Mis-sold Mortgage?

lenzie

Hi everyone

Second post here! both on the same day. I have a flat with a mortgage with Halifax. I was 24 when I bought it (I am now 33)

I took the mortgage out through the estate agents "independent" mortgage advisor, who it turns out is not independent, they deal primarily with Halifax.

I was working away at sea at the time I was sold the mortgage. I asked for 25 year mortgage quotes and got all these, they were agreeable and I decided to go for one of them. She said she was having trouble with a few issues regarding the mortgage but didn't say what they were. I received a bit of paper that said please sign urgently. It turns out I had been sold a 35 year mortgage, I was very shocked when I found this out.

I am a complete Idiot for not checking things more thoroughly but I was young and naieve when I took the thing out and had no Scooby about mortgages. I also have been working abroad for years so paid very little attention to it. Has been on SVR for years. (again wasting money, but that was entirely my own fault)

The mortgage advisor has subsequently emigrated to Australia.

any advice on what to do would be great.

Stevie_Palimo

Yes look at what you need sign properly before adding your paw print in future.

Mortgage_Mark_2

What is it you're looking for?

Ultimately you signed whatever needed signing at the time, the time to raise these issues was then, and the mortgage adviser is the one who would have those questions to answer.

The only advise I would give is contact Halifax regarding a product transfer rather than sitting on SVR!

getmore4less

Not a lot you can do but review your options.

remortgage
stay with current lender
start overpaying

Is it a repayment or interest only?

how much is owing
how much is it worth
income.

McKneff

What are you expecting to happen???


Or are you looking for compensation ?

Let_Us_See

lenzie wrote: »

Hi everyone any advice on what to do would be great.

Simply get on with your life.

Didn't you ever wonder why your monthly mortgage payments were lower than any of the provided 25 year illustrations?:o

kingstreet

Was there no discussion with your solicitor over the mortgage offer, mortgage deed etc?

Foxy-Stoat_3

Has it taken you 9 years to work out that your mortgage term is 10 years longer than you wanted?

Go to a whole of market broker and try and get a 15 year mortgage.

mrginge

24 is not young.

lenzie

Yes it has taken me that long to work it out because I have never even looked at it until I phoned up for a settlement figure as I intend to put it on the market.

I never looked at it since the fixed rate came to an end as I have been working abroad almost since I got it and took very little notice of it.

Have probably only stayed in it for about 2 weeks since I bought it.

It is a repayment mortgage.

There was no discussion with the solicitor about the length of the mortgage.

The mortgage payments were not that much lower than for a 25 year mortgage.

The Mortgage advisor also didn't inform me she was getting a fee from the mortgage company as well as me.

Not expecting any compensation.

lenzie

mrginge wrote: »

24 is not young.

Thanks for your "Valuable" input. Much appreciated.