miss sold mortgage interest only

shortchanged_2

connor08 wrote: »

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

I take it you are in negative equity.

If so what have you ever done to remedy this?

tomtontom

connor08 wrote: »

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

Can you explain what product you were offered and what product you were given? Are you sure you weren't on a fixed period product that has since expired? Have you never received an annual statement?

betmunch

connor08 wrote: »

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

I think you should get something that would be the equivilent of the extra interest you have paid between the product you thought you had and the product you actually had.

I dont think you would get the broker fee back unless that wasnt payable on the product you thought you had.

connor08

Thank you I purchased a mortgage interest only in 2007 through freedom finance broker via money partners now kensington mortgages on completion my mortgage was to be handed over to Kensington. Mean while after we signed the broker emailed money partners and asked them if they could change the product. Without notifying us of the change. We were told that if our product was changed then we were to have new key facts illustration documents and new mortgage offer and new terms and conditions by the broker. Who has a duty of care to notify me of these changes we would have had to sign again for the new offer if we wanted it but they didnt. So now we have been told to go to the fscs to claim back for finantial miss selling I don't know what will happen to my mortgage or know what to ask the fscs for all i know is that the broker shouldn't have done this by law. I don't know what I want them to do

tomtontom

What were the different products? Have you never received a statement?

betmunch

So you were going for interest only from the start?

We need to know the difference between the illustration for what you thought you were getting and what you actually got.

Once that is out in the open we might be able to get somewhere with what you should get back.

connor08

betmunch wrote: »

What are you expecting them to do? Or would like them to do?

I don't know what I would like them to do myortgage company has told me to complain to the fscs for compensation but I don't know how they are going to compensate me is it by writing of my mortgage refund of mortgage refund of broker fees what

connor08

mrginge wrote: »

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.

It was a re mortgage I already had the house my query is I've been miss sold my mortgage how am I going to be compensated my mortgage has told me to go to the fscs for compensation to sue the broker that miss sold me the mortgage as the broker has been liquidated

shortchanged_2

connor08 wrote: »

I don't know what I would like them to do myortgage company has told me to complain to the fscs for compensation but I don't know how they are going to compensate me is it by writing of my mortgage refund of mortgage refund of broker fees what

Why would your mortgage be refunded? Do you think you are entitled to have lived rent free for the last 8 years?

It's highly likely that your mortgage has been cheaper than the equivalent rent over that period.

tomtontom

tomtontom wrote: »

What were the different products? Have you never received a statement?

Are you ever going to answer the key questions?