Bank has admitted mis-selling, now what?

westrola

Hello,
My bank has admitted to mis-selling me my mortgage. They have offered me a new mortgage and £200 compensation. We want to accept the new mortgage however feel we have lost thousands in overpayments and loss of interest in offset savings. If we accept the mortgage and £200 compensation ( the acceptance form combines the mortgage and compensation on the same form), will we be able to attempt to claim further compensation in the future?
Sorry if I have posted this in the wrong section.

Can anyone give me any advice?

Thanks in advance

Thrugelmir

westrola wrote: »

My bank has admitted to mis-selling me my mortgage.

That's a very broad statement. What happened and what did the bank admit too.

Chris_from_Warks

only TODAY did I find the paperwork from my original Building Society that sold me my endowment mortgage, it makes a few claims about how the fund might grow which I would have thought was enough to claim compensation for mis-selling. I assume I've left it far too late though or should i try to pursue a claim anyway and if so with whom?

westrola

Thrugelmir wrote: »

That's a very broad statement. What happened and what did the bank admit too.

In 2011 we had a small amount of savings and the bank recommended us an off set flexible repayment mortgage. After 3 years we found the monthly repayments had risen and along with the cost of living, we could not afford the payments. We were spending the money we had offset to pay the monthly repayment. We looked in other mortgages and they showed we could be paying £250 per month less for the mortgage. We asked for their assistance and they have stated " The advice you received was not suitable for your circumstances at the time. We had savings but had plans to use them, we always have a fixed repayment mortgage however we were advised the interest rates would be low for a long time and will probably drop lower. No other types of mortgages were offered, just the offset.
Over the 3 years we have gained no interest on our savings (20k) and could have been paying substantially less per month. Along with spending our savings which I know I will never see again.
I am not a "compensation" person and have never tried to claim, but I feel them offering £200 a bit of a cheek.

regards

DpchMd

In my opinion (and this may not be how the law or regulators see it), it was you who ultimately selected which mortgage would be suitable. You received some advice at the time, but no-one held a gun to your head. I assume that while making one of the largest financial transactions in your life, that you understood the product and researched alternatives.

amnblog

Anyone else's view of the validity or the moral position of your claim is not the issue.

The bank should have made you aware that if you are not happy with their offer you can take your case to the Financial Ombudsman to rule on whether they are being fair.

If you are not comfortable with the bank's proposal, talk to Ombudsman.

http://www.financial-ombudsman.org.uk/

westrola

All very good reply's
thank you

Yes the bank did give me information for the financial ombudsman.

And Yes, ultimately I did sign and agree to the most expensive transaction of my life.

I think I will accept the £200, shake their hand and go out for a meal!
Afterall their customer service in the matter has been very good and I am still a happy customer.

Thanks everyone,

westrola

Chris_from_Warks wrote: »

only TODAY did I find the paperwork from my original Building Society that sold me my endowment mortgage, it makes a few claims about how the fund might grow which I would have thought was enough to claim compensation for mis-selling. I assume I've left it far too late though or should i try to pursue a claim anyway and if so with whom?

Looking at the leaflet I got today, the ombudsman may not be able to help
If its more than 6 years old.

DpchMd

You shouldn't pay much attention to the advice you get on this forum. All you get is a bunch of armchair-experts and failed advisers.

It sounds like you may have a valid claim, and if you feel wronged you should pursue it or at least seek proper advice.

McKneff

DpchMd wrote: »

You shouldn't pay much attention to the advice you get on this forum. All you get is a bunch of armchair-experts and failed advisers.

It sounds like you may have a valid claim, and if you feel wronged you should pursue it or at least seek proper advice.

All you have done here is contradict yourself.
Tell the Op not to take any advice form a bunch of armchair experts and failed advisers then you just join the same club.....
What's that all about then.?


OP, enjoy your meal, have a few drinks and good luck to you.

DpchMd

McKneff wrote: »

All you have done here is contradict yourself.
Tell the Op not to take any advice form a bunch of armchair experts and failed advisers then you just join the same club.....
What's that all about then.?


OP, enjoy your meal, have a few drinks and good luck to you.

I'm not sure where you think the contradiction is, of course I include myself in that comment.