Mis-sold mortgages

Halty

I have been approached by a UK company who advised me that potentially our mortgage on our home had potentially been mis-sold as we were possibly improperly advised that the mortgage would not be complete until after retirement. They are offering to pursue this for us - for an initial £600 and no guarantees. Potentially up to£15k compensation.
Is this likely to be true? Are there cheaper avenues to pursue this?

lawlie

I think in order for the experts here to help you, you will have to advise on age, when mortgage expires etc.

It sounds like a scam though, to be honest.

somethingcorporate

No, very unlikely - they will be impossibly to get hold of once they have your money.

This is known as an "advanced-fee scam".

When you took the mortgage out did you not do the simple sum of your current age + length of mortgage = age when mortgage completed? This is not grounds for a mis-sale.

KTF

Halty wrote: »

Is this likely to be true?

No. If it was such a dead cert then why would they want the £600 up front with no guarantee of success.

holly_hobby

Here we go ...

There are several threads similar to this, to which the same answer is provided.

The caller will not have access to your point of sale file, including your factfind depicting your personal and financial details, or details of the recommendation.

So they have no idea on whether this mge was mis-sold or not, and quite how they know how much compensation you would recieve, and indeed that you could expect upto 15k is quite remarkeable ..... given they know no of the figs involved, and compensation is not capped at any figure ... so if there was a mis-sale the compensation may well exceed this.

Lets be clear, a mortgage into retirement is NOT an automatic mis-sale, but there must be clear justification of the sale and consideration and evidence, that a shorter term, if presented to you, would have been affordable at the point of sale.

If you believe you have been mis-sold, you do not need any 3rd party claims company (whom will take a cut of any payment you did recieve) to submit a complaint for you.

In the first place you complain to the firm/adviser, and take it from there - if you want to run the details of the sale past me, I'll have a look at if there appears to be any basis of mis-sale.

Hope this helps

Holly

dunstonh

I have been approached by a UK company who advised me that potentially our mortgage on our home had potentially been mis-sold as we were possibly improperly advised that the mortgage would not be complete until after retirement.

There are a couple of dodgy claims companies that do this.

Have they read your documentation to see if the usual risk warnings are present about going past retirement? (there is nothing wrong with going past retirement as long as the risks are documented)

They are offering to pursue this for us - for an initial £600 and no guarantees.

Typical advance fee fraud model. Entice you with some made up compensation figure using a plausible but wrong complaint reason and you are are do focused on the possible compensation you willingly pay the £600. Virtually every episode of Hustle worked the same way. They make their money on the £600.

Does your mortgage go into retirement (post age 66-68 typically)?
Are you unable to afford paying it off within employment?
does your paperwork show risk warnings?
is your IQ low enough to not be able to work out if the mortgage was going to take you into retirement? (not being rude there but common sense and ability to see such things for oneself are considered)

Clive_Woody

I am not aware of any legislation that forces you to retire at a specific age (although my legal knowledge is somewhat limited).

There is a personal responsibility when borrowing money, surely the OP was aware that the mortgage would run past the date they planned to retire.

Save yourself £600 and do not respond to these charlatans again.