Top up loan with mortgage 1980's

Smartie_Aunty

My first mortgage with a partner was back in early 1980's. It was a Barratt Home we purchased and at the time i remember we did not have enough income to get a straight forward mortgage but had a "top up loan" from i think Sun Life. Barratt's did it all for us we just had to sign and we got our own house! That was a long time ago but i am trying to find out if we can claim back anything from that - dont really know how it worked but i imagine there must be some sort of protection insurance included???? Any advice help would be appriciated - thanks

magpiecottage

Smartie_Aunty wrote: »

dont really know how it worked but i imagine there must be some sort of protection insurance included????

I don't really know how it works but I imagine you must have missold me something at some time in the past.

How do I go about claiming my money back?

This is about as valid an argument as yours.

The reality is that you went to buy a home. A mortgage was arranged by the builder. The mortgage lender would not provide all the money you needed to borrow. You say this is because you did not earn enough. Actually, at that time, it was more common that they did not have enough money to go round.

Either way, an insurance company which you think was Sun Life but could have been somebody else offered the extra.

If you think the deal was missold, you need to go to Barratt Homes because they arranged it. However, at the time there was no regulation of mortgages or general insurance so the Financial Ombudsman Service has no jurisdiction.

It is probable that you had an endowment mortgage because that was part of the deal from the insurance company. However, if you applied for it before 29 April 1988 its sale would not have been regulated either.

dunstonh

i am trying to find out if we can claim back anything from that

What exactly are you alleging that was done wrong?

dont really know how it worked but i imagine there must be some sort of protection insurance included?

So what if there was? most people take out protection to cover their mortgages. Quite normal and to be expected. One of the reasons the FOS reject most mortgage related insurance complaints. Not that you would have access to the FOS as it was approx 35 years ago and predates regulation.

Any advice help would be appriciated

You need to look elsewhere in your compensation chasing attempts as there is nothing here.