Has our mortgage been mis-sold

Jmk

Yes John your right bad decision timing,
Our financial situation hasn't changed in fact it will be much better if we can get the new mortgaged approved !!!!!

holly_hobby

To answer the question ....

An example of mis-selling would be a mortgage term offered into retirement, where affordability had not been correctly assessed and it turned out it was unaffordable.

A simple change to your present lenders criteria, whilst of course disappointing if it now excludes you from new borrowing with them, does not equate to your original mortgage being mis-sold mge, 2 very different things I'm afraid.

Answer is, if you want to move home and redeem your current mge, then you may need to souce an alternative lender. And although most lenders do have a max redemption age of 75 yrs, there are a couple whom don't have this restriction .... although meeting their other criteria inc demonstrating affordability thoroughout the mge term will of course be reqd.

Hope this helps

Holly

dunstonh

My question therefore is, if the bank for whatever reason (possibly my husbands age) refuse to give us a new mortgage, which would be a much smaller amount with lower repayments, have we got a case for mis-selling the product in the first place?

No. Portability is and always has been subject to the lending criteria at the time you wish to move. Lending criteria changes. The credit crunch has led to a tightening of criteria but it doesnt mean the previous criteria was wrong. Historically, lenders tighten criteria during recession and begin to loosen it with growth.

There is no such thing as a maximum age to borrow. You can go well into retirement. Many lenders will have a standard limit of 75 but may go on longer after consideration by their underwriting department.

None of what you have said indicates mis-sale.