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miss sold mortgage interest only

edited 30 November -1 at 1:00AM in Mortgages & Endowments
84 replies 7.8K views
connor08connor08 Forumite
64 posts
Sixth Anniversary Combo Breaker
edited 30 November -1 at 1:00AM in Mortgages & Endowments
I took out a Mortgage with money partners ie now kensington but found that my mortgage is miss sold through the broker freedom finance I've been told to take it to the fscs and ask for a full refund what happens to my mortgage if its been miss sold by a broker. Freedom finance. That has gone into liquidation
Any information would be Grateley appreciated
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Replies

  • ThrugelmirThrugelmir Forumite
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    On what grounds do you believe that the mortgage was mis sold to you?
    It's not whether you're right or wrong that's important, but how much money you make when you're right and how much you lose when you're wrong." — George Soros
  • chanz4chanz4 Forumite
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    they never pay it off, dope what think intrest only was?
    Don't put your trust into an Experian score - it is not a number any bank will ever use & it is generally a waste of money to purchase it. They are also selling you insurance you dont need.
  • connor08connor08 Forumite
    64 posts
    Sixth Anniversary Combo Breaker
    A number of things they gave us an offer we accepted but after we signed they changed the product without telling us or asking us to see if it was suitable for us we have been sold a product that we know nothing about the products were sold apparently we should have been given another key facts illustration new terms and conditions and another mortgage offer. And it was up to us then to accept that offer. However we have been told by the fscs that the broker has a duty of care to let you know of the change and how it would affect you. It's the broker we are challenging for the miss selling my mortgage company has provided me with the necessary documents and to proceed with my claim to the fscs
  • TrickyDicky101TrickyDicky101 Forumite
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    If you get a refund it will I believe only amount to a refund of whatever fees you paid to the broker - you won't be getting your mortgage repaid for example.

    Did you end up paying a higher rate of interest on your mortgage as a result of whatever has happened?
  • connor08connor08 Forumite
    64 posts
    Sixth Anniversary Combo Breaker
    If you get a refund it will I believe only amount to a refund of whatever fees you paid to the broker - you won't be getting your mortgage repaid for example.

    Did you end up paying a higher rate of interest on your mortgage as a result of whatever has happened?
    I thought by going to the fscs they had to put you back into a position you were in as if you hadn't have taken out the product
  • connor08connor08 Forumite
    64 posts
    Sixth Anniversary Combo Breaker
    Yes but we had no choice in the matter as the company changed our mortgage without us knowing welfare only found out they have changed the mortgage this week and we took it out in 2007
  • connor08 wrote: »
    I thought by going to the fscs they had to put you back into a position you were in as if you hadn't have taken out the product

    If you hadn't taken out the product you wouldn't have the house.
    So by rights, if you want them to write off the debt, you give them back the house.
  • betmunchbetmunch Forumite
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    connor08 wrote: »
    I thought by going to the fscs they had to put you back into a position you were in as if you hadn't have taken out the product

    What are you expecting them to do? Or would like them to do?
    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.
  • connor08connor08 Forumite
    64 posts
    Sixth Anniversary Combo Breaker
    If you get a refund it will I believe only amount to a refund of whatever fees you paid to the broker - you won't be getting your mortgage repaid for example.

    Did you end up paying a higher rate of interest on your mortgage as a result of whatever has happened?

    So basically I will get the broker fee back of 995.00 and that's it I'm stuck with a mortgage that is unsuitable for me that's it a product that I purchased without even having a say in whether I wanted it or not
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