docs??
Thanks

Replies

  • kingstreetkingstreet Forumite
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    What signed document do you think you have which will confirm your assertion about the break clause in the fix?

    I can see it being included in a key facts illustration or a mortgage offer. What do your copies of those documents say?

    This goes back to 2007 and I can't honestly remember a ten year fix with such a clause being offered. Which lender offered it and how did you take the mortgage - direct or broker?
    I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.
  • It was direct, Halifax, they dont dispute telling me it was an option to revert to SVR on 30.11.12 and have put in a letter that "I was misinformed & misadvised" on the phone on several occassions during 2012.
    I just find it hard to believe that without anything signed they can dispute this?
    It is comparable to me setting up a bank, having a meeting with a customer and agreeing a loan at 5%, subsequently losing the agreement and trying to charge the customer 10%. When the customer complains to the ombudsman, I forward unsigned documents stating 10% was agreed and they back me up. How is this right on any level?
  • edited 31 January 2013 at 3:38PM
    kingstreetkingstreet Forumite
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    edited 31 January 2013 at 3:38PM
    You need to produce the documentation from the original sale which states you have the right to break from the fix after five years. This will prove your assertion and oblige the lender to honour its commitment.

    If it fails to do so, you have the right to escalate to the Financial Ombudsman Service.

    Every mortgage product offered by a lender sees the same procedure followed. A key facts illustration is issued, an application completed and submitted and an offer issued. AFAIK only the declaration on the mortgage application needs a signature and that page will not show the details of the selected product. Therefore a signature will prove only that you applied for a mortgage, not how much, the rate or any of the other details.

    The lender's error in 2012 may be the basis of a complaint which FOS might consider. However it will award a small amount for inconvenience, it will not decide in your favour that this fix break existed because of the error. It will need your documentary evidence to do that.
    I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.
  • OK, so lets say I stop paying (not that I will) and it goes to court, and I deny signing to that specific agreement but agree that I signed for 10 years with a 5 year option of SVR. The mortgage company wont have to provide any signed docs???? They can just produce a unsigned statement to the effect of what they want?
  • kingstreetkingstreet Forumite
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    No. You will have signed a mortgage deed in the presence of your solicitor. That's what ties the loan to the property, the security, if you like.

    That's a simple "do you owe the money, is it secured on this property?"

    We're dealing with details set out in only a couple of places.

    It's the sale documentation we need to concentrate on, particularly the key facts illustration (KFI), which sets out the mortgage product you applied for and the mortgage offer which confirms the loan and also reproduces the KFI, so you can check one against the other.
    I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.
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