Mis-sold mortage

dunstonh

Another week, another person calling mis-sold when it wasnt.

Question is have I been mis-sold this property?

You are not sold a property. You buy a property. Caveat emptor applies. This is why it is recommended that you do a structural survey as this makes you aware of any build issues. You probably didnt as most dont.

Why wouldn't I be informed of such changes in the rules

Why would they inform you? You have a mortgage contract and they will honour that contract. The build hasnt changed in that time.

Who is responsible for this?

you are.

jackomdj

Back in 2000 I sold my house, mortgage rules had changed and houses of a certain age in the area had to have a mundic (concrete cancer) test. Typically our house had it, which meant it was unmortgageable. I had only bought it five years before and the test was not required (or even mentioned) at that point.

We ended up thinking we were going to auction it, but a cash buyer put in an offer a few weeks before the auction and we said so long as he could complete before the auction date we would proceed. The buyer was a structural engineer so he knew exactly what get was buying.

Stressful, yes. A pain, yes. Mis sold, no... At the time we took the mortgage it followed the current rules.

amnblog

Johnnytwostep wrote: »

Doc Brown was much better

No, he wasn't/isn't/won't be

JimmyTheWig

Your mortgage company has the same problem that you do. Remember that they have an interest in the property, too. It's certainly not the fault of the mortgage company, or the broker (if you used one) who sold you the mortgage.

Did you get a survey done (not just the mortgage company's valuation)? Did that mention the construction? Did that say this construction might be a problem?

Did the mortgage valuation mention the construction? Did that say this construction might be a problem?

If either of the above mentioned the construction, did your solicitor discuss it with you at the time? Did they say that this might be a problem?


No-one could have forseen the change in mortgage company rules, so there's nothing that you can do about that. But I would like to think that someone would have mentioned the unusual construction at the time so you could have considered the possible implications.