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5yr fixed and rates have gone down - can I claim compensation?
WillK
Posts: 4 Newbie
I took out a 5yr fixed rate via broker 5yrs ago but as rates have been low during that time, I feel I have lost out and wonder if I can claim back the difference with a complaint?
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Comments
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Are you actually serious?
Compensation for what? For securing you a fixed rate for 5 years? Would you have gone to the broker and paid him more money had rates gone up?
Wheres the wall, im going to go and bang my head on it!I am a Mortgage AdviserYou 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.0 -
I've been paying car insurance for years but haven't claimed.
Can I claim back the premiums from the insurer?I am a Mortgage AdviserYou 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.0 -
I took out a 5yr fixed rate via broker 5yrs ago but as rates have been low during that time, I feel I have lost out and wonder if I can claim back the difference with a complaint?
So if rates had risen in that time frame you'd been happy for the lender to break the contract and raise your rate you pay.0 -
the word 'fixed' should have given you some idea how the rate worked0
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This has got to be a wind up....0
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I took out a 5yr fixed rate via broker 5yrs ago but as rates have been low during that time, I feel I have lost out and wonder if I can claim back the difference with a complaint?
I presume you're jesting, but there's huge numbers of european corporates refusing to pay their 'mis-sold' swaps.
I don't really see what the difference is.0 -
oh dear mate...
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I took out a 5yr fixed rate via broker 5yrs ago but as rates have been low during that time, I feel I have lost out and wonder if I can claim back the difference with a complaint?
If you don't understand how mortgages work, then maybe you shouldn't have got one. Did you not wonder why people had the option to get fixed rate or trackers?0 -
Short answer no.
You wanted security and at the time rates could have gone up. Last recession they went to 15%. You would have then been sitting there boasting about how cheap your mortgage was.
Not even brokers have a crystal ball and no what the rates are going to do. All we can do is offer the best available product which fits your risk profile and whose criteria you fitI 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.0
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