Miss sold mortgage

Givememoney_3

When I took out my mortgage with Santander about 7 years ago, (it was abbey at the time) I had a interest only mortgage which I agreed to and understood. The problem was, at the time of getting the mortgage, my earnings were not great but i had the potential to earn more in the coming months/years. So because I told him this, he put a false figure into his computer so it then allowed me to be accepted for the mortgage.
I agree it was my fault for allowing this, but I was young and excited about buying my own house. I'm sure doing that was illegal and was wondering if anyone could give me advise on how/if something could be done?

dunstonh

I agree it was my fault for allowing this, but I was young and excited about buying my own house. I'm sure doing that was illegal and was wondering if anyone could give me advise on how/if something could be done?

You can make a complaint as it was wrong do to. However, it is a complaint that can bite you just as much as it may bite that employee (assuming he still works there - if not - it would just hit you).

You would be admitting to committing mortgage fraud. You can find yourself added to the blacklist and unable to get a mortgage again and possibly any other credit as well. So, if you are willing to accept that then put in your complaint. It should also be noted that your complaint would not be one that would likely see any redress payable either. So, you have everything to lose and very little to gain.

Thrugelmir

Givememoney wrote: »

I'm sure doing that was illegal and was wondering if anyone could give me advise on how/if something could be done?

DH has covered the fraud aspect.

You've since had 7 years in which to overpayments to your mortgage account to reduce the capital balance owed. So better to spend your energies in how to tackle the issue now. As I assume you've currently 18 years left on your mortgage term. There's every likelihood that interest rates will rise in the future. So planning now would be of huge benefit.

hcb42

This is not mis selling, if you agreed to it.

Timay

As they have all mentioned above it is definitely not miss selling as you knew what you were being sold.

It is Mortgage fraud though as far as I can tell on your behalf and would probably advise you stay pretty quiet about it, unless you want to find your self in trouble.

R_P_W

What do you want to be done?!

The fact that you know he did it and agreed to it makes this a fraudulent application. An application that you agreed to and then took the mortgage offer!

roonaldo

So you have an allegation about a sales person you can never prove. You have said you have committed fraud. But its Santander's fault?

roonaldo

dunstonh wrote: »

You can find yourself added to the blacklist

ive done mortgage underwriting in the past and this list does exist, its not a urban myth.

there was not too many smith and jones' on it from what i can remember!

holly_hobby

The black list, is actually a National Fraud Database called CIFAS - which is where you'll find yourself if the lender finds out about this. To which having the dubious honour of being a member, can not only prevent you from further finanical arrangements, but can also affect your employment (esp if you work in Finanacial Services, where CIFAS and full CRA checks are now reqd for many roles, even non-cash handling).

Whilst the adviser may have led the application and the entry of fraudulent income data - you were wholly complicent in this exercise, and therefore just as responsible and just as punishable.

My advice ... there is no compo for you here, but a whole heap of trouble if you decide to start digging for some !

Let sleeping dogs lie would be my advice.

Hope this helps

Holly

Givememoney_3

I did not know any fraud was taking place. I agreed to the interest only mortgage. With regards to the false income used, I was 19/20 years old, sat in a Santander office, being asked questions. To the question, "what's your annual income" my reply was "at the moment it's '£x' but it will increase to about '£y' to which he replied "ok, I'll put in £z" I was unaware anything illegal was being done. I wasn't using a independent mortgage advisor, I was using a national bank so even though I can see and understand all your points, I do not class myself as committing fraud.

And I don't have 18 years left on my mortgage, I still have the full 35 because its still interest only.

TrickyDicky101

Givememoney wrote: »

To the question, "what's your annual income" my reply was "at the moment it's '£x' but it will increase to about '£y' to which he replied "ok, I'll put in £z" I was unaware anything illegal was being done.

Ignorance of the law is, sadly for you, no excuse.

You weren't a child.