Birmingham Midshires Portable Mortgage

starlitegaize

A number of years' ago, I took out a mortgage with BM which was portable. 3 years' later, I wanted to move, and on selling my property, I then approached BM to port the mortgage only to be told that I had been sold the wrong product.
The long and the short of it was that I was charged £12,000 redemption penalties. I reported this to the FSA, who despite upholding my complaint, didn't do anything about refunding me, took the £12000 from the sale - any ideas - can I now go back and start making noises? 10 years later?

kingstreet

Mortgage advice didn't become regulated until October 2004, so this is well before then.

Prior to that, there was a voluntary mortgage code and in the first instance you should have complained to the firm which provided the advice which caused you to apply for the mortgage concerned.

The FSA does not involve itself in consumer complaints, these are handled by the Financial Ombudsman Service and if upheld would normally see compensation awarded.

Was this a residential, or buy to let product, as such business has never been regulated and the FOS may not have jurisdiction, even after October 2004 if the lender has not given it?

starlitegaize

This was on a mortgage on a residential property I was living in which I knew I wasn't going to remain in for more than a few years.

kingstreet

Did you complain to the firm which advised you when the issue came to light?

When you say;-

I reported this to the FSA, who despite upholding my complaint, didn't do anything about refunding me

could you expand on what happened, who you complained to, the outcome and why you were not compensated?

starlitegaize

kingstreet wrote: »

Did you complain to the firm which advised you when the issue came to light?

When you say;-


could you expand on what happened, who you complained to, the outcome and why you were not compensated?

I complained to Birmingham Midshires when it came to light, then forwarded the dispute to the Ombudsmen. They upheld my complaint but nothing ever came of this.

kingstreet

So you bought this mortgage directly from BMS?

Why was no settlement offered as a result of your FOS uphold?