Mis-sold Mortgage

Kevin_Browne

I was mis-sold a mortgage by First Gold Independent Financial Advisors, in April 2004. I had previously had a mortgage for 17 years, when the rep advised me to remortgage and make a saving of 2years off the rest of the term, which i took upon his word.

After 3 years i noticed for borrowing an extra £700 he actually extended the term of the mortgage for another 2 year, costing me in the region of nearly £6000. I contacted the financial ombudsman who told me that there was nothing that could be done because the mortgage was taken out in April 2004 and there advisory service didnt start until October 2004.

I contacted a solicitor about the mis-representation and the fact that the agent is in business, mis-representing.

Is there anything i can do, apart from taking out civil proceedings against the agent?

toonfish

I don't see that you have much chance as the mortgage was not regulated, and you and your solicitor would also have recieved a mortgage offer showing the term and details of the loan.

dunstonh

You should perhaps be looking at the original solicitor here and not the lender/adviser. He should have confirmed the terms with you before you signed the contract.

The application would have had the term of the mortgage. The contract offer had the term of the mortgage. You put your signature to both of those. The offer letter comes direct to you from lender so the broker/adviser has no input there. The solicitor discloses the terms of the borrowing to you and the broker/adviser has no input there.

So, as it was unregulated at the time, then you would have to explain how you managed to sign two documents showing the term and explain why you didnt query it when your solicitor pointed it out to you.

poppy10_2

Moral of the story: Always READ legal documents before signing them. Especially when they involve such large sums of money.

mightymouse

Hi

Kevin_Browne wrote: »

I
I contacted the financial ombudsman who told me that there was nothing that could be done because the mortgage was taken out in April 2004 and there advisory service didnt start until October 2004.

What exact reason did the Ombudsman give for not considering the matter as my infomation would say that they would / could have looked at your claim....

The FSA regulates the financial services industry under the Financial Services and Markets Act 2000:

The Financial Services Authority has been responsible for regulating mortgage lending on a statutory (legal) basis since 31 October 2004.

Complaints relating to events before 31 October 2004 may nevertheless be eligible for consideration by the Financial Ombudsman Service.

mightymouse

Hi

What is the FSA register number quoted? I cannot find partial or trading name?