mis sold mortgage

kingstreet

So you're claiming you were mis-sold in 2007 because the lender won't lend to you now?

You had a month's mortgage arrears in the last twelve months, which could be enough to prevent your new application being approved.

Finally yes, your old mortgage is repaid when you move house and a new mortgage is required for the new property. That's because the mortgage is the security which ties the homeloan to the property, it isn't the homeloan itself.

For your solicitor to offer unencumbered title to your purchaser's solicitor, the homeloan has to be repaid from the sale proceeds and the security discharged.

If you are only looking to borrow £40,000 and you say your income is the same as it was, is the mortgage term significantly shorter and/or do you have significantly higher outgoings, such as credit, childcare, maintenance or other expenditure not included in mortgage affordability eight years ago which is included now?

dunstonh

I am in the middle of selling my house and my mortgage company as told me I cant move my mortgage to the new house I have to clear it first and start a application for a new mortgage, which I have done, they have now come back to me and declined the mortgage due to affordability.

Not an uncommon scenario. Unfortunate for you but nothing wrong there.

I have one missed mortgage payment in June 2014 on my credit file that's it.

It may be the only thing but its a pretty significant issue. It is recent and its a major failure to pay a very important debt. It either highlights a decline in ability to pay bills or a decline in your ability to manage your spending.

so was I mis sold my mortgage back in 2007

I am struggling to see how you wanting to borrow for a new purchase in 2015 after defaulting on a payment in 2014 has anything to do with a sale of a mortgage 8 years earlier.

my sell fell thought leaving me with two houses. one with a mortgage of £75000 and new one £306000 which I was told I had to take at my rate which was 6.9. now if I could afford £381000 in 2007 why cant I afford £40000 in 2015.

You may actually have a case against the solicitor for allowing exchange and completion to occur without lending secured and confirmed (although its possible we are not getting the full story here).

You may have heard of the credit crunch and global recession that occurred in 2008/9. This led to a tightening on lending criteria. Plus, you are not the risk free person you were in 2007. You are now a higher risk borrowing with recent defaults on a debt of major importance.