fixed mortgages should banks gain from their sub-prime fiasco 26 March 2014 at 6:57PM edited 27 March 2014 at 12:01PM in Mortgages & Endowments 153 replies 8.2K views

jonesoswestry

GMS wrote: »

If you have had a complaint upheld on the basis of getting what you asked for but not being offered a crystal ball by the lender then there will be no mortgages offered in future.

Lenders could not risk the claims when the borrower changes their minds and is backed by the adjudicator.

Been through this before and yet, it appears I am correct.

jonesoswestry

Let_Us_See wrote: »

I have nothing against banks getting their comeuppance, but this seems too good to be true in outcome and time frame. I imagine this would be a groundbreaking decision for many banks and yet so little publicity?

Time frame 16 weeks???
Early days as far as 'publicity' goes.

jonesoswestry

kingstreet wrote: »

I'm astounded.

On what grounds was your complaint upheld?

Read the posts, (sorry my posts).

Thrugelmir

jonesoswestry wrote: »

Read the posts, (sorry my posts).

There's no clarity in your recent posts as to what has been found in your favour. One suspects that's because you failed on some of your assertions.

kingstreet

jonesoswestry wrote: »

Read the posts, (sorry my posts).

I wondered if you could summarise the report of the FoS so we could try to understand the reasoning behind the decision. We'd then have better knowledge to inform those who come after you.

Were there any specific things which happened in your case which caused the uphold which may, or may not, apply to others?

Let_Us_See

jonesoswestry wrote: »

What I am complaining about is I have estimated that we have paid between £4000 and £4500 more than what we would have paid had we not taken the 10 year fix before we were made aware of the disastrous policies the banks were involved in.

In other words the FoS have provided compensation for something you didn't do? I think it would be beneficial to many if you could copy and paste the relevant sections of the FoS findings.

jonesoswestry

A very brief summary of letter received 13th May by post.

Having carefully considered all the information that Woolwich and I provided they have broken the complaint down into two categories........

Firstly.
'There was nothing to make me think the bank could predict the the potential impact on interest rates created by the imminent banking crisis.'

However.
'Whilst interest rates are unpredictable and any global event might potentially have an effect, the effect on interest rates came about as a result of the banking sector.'

Therefore.
'I conclude you would have been able to achieve a better rate of interest had you not taken out the fixed rate term before the crisis occurred.'

Finally.
'I have instructed the Woolwich B.S to compose a compensatory package for losses arisen.'

donttrustfinancialadvisor

Thrugelmir wrote: »

There's no clarity in your recent posts as to what has been found in your favour. One suspects that's because you failed on some of your assertions.

Get this dude, what does he mean failed in some of your assertions. You won the complaint and therefore your OP was correctamondo.

Even though you have been proven correct they still argue against you.

'Your the one who knocks'

kingstreet

jonesoswestry wrote: »

A very brief summary of letter received 13th May by post.

Having carefully considered all the information that Woolwich and I provided they have broken the complaint down into two categories........

Firstly.
'There was nothing to make me think the bank could predict the the potential impact on interest rates created by the imminent banking crisis.'

However.
'Whilst interest rates are unpredictable and any global event might potentially have an effect, the effect on interest rates came about as a result of the banking sector.'

Therefore.
'I conclude you would have been able to achieve a better rate of interest had you not taken out the fixed rate term before the crisis occurred.'

Finally.
'I have instructed the Woolwich B.S to compose a compensatory package for losses arisen.'

Interesting. Please let us know the lender's response.

JimmyTheWig

jonesoswestry wrote: »

Finally.
'I have instructed the Woolwich B.S to compose a compensatory package for losses arisen.'

What losses do they think have arisen?