miss sold mortgage interest only

ViolaLass

connor08 wrote: »

No we did not have adverse credit I was moved from capital repayment, we had no solicitor only they did we were sold a sub prime mortgage and we had to certif my mortgage we were advised to consolidate things to free up funds yes I could have proven my income for the first mortgage yes I signed the deed

Contradiction?

connor08

Somebody asked my what my interest rate is my gross annually interest. Is 6,797.66 it's within the normal bank of England base rate. 6.something

connor08

Thank you for the people that have tried to help give advice some I've come away from here more confused than when I came in but there you go. At the end of the day we took out this mortgage it didnt help that a things were changed on the way what ever happens I'm sure the fscs will put my straight they are pretty good they can tell you straight by looking at any documents if you have been given the correct or incorrect information. So when I get my answers I will post them up

ViolaLass

Connor, when you make your complaint, I suggest you make it as clearly as possible.

1. Use punctuation to separate your sentences.
2. Proof read what you write to make sure that it's what you meant to write.

3. You need to work out what amount of money, if any, you have lost. For example, if the mortgage you ended up with cost you £500 more overall than the mortgage you had asked for, that is the amount you could ask for back. If you haven't lost any money then I don't see that you'll get any financial compensation.

dunstonh

Not according to the finantial conduct authority

The FCA do not get involved in individual consumer issues.

Not really my mortgage company exists the broker would have passed on everything to my mortgage company we have asked them and they are assisting me with the documents from their archives including a copy of the email.which.I have provided by my.mortgage company of the email sent to my broker to ask for the change of product.

The lender is the one that sets up the terms based on documentation they have received. The lender produces the offer letter. Not the broker.

The broker may have asked for a change of deal via email. Nothing unusual or unexpected there. What would normally follow is a new offer letter for you to sign. Without that, the lender will not issue on those terms. If they did, they would be at fault. So, an email request does not prove anything other than a request made. It is still the reponsibility of the lender to set up the mortgage on the terms of the contract signed.

shortchanged_2

connor08 wrote: »

Somebody asked my what my interest rate is my gross annually interest. Is 6,797.66 it's within the normal bank of England base rate. 6.something

So I make your current interest rate to be 7.5% (assuming you have never made any overpayments)

A bit better than the 8.1% you were originally on.

Fizzy11

For the brokers out there is this product transfer then Kensington sold on the bad mortgages I.e. Interest only to a new lender who increased the interest rate.

Haven't really got a clue just a thought.

pathtofreedom

What is the differences between the mortgage you thought you were getting and the one you have now?

Is it a different term - longer or shorter.

Is it a different interest rate?

Does it have different early repayment charges that you're now trying to get waved due to a different remortage?

Is it interest only when you wanted repayment or vice versa?

Unless you have been paying more interest as the deal you thought you were getting was 4% over 25 years, and you ended up with 8% over 30 years. I don't think you'll get any compensation if the interest rate, term and early repayment charges were the same. So what exactly is different between the two deals?

If you're just trying to remortage now to a lower rate the only thing I can think you might be trying to get waved is an early repayment fee, but from what you've said your fixed deal has run out, so I don't see why you can't just remortgage with another bank on a repayment mortgage if that is what your wanting to do.

Thrugelmir

Fizzy11 wrote: »

For the brokers out there is this product transfer then Kensington sold on the bad mortgages I.e. Interest only to a new lender who increased the interest rate.

When mortgages are sold on. The terms of the mortgage can be varied. When the BOI sold some 13,000 mortgages to the Mortgage Works. All borrowers were given 3 months notice of an increase in interest rate.

xHannahx

The interest rate you have provided details that you are on is lower than the original offer amount you state.
From that info you are on a better rate than the original offer. Unless there are details you've not told us.
The more stand out issue to me is the broker putting you with a sub prime lender when you claim not to have adverse credit rating. The original offer was with sub prime as was the actual mortgage so is irrelevant in this case at the moment.
From the figures You have provided you had 83% LTV which may have only became apparent during the valuation requiring you to be put on a high LTV product.