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Have I been mis-sold a mortgage?

Legacy_user
Legacy_user Posts: 0 Newbie
in Mortgages & endowments
In 2000 a man knocked on my door and said I could buy my council house. After all the relevant chat I agreed to buy. I was told with my right to buy and discount I could buy the house for £17,000 approx. However I was then told that I would have to borrow a minimum of £25,000. Was this correct or have I been misled into borrowing more than I needed.

A forum newbie :cool2:

Comments

  • Dave_Ham
    Dave_Ham Posts: 6,045 Forumite
    Tenth Anniversary Combo Breaker
    Definitely..

    Get your £25k back and give your house back
    I am a Mortgage Broker
    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it.
    This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • ACG
    ACG Posts: 24,925 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    If the minimum loan was £25k how has he miss sold it?
    Hes told you the minimum loan is £25k and you borrowed it. You could have refused it and carried on renting.

    Its thursday morning? I thought these threads only popped up on a monday morning.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • somethingcorporate
    somethingcorporate Posts: 9,449 Forumite
    What happened to the £8k balance?
    Thinking critically since 1996....
  • kingstreet
    kingstreet Posts: 39,444 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Some lenders have a £25k minimum, yes.

    However, it is the use to which that £8k extra was put that has us all in suspense...?
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • amnblog
    amnblog Posts: 12,784 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Dave_Ham wrote: »
    Definitely..

    Get your £25k back and give your house back

    sounds like a plan
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • kingstreet
    kingstreet Posts: 39,444 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Shall we have a vote on the £8k?

    I'm going for £3k in broker fees and single premium payment protection, sold by a firm like Purple/Black & White and £5k for "home improvements."
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • amnblog
    amnblog Posts: 12,784 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    I bet you could not buy it for £17,000 now.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • magpiecottage
    magpiecottage Posts: 9,241 Forumite
    1,000 Posts Combo Breaker
    Dave_Ham wrote: »
    Definitely..

    Get your £25k back and give your house back

    I'll give him £26K for it.
  • holly_hobby
    holly_hobby Posts: 5,363 Forumite
    1,000 Posts Combo Breaker
    This isn't that Andy troll guy again is it ???

    H
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