Mis-sold mortgage

reb511

Hi,

I know there have been lots of threads about mis-sold mortgages but I'm a bit confused. I had a call today from Mortgage Audit Centre claiming we were mis-sold our mortgage as we were eligible for a much better mortgage with lower fees but the broker (Mortgage Matters Partnership) was paid to use Northern Rock despite claiming to be whole of market. They claim that they only sold us a Northern Rock mortgage because they were paid around £5,000 commission instead of the approx £500 they would have received from another bank. I have no intention of paying the £149 fee they want to check if we were mis-sold but are they onto something? Should he sold us a more appropriate mortgage or were they well within their rights to overcharge us and provide us with the best commission paying mortgage and I was just stupid enough to sign on the dotted line???

Thanks for any help :T

dunstonh

I had a call today from Mortgage Audit Centre claiming we were mis-sold our mortgage as we were eligible for a much better mortgage with lower fees but the broker (Mortgage Matters Partnership) was paid to use Northern Rock despite claiming to be whole of market.

That is a fake reason for complaint.

They claim that they only sold us a Northern Rock mortgage because they were paid around £5,000 commission instead of the approx £500

ROFL. £5000. if only.

I have no intention of paying the £149 fee they want to check if we were mis-sold but are they onto something?

No, it is advance fee fraud. There is no truth in it. They entice you with a potentially plausible scenario given the way media reporting is so bad nowadays and you fall for it and pay the £149. Your complaint fails and the £149 is kept by them. That is how they make their money/

Should he sold us a more appropriate mortgage or were they well within their rights to overcharge us and provide us with the best commission paying mortgage and I was just stupid enough to sign on the dotted line???

firstly you have not been overcharged. It is commission and the commission is closer to around 0.3% of the amount borrowed. That £5000 figure is poppycock.

They have to provide you with the best mortgage they feel from their range available. Northern Rock were a prime lender who were known to be accepting of people with high multiples or little or no deposit. The only area that the FOS have concern about is if you were sold a sub prime mortgage when you could have had prime.

Avoid the scam.

reb511

Thanks, you confirmed my thinking really. I guess those claims companies will tell you anything to get your money :mad:

My_gem

Hi, I received a call from this company yesterday. I did have dealings with we claim you gain and they did win 2 x PPI claims for me. I know I could have won the PPI claims myself, but truth is I never would have got round to doing it. Had a good conversation with them about the Miss-sold mortgages, and thought it must all be good until I stumbled here. I didn't pay the £149, but gave most of my details about my original mortgage as had all of the paperwork out as I am looking at re-mortgaging due to my fixed term coming to an end.
My original mortgage was Northern Rock.... were they considered a sub-prime lender in 2005. We got the deal via a broker. We put a £80k deposit on a house of £165k and the interest rate was 4.69%. We had no bad debts or adverse credit history, so the guy i was talking to said we could have had a much better deal.
They have sent me an email to say if through their initial audit it turns out we were offered a deal in the top 10 offered at the time, they will refund the £149, but the t&c's don't say this on their website?
Is this really a scam? Confused and probably soft as they have won the PPI claims for me!

societys_child

Is this really a scam?

YES . . . Did you read post 2 ?

dunstonh

My original mortgage was Northern Rock.... were they considered a sub-prime lender in 2005.

Northern Rock have never been considered a sub prime lender. Northern rock were a prime lender with very open lending terms (too much as we now know).

We put a £80k deposit on a house of £165k and the interest rate was 4.69%.

That is a good example as sub-prime rates tended to be closer to 10%. So, how come yours was in line with prime rates?

We had no bad debts or adverse credit history, so the guy i was talking to said we could have had a much better deal.

The guy you were talking to is talking BS.

Is this really a scam?

yes. refer to to post 2.

My_gem

Thanks for the advice and saving me £149!!Found some more paperwork today that the broker I used was paid about £500 by Northern Rock. Not quite the £5k amount someone quoted.
Next task.... looking at re-mortgaging! Thx again.