mis sold mortgages

Angie_D

Hello this is my first post so please excuse me if I have done it wrong ... I had a cold call asking me about my mortgage. they asked many questions. After 30 mins said that I was able to put in a claim for a mis sold mortgage that I took out in 1990 stating that it could be up to £45000, but then asked me to give them my card details so they could charge it for £495 to cover up front fees. Of course I didn't do this. However I wonder if there is such a thing as a mis sold mortgage and if so can I claim this back myself, I did the PPi and was successful (with your help thank you) btw I've paid my mortgage off about 6yrs ago.

Thrugelmir

Very unlikely that you would ever recover that £495 if you paid it out.

opinions4u

Mortgages weren't regulated in 1990.

This is £495 that you would never see again.

R_P_W

Do you have reason to think your mortgage was missold?

Annisele

It's very hard to mis-sell a mortgage.

There can sometimes be problems, for example with subprime mortgages. If you've got a perfect credit history and a 50% deposit, it's very unlikely that a subprime mortgage was suitable for you. There are other reasons for mis-sale, but they tend to be specific to the borrower. There's certainly no widespread mis-selling like with PPI.

In most cases, it comes down to the fact the borrower wanted to buy a house and the mortgage enabled them to do that.

WellKnownSid

A financial adviser tried to mis-sell my parents a mortgage when they were looking to buy a house in the eighties.

They had the cash but they were told it was far better to take out a mortgage and stuff all of their cash into Barlow Clowes as the return would be greater than their mortgage.

Thankfully, they took the proposal to their bank manager (banks had actual qualified managers in those days, rather than todays' customer-facing brand co-ordinators) who shot it down in flames.

The rest as they say is history. Whether that would have genuinely been classed as mis-selling is another matter.

magpiecottage

Please report your experiences to consumer@claimsregulation.gov.uk

dunstonh

I had a cold call asking me about my mortgage

We all get this scam/spam phone calls.

. After 30 mins said that I was able to put in a claim for a mis sold mortgage that I took out in 1990 stating that it could be up to £45000,

Mortgages were not regulated until October 2004. So, a 1990 mortgage is way before regulation. How on earth did they get a figure of £45k (rhetorical as we know the figure is BS)

but then asked me to give them my card details so they could charge it for £495 to cover up front fees.

And there you have it. Advance fee fraud. Classic scam. Give you a fake story which could be slightly plausible but has no truth and then give you a potential pay off that plays to your greed and then at the end hit you with the advance fee. If you are greedy you pay the pay and are conned. If you are not greedy then you dont pay it and you are not conned.

However I wonder if there is such a thing as a mis sold mortgage and if so can I claim this back myself

14 years prior to regulation and you havent said anything to suggest mis-sale. There are certainly no widespread issues on complaints at the moment and the FOS have said the only real area of concern they have is with people who have sub prime mortgages who could have got prime (but would you to have bought after regulation started).

dunstonh

WellKnownSid wrote: »

A financial adviser tried to mis-sell my parents a mortgage when they were looking to buy a house in the eighties.

They had the cash but they were told it was far better to take out a mortgage and stuff all of their cash into Barlow Clowes as the return would be greater than their mortgage.

Thankfully, they took the proposal to their bank manager (banks had actual qualified managers in those days, rather than todays' customer-facing brand co-ordinators) who shot it down in flames.

The rest as they say is history. Whether that would have genuinely been classed as mis-selling is another matter.

Barlow clowes were accountants. The scam occurred pre-regulation (before April 88) and was one of the first things to be shut down post regulation. It led to a lot of regulation that still exists today.

It cant really be classed as mis-selling as there was no adviser involved and it was pre-regulation. However, it was fraud.

haras_nosirrah

I was told that I had been missold my mortgage and could claim 20,000 for a fee of £495 (might be same company) - even me telling her that I sold myself my mortgage as I am a mortgage broker wasn't much of a deterrant until I pointed out that it seemed idiotic to try to claim 20,000 from myself. They are muppets.

dunstonh

in the last year I have had cold calls telling me my pension was mis-sold, my mortgage was mis-sold and that I had PPI mis-sold. Or that there was a bonus to claim on my pension if I moved it. They were all lies. Telephone scams are rife at the moment.