miss sold mortgage interest only

ytfcmad

And these people walk the streets

connor08

shortchanged wrote: »

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.

Thanks for the comment there I've spoken to the case handler at the fscs and I have been informed that they have all the information they need now for my case. There is a difference in interest rate and it's not the same will be calculated it was not the same product my loss will be calculated as like a ppi basically I will still keep my.mortgage and carry on paying it but I will get compensated for the loss of interest rate and the way it was sold. this is why the broker got liquidated in the first place for miss selling apparently I'm.not the only one. I'm not the bad person here the fscs is willing to look at my claim because they think it's up to the person who makes the decission on the day they will look at it like a court decission.

ViolaLass

And yet again, OP, you have not answered any of our questions.

andyfromotley

How were you disadvantaged???

shortchanged_2

I don't think we'll get any straight answers with this one.

connor08

shortchanged wrote: »

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.

Thanks for the comment it is Grateley thankful I've spoken to the fscs,they have reviewed my documents it is the broker that wad on fault as they should have notified me of the change. As for my.mortgage I will still have to pay that back but they will calculate the loss because the interest wasn't the same it wad more expensive it will be paid out like a ppi. It will.be redress for the value of difference in product.

connor08

betmunch wrote: »

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

Hi I've spoken to the fscs they have all the documents they need to.proceed with my claim I will still have to pay my mortgage but I will get refunded for the loss they call it of interest rates and for the bad advice we were also given when we first took it out. It will get refunded just like a ppi they said so who ever makes the decission to refund it they will look at the decission exactly like a court.

ViolaLass

connor08 wrote: »

Hi I've spoken to the fscs they have all the documents they need to.proceed with my claim I will still have to pay my mortgage but I will get refunded for the loss they call it of interest rates and for the bad advice we were also given when we first took it out. It will get refunded just like a ppi they said so who ever makes the decission to refund it they will look at the decission exactly like a court.

I'm glad the FSCS could make sense of what you were saying.

You still haven't told us what the two interest rates were.

dunstonh

connor08 wrote: »

Hi I've spoken to the fscs they have all the documents they need to.proceed with my claim I will still have to pay my mortgage but I will get refunded for the loss they call it of interest rates and for the bad advice we were also given when we first took it out. It will get refunded just like a ppi they said so who ever makes the decission to refund it they will look at the decission exactly like a court.

Are they saying that on the basis if your complaint is successful?

FSCS cases tend to take many months, even years, to get to the outcome stage.

silvercar

GMS wrote: »

I am guessing along the lines of:

OP had a mortgage and a second charge which had been taken to consolidate debt. They also had replacement windows from Safe Style or similar on buy now pay in 12 months.

When the time to pay arrived they were struggling with all payments so decided to consolidate into one mortgage. Interest only looked attractive as it freed up cash each month. Income was short o they decided to self cert.

I agree with this, though your extension to potential repossession may be doubtful.

It seems and please correct if I am guessing wrong.

Initially you had a repayment mortgage. You then borrowed more money ie a secured loan or two. Then you took a loan for new windows.

By now these payments were hurting, so along comes a friendly mortgage broker who suggested you combine all the mortgage and loans and window money into the mortgage. He further suggested that you go onto an interest only deal, to reduce your payments further.

So all that was agreeable to you and he made the application. Then for some reason he changed the application to a new product. We don't know why. He didn't follow the correct procedure for this, so you didn't see the paperwork.

So the broker has made a mistake, standard procedures weren't followed and so you are entitled to compensation.

IMHO compensation will be calculated to put you back in the position you were in had you not taken out the mortgage. There are 2 scenarios:

1. either you get back to the position that you were in with the repayment mortgage or
2. the position you were in if you had been put on the mortgage deal for the product you thought you were signing up to.

Lets assume that they decide on (1). The calculation will be done by calculating all the payments you would have made under the old system and the amount that would be now outstanding on your mortgages+ loans+ window loan vs the all the payments that would have been made under the current mortgage and the amount current outstanding. If one is bigger than the other, you should be entitled to the difference. If the other way round you are told that you are actually better off.

No account will be made of whether you would have struggled with the higher payments and been forced to sell up, so all the gain due to property prices rising is yours.

You may also get £30-100 for aggravation etc.