Help! Given Bad advice on mortgage

anselld

I dont understand why you are linking the mortgage issue with life insurance. Either or both of you can take life insurance regardless of who is on the mortgage.

kingstreet

We're all thinking in "today's" terms, post-MMR.

When this sale was made, the lender concerned may have been giving information only and this may not be an advised sale.

It's still a little disappointing that the following wasn't pointed out;-

there is usually a fee charged to add a party to a mortgage
there will be legal fees to pay for the transfer of equity
costs could be reduced/removed by leaving such changes until remortgaging or until a house move.

MortgageMamma

Lemonsqueezer78 wrote: »

I understand what you are saying - yet independent mortgage advisers can and do also make mistakes sometimes, just like all the rest. And an independent mortgage adviser is just as capable of offering a short term solution without clearly articulating the future implications, despite your suggestion they could get their wrists slapped (so could a branch adviser, I'm sure...)

Seems pointless making it in to a them and us debate - especially as, being fair to the adviser in question, these conversations did take place some time ago and we actually don't know for sure what was said. Two sides... n'all that. Just playing devils advocate

I do have a bee in my bonnet at times about people coming away from banks etc not knowing what they've got and what the future implications are. The amount of times in the past when I've had to correct bank rooster-ups is untrue. I think we all, bank and independent advisers have a duty to educate our clients somewhat. I do wonder if this particular person thought he had an old style interest only + endowment type mortgage and that's why the confusion re the life cover. In any case hopefully the situation he finds himself in now will put him off arranging his finances directly with a lender in future and encourages him to get some independent advice.

I don't think he would have a successful claim for mis-selling, particularly as it was mainly verbal and most likely execution only. I do feel bad for him and his wife though!

Thrugelmir

hgtelds wrote: »

I was told "you can add her to the mortgage later on there will be no problem with this".

Two years later I decided to do this but was told by I would need to instruct a solicitor. I contacted my regular conveyancing solicitor and he told me that he could do what was needed but he would have to re apply for a new mortgage in both names and there will be his fees on top, this will amount to hundreds of pounds.

I phoned the building society and actually spoke to the same guy who sold us the original mortgage and informed him that I felt he had mis lead me in the first instance,

You waited 2 years to do this. Why raise a complaint now? You say you've been duped but the facts aren't new.

I know we live in an age of claiming compensation. But this is pushing the boat out too far. Particularly as you cannot possibly remember the precise conversation you had 5 years or so. I personally take notes at meetings. As simply not possibly to retain the detail of everything that gets said even a matter of a few days ago let alone years.

AnotherJoe

I wonder what you think good advice would have been? Don't take a mortgage out, come back in two years ? I think you want to have your cake and eat it.

But to reiterate, what should they have advised you to do?