possible mortgage mis-sold?

MrC1977

hi all

advise please as i am not sure where i stand

I took out a mortgage in 2006 when i was self-emplyed. I was advised by the broker to state that i was employed and he arranged for some dodgy pay slips and P60 etc to be produced.

I went along with it as i was told this was the only chance i could get a mortgage.

I then got a mortgage for 115% which was made up of 95% interest only mortgage, 5% repayment and 15% unsecured loan linked to the mortgage.

I only found this out when it come to signing as i thought it was all going to be repayment but he said that this was the only way to get it through.

I paid a fee to him (although i know he gor commission as well) and a fee t someone else for the dodgy payslips.

I know what i done was wrong and i consented by signing but i was just so keen to get a mortgage i would have done anything he asked.

looking back and thinking about i went to him for advice and he took me down this path.

There is an element of sour grapes on my part as the housing market and everything means i have lost money so just want some genuine advise as to what to do now

thanks for any help

C

bargainbetty

You wanted a mortgage and he got you one. It is possible that this may have been the only way to get you one. Unless you report him for potential fraud, and implicate yourself in the matter (you consented to all of it at every stage), then I'm not sure what you can do.

What are you looking for?

MrC1977

bargainbetty wrote: »

You wanted a mortgage and he got you one. It is possible that this may have been the only way to get you one. Unless you report him for potential fraud, and implicate yourself in the matter (you consented to all of it at every stage), then I'm not sure what you can do.

What are you looking for?

thanks Betty - you are right and i am not actually sure to be honest

I guess my main issue is that he is is a speacialist and therefore should offer the best advise. Accepting that is subjective but to actively asking me to commit fraud (strong term but correct) and knowingly push me this way I just feel is completely wrong.

I was young and impressioniable and will be paying for his advise for years to come so i just feel that maybe i have a case against him.

C

dunstonh

I know what i done was wrong and i consented by signing but i was just so keen to get a mortgage i would have done anything he asked.

Lots of people did. The broker was wrong to allow it. You were wrong to do it but you did end up with what you wanted.

There is an element of sour grapes on my part as the housing market and everything means i have lost money so just want some genuine advise as to what to do now

There shouldnt be any sour grapes. You got what you wanted. Housing declines happen typically 3-4 times in a typical mortgage term. That doesnt change anything.

Accepting that is subjective but to actively asking me to commit fraud (strong term but correct) and knowingly push me this way I just feel is completely wrong.

It is.

I was young and impressioniable and will be paying for his advise for years to come so i just feel that maybe i have a case against him.

You were old enough to buy a house and by that age you should know the difference between right and wrong. So, I'm afraid I don't buy your argument there.

You could complain against him. Your problem is that you will also be admitting mortgage fraud as you knowingly entered into the transaction and whilst the mortgage broker will suffer a complaint, you will have the potential of being added to the mortgage fraud register and finding yourself blacklisted for lending in future. It takes two to tango and this is why you see so few mortgage complaints. You end up shooting yourself in the foot.

MrC1977

dunstonh wrote: »

Lots of people did. The broker was wrong to allow it. You were wrong to do it but you did end up with what you wanted.



There shouldnt be any sour grapes. You got what you wanted. Housing declines happen typically 3-4 times in a typical mortgage term. That doesnt change anything.



It is.



You were old enough to buy a house and by that age you should know the difference between right and wrong. So, I'm afraid I don't buy your argument there.

You could complain against him. Your problem is that you will also be admitting mortgage fraud as you knowingly entered into the transaction and whilst the mortgage broker will suffer a complaint, you will have the potential of being added to the mortgage fraud register and finding yourself blacklisted for lending in future. It takes two to tango and this is why you see so few mortgage complaints. You end up shooting yourself in the foot.

thanks Dunstonh - good valid points and all true what you say.

chalk it up to experience then...........

dadsowd

Dont know if this is the right place but here goes my wife and i took out a endowment mortgage with the money from the Halifax but with the endowment by the pru we did this in the mid 80s by the early 2000s we had a annual letter saying that we would have a short fall but with luck we were able to get an amount for the endowment early which paid off our mortgage i was wondering as we were never offered a repayment mortgage or any other type of mortgage were we misold? any if so have we left it to long to do anything about it?

dunstonh

Dont know if this is the right place

It is not. You should create your own thread rather than asking your questions on someone elses thread on an unrelated subject. It is not fair on the original poster and is known as thread hijacking (As your conversation could take over the thread and leave the original poster's questions unanswered).

i was wondering as we were never offered a repayment mortgage or any other type of mortgage were we misold?

No. Regulation didnt begin until 1988. You bought prior to that and via an agent that was not attached to the Halifax. Not only that, for cases that do fall under regulation, you get three years to make the complaint from the first notification of shortfall. Most of those started by 2001 and got timebarred by 2004-2009.