miss sold mortgage interest only

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 we originally purchased a normal no frills interest only mortgage that's the mortgage offer we signed for then with us knowing the broker emailed my mortgage company at the time was money partners ltd and ask if they could change the product money partners said yes the broker did not get back to me to.change any paperwork. If a product is changed the broker has a duty of care to notify the customer give a new key facts illustration and a different mortgage offer and new terms and conditions if we want to proceed with the new product fresh start 80 product then they would have had to give me new mortgage offer to sign if I wanted to take that product out. But because we had already signed for one mortgage they didn't ask us to sign for the new product. Which means that we were sold a product that we knew nothing about so all we know about this product is the name we were not given any explanation of the product or the cost or the risks nothing we only have the paperwork of the original interest only that we signed for originally

connor08

Please excuse me I've not used things like this before its all new to me

shortchanged_2

You're still not being very clear.

You say you signed up to a 'no frills' interest only mortgage, so what is the 'frills' IO mortgage you went on to?

Why do you possibly think they would write off your mortgage and give you the house for free?

From what it sounds like I wouldn't hold your breath for some massive payout.

connor08

tomtontom wrote: »

Are you ever going to answer the key questions?

Yes I have a mortgage statement but it doesn't say on there the product I purchased. Nothing on my statement says anything about my mortgage only the balance and payments made my mortgage company doesn't even know why it was changed. I've had to ask them for documents showing me the change because it only shows interest only mortgage it's not showingvthe change of. Product on my documents I have had to have documents from their archive copies of the email from the broker to the mortgage company to ask if it could be changed. Because we agreed and signed on a product originally. They thought what the he'll she doesn't need to know we changed it the product that they changed it to could be cheaper for all we know but they didnt give that option so they automatically didn't notify us of the change until we found out this week. This forum is new to me so near wit. Me

dunstonh

myortgage company has told me to complain to the fscs for compensation

To be honest, I dont see much success here. Trying to prove you were not issued with a new document from a company that no longer exists is going to be a hard one.

connor08

shortchanged wrote: »

You're still not being very clear.

You say you signed up to a 'no frills' interest only mortgage, so what is the 'frills' IO mortgage you went on to?

Why do you possibly think they would write off your mortgage and give you the house for free?

From what it sounds like I wouldn't hold your breath for some massive payout.

I'm not saying that I'm saying I've been told to claim compensation from the finantial services compensation scheme I'm trying to find out in which way would they compensate me does anybody know how they compensate

shortchanged_2

connor08 wrote: »

I'm not saying that I'm saying I've been told to claim compensation from the finantial services compensation scheme I'm trying to find out in which way would they compensate me does anybody know how they compensate

Compensate for what?? This is what people are asking on here. No one can give you any advice because you have given very few facts.

In what way have you been disadvantaged from this situation?

connor08

connor08 wrote: »

I'm not saying that I'm saying I've been told to claim compensation from the finantial services compensation scheme I'm trying to find out in which way would they compensate me does anybody know how they compensate

I took out a interest only.mortgage for 90,600. Plus 995. 00 broker fee over 30 years repayment method interest only.fixed rate of 8.04 percent until 31/08/2009 then variable rate plus fixed margin that's it. It it was then changed to a fresh start 80 product and that's all I.know you can borrow 80 percent of the value of my.property which was valued at 115 000

shortchanged_2

connor08 wrote: »

I took out a interest only.mortgage for 90,600. Plus 995. 00 broker fee over 30 years repayment method interest only.fixed rate of 8.04 percent until 31/08/2009 then variable rate plus fixed margin that's it. It it was then changed to a fresh start 80 product and that's all I.know you can borrow 80 percent of the value of my.property which was valued at 115 000

So what rate are you currently paying?

betmunch

this is going nowhere fast.

it would seem you asked for interest only and you got interest only.

There is definitely a possible mis-sale as it seems you got a different product to the one you signed for.

However, any compensation is going to be calculated on the difference between what you thought you had and what you actually got.

I dont see that the broker fee should be refunded, and from the lack of info coming through its very possible the broker acted in your best interest and may have got you a better product than what you expected.