Miselling of an Interest-Only Mortgage

jayb1985

the broker came in and moved them from Bham Midshires to SPML then onto Rooftop. It changed from repayment to interest only when it moved from Bham Midshires to SPML then onto interest only again when it was moved just over a year later to Rooftop.

Thrugelmir

jayb1985 wrote: »

the broker came in and moved them from Bham Midshires to SPML then onto Rooftop. It changed from repayment to interest only when it moved from Bham Midshires to SPML then onto interest only again when it was moved just over a year later to Rooftop.

Brokers don't come in. People go looking for help. Consolidating debt isn't in the slightest unusual. There's much you don't know I suspect.

magpiecottage

jayb1985 wrote: »

moved to
Rooftop mortgages Ltd
SEPTEMBER 2006 To present date.

Does this help at all??

It answers my question.

The loan was taken out in 2006 - which is more than 6 years ago.

The first warning would have been given in 2007 - which is more than 3 years ago.

Therefore, unless it can be shown that there were exceptional circumstances preventing an earlier complaint, FOS is likely to be forced to accept a timebar.

"Exceptional circumstances" means something like being too ill for virtually the entire delay.

csgohan4

As Thrugelmir mentioned there is more than meets the eye here

dunstonh

You dont pick either of those two lenders unless you are in trouble financially. Going interest only for a period can get you out of trouble or at least delay the inevitable for longer allowing some recovery to occur.

jayb1985

thanks for the responses - so with regards to focussing on what to do with options on the remaining term, what do i need to be looking at? sorry to ask, i am just not experienced with this at all. I suppose they have 7 years to sort something??

Thanks again for your help guys.

dunstonh

The options can range from overpaying the mortgage with enough to get it down in time at one end to having to sell the property at the other.

Sometimes the best option is to sell, clear debts and start clean with some money left over. However, its difficult to say without knowing the circumstances.

Thrugelmir

jayb1985 wrote: »

thanks for the responses - so with regards to focussing on what to do with options on the remaining term, what do i need to be looking at? sorry to ask, i am just not experienced with this at all. I suppose they have 7 years to sort something??

Thanks again for your help guys.

Understanding where your relative is financially currently would be a good starting point. From there much depends on personal circumstances. Age, employment, etc etc.

Once you've all the information speak to a broker. As there may be better options than the current lender.

shortchanged_2

Your relative didn't think to read the paperwork they signed that rather large loan for then?