MCOB claim? Incorrect Advice Given

orfoster

When I took out my mortgage in 2008 I was told that one of the benefits was that I could take a payment holiday if I did suffer any difficulty because my LTV was less than 75%, now the rest of the purchase was made up by an Open Market Homebuy (which halifax took as a deposit).

I HAVE E-MAIL EVIDENCE TO SUPPORT THAT I WAS ADVISED AT THE TIME I WOULD BE ABLE TO TAKE A PAYMENT HOLIDAY! (actually in several e-mails)

On calling them in December 2012 they told me that I wasn't eligible for the "Payment Holiday" because I had a 2nd mortgage on the house, I did query this because I know damn well I checked this at the time of taking out my mortgage because I like to read everything, especially when it comes to things like this.

Could this be against MCOB? be claimed as incorrect advice? I now understand their position that I couldn't have had one but I was told explicitly in an e-mail from their mortgage advisor I'd be able to have a payment holiday if I needed one.

The reason I'm complaining is that I want to have my ex taken off the mortgage obviously I can't do that if I have had arrears, had they upheld their agreement with me I wouldn't be in the situation where I now can't have my ex taken off because I've had arrears.

(arrears all paid off within 3 months).

Ok so now where I am,

I wrote to the CEO by e-mail yesterday and received a response today (I included the e-mails which are absolutely supportive of my position).

Their response is that they have already responded on 29 April irrespective of the evidence I've submitted.

I just want to check I'm sane.....

So I called them and said I'd like a payment holiday, the reason being that in December there was a gap in contracts and I was worried, they approved it but it was at this point they told me I couldn't have a payment holiday as such, I questioned it then because the e-mails I have clear this up in my view, I actually checked this before I took the mortgage out would you believe! Now its important I was not in any financial difficulty at that point.

They are saying that

Due to amendments in our internal policies regarding payment holidays, we no longer offer payment holidays to customers who tell us they are experiencing financial difficulties. This is in line with FSA guidelines

Firstly I wasn't in difficulties at the time and secondly this is not clear anywhere in their T's and C's nor have they ever written to me to tell me people who are in difficulty can't get a payment holiday.

This is one of the reasons but they are hanging up on the fact that I have a 2nd mortgage but I genuinely thought as below I'd been advised differently.

In July 2008 I have copies of e-mails between me and my mortgage advisor a week before I went ahead with the mortgage, I wont share the full details because a lot is irrelevant but the main bit;

Me to advisor....

Can I just check that this is classed differently than a "2nd mortgage" I understood that because this was a shared ownership scheme it was different, for example it covers the deposit element for purposes of LTV doesn't it?

Advisors reply....

I have checked and you are correct that we class it differently than a 2nd mortgage which is why should this proceed you will be able to take advances and also things like payment holidays as we discussed where others who have taken out subsequent 2nd mortgage would not

Me to advisors....

Thanks for clarifying the questions below, someone said we should check just incase we need to take a payment holiday in the future at least we would be covered

Is it just me or am I seriously missing something here? They are saying that my shared ownership scheme is a 2nd mortgage well the e-mails above show I was advised it wasn't AND I had a telephone conversation with someone on the 1st May who also said it was different.

Could someone help me with the relevant MCOB references, I've tried searching for them but the FSA site isn't great - I will then submit a complaint to fos.......although to be honest I do just want to issue a claim in the courts!

Any advice greatly appreciated.

Cheers

O

Thrugelmir

orfoster wrote: »

I will then submit a complaint to fos.......although to be honest I do just want to issue a claim in the courts!

The mortgage contract will be written in such a way as to make any such "benefit", subject to and at the discretion of the lender.

So you'll struggle to win a complaint.

orfoster

Hiya,

Thanks for your reply.

Well that isn't great, I have to say I can't find a copy of the mortgage contract as such but surely there has to be something I can do.

I have received incorrect advice either way.....and her e-mails to me were just so to the point I wasn't told that it was at their discretion and nor does it mention that in their terms and conditions that I can see.