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Please help my bank have let me down
Kezziehodierne
Posts: 9 Forumite
My bank has mis sold me a mortgage I was wondering if anybody could help me.
Me and my partner bought our first home the mortgage was fixed for two years, after a year and 1/2 unfortunately we were targeted by an arsonist he set four of our cars on fire and completely destroyed them within a five month period. We found ourselves in a position where we had to sell our house and move before the end of the two year period in order to keep ourselves safe. It would have cost us £4022 in order to close that mortgage therefore we had to port it, I called and spoke to my bank who informed me that as long as I bought another house and used another Barclays mortgage that we would not have to pay this large amount of money as long as that was within six months of selling. I asked if I could borrow more money and he said that was not possible with the porting process but that I could take out a second mortgage with then he ran through some numbers with me and it became evident that we could not afford to take out a second mortgage therefore we would have to buy at a very specific price. We put our house on the market and within two weeks of having sold our old house we found another house that we wanted to buy therefore I went into Barclays to speak to a mortgage advisor. During the appointment I stressed that I did not want to enter into another mortgage product because we were nearly out of the two year period at which point we would have been able to remortgage for the best rate going and I did not want to be trapped into a mortgage with Barclays just because we have been targeted by an arsonist. He agreed that that was fair but he informed me that the advice I had received from Barclays over the phone about porting the mortgage was incorrect and that if we bought and sold within six months we would have to pay that £4022 and then claim it back afterwards which obviously was not possible because we needed that money to set the mortgage up. Instead he informed me that as long as we bought and sold within a month the account could be left open and we would not have to pay that money at all which was much more ideal, however it was also very difficult because the people trying to buy our house wanted a very quick sale and for the house that we were trying to buy the people did not want a quick sale when we originally decided to buy and sell to and from these people we thought we had six months and were happy to move in with my parents in between but obviously we then realised the timeline was going to have to change. We eventually sorted it after a lot of negotiation with my buyer and then we sold my previous house and completed and I then realised that the £4022 had actually been taken I contacted the mortgage advisor to ask why this had happened he informed me that I needed to contact my solicitor to claim the money back. I then spoke to my solicitor who informed me that it had nothing to do with her and that I needed to speak to my bank. I decided to call the generic mortgage advice helpline for Barclays at which point I was then told that I would not be able to claim that £4022 back until I paid my first mortgage payment. I was very upset and I contacted my mortgage adviser his response was that I had spoken to somebody who was not qualified and she worked in Mumbai and that this was absolutely not the case but that he would clarify this with his senior team he then called me back to inform me that actually this lady had been correct and after having already completed on my previous home and only a week before completing on my next house realised that the mortgage I had planned to use to buy my house was impossible to obtain without taking out a new mortgage product with Barclays which was what I did not want. This was very stressful happening only a week before I was due to complete on my next house and actually we only found out because I ended up asking, if they had been left to their own devices it would not have been found out until the day before we completed. My mortgage adviser was then able to arrange a new product for me it was not a product that I wanted we ended up paying £1000 to set up a mortgage that we did not want and when I asked if I could borrow more money to do some DIY on the house because it is in a bad state of repair he was very reluctant and said he would not be able to arrange that in the time we had. We ended up having to borrow the £4022 from my partners parents in order to salvage this mistake and increase the mortgage slightly but he would not let me know increase it into the next LTV bracket. I was also absolutely fuming because the only reason that we had bought the house that we have bought was because we thought we would have to Porter the mortgage or lose all of that money and had we known we would have to take out a new mortgage product anyway we could have bought a much more expensive house which we knew we were able borrow. We are currently in a property with lots of very serious things that need doing to it for safety and comfort reasons not because they don't look nice but we have no money to do them and we can't get a loan to help us get this money because we have a poor credit rating from having recently re mortgaged. I was not going to complain about how I have had three different types of advice about the same thing regarding something which is extremely important and that ultimately had forced us into a house that we did not need to buy and into a contract with Barclays that we did not want to enter into, even though all of these things have been life changing decisions. However recently we have made our first payment on the mortgage we were told that upon our first payment of the mortgage the £4022 would be refunded to us immediately this did not happen therefore I contacted Barclays and spoke to an advisor who informed me that she would get the money refunded to us within 48 hours 14 days later this has not happened I am extremely angry because my father-in-law and mother-in-law are hoping to move house they need their money soon and really it's just been the final straw.
My question to everyone is this; do you think I should seek compensation for what has happened? I am not normally one to complain and I hate getting people in trouble and I feel very bad because in general the mortgage advisor that I dealt with was very compassionate and efficient but obviously his poor advice has really changed the decisions that we would've made had we been properly informed and we are currently in a property with serious issues no money to fix them and to top it all off we had to pay £1000 to set up a mortgage that we had no desire to enter into. My partner feels that Barclays should have to pay some compensation for what they have done to us, I am not sure and I wouldn't even know what to ask for. I have sent an email of complaint and I am waiting for their response I was just wondering how everyone thinks I should play it? It has cost us £3800 to buy this house in legal fees and set up fees not including the cost of having sold my home before, the extra money we had to put in, surveyor fees etc the total cost of buying and selling was nearly £8900 and now I am sat in a house which isn't as nice as what could of been, with no money to fix it and I feel that I have been let down and I feel trapped. Not respecting us by not refunding us that money on two occasions when we were told it would be refunded has just been the final straw.
What would your advice be please thank you so much in advance, and I apologise for my spelling and grammar mistakes my screen is broken.
Me and my partner bought our first home the mortgage was fixed for two years, after a year and 1/2 unfortunately we were targeted by an arsonist he set four of our cars on fire and completely destroyed them within a five month period. We found ourselves in a position where we had to sell our house and move before the end of the two year period in order to keep ourselves safe. It would have cost us £4022 in order to close that mortgage therefore we had to port it, I called and spoke to my bank who informed me that as long as I bought another house and used another Barclays mortgage that we would not have to pay this large amount of money as long as that was within six months of selling. I asked if I could borrow more money and he said that was not possible with the porting process but that I could take out a second mortgage with then he ran through some numbers with me and it became evident that we could not afford to take out a second mortgage therefore we would have to buy at a very specific price. We put our house on the market and within two weeks of having sold our old house we found another house that we wanted to buy therefore I went into Barclays to speak to a mortgage advisor. During the appointment I stressed that I did not want to enter into another mortgage product because we were nearly out of the two year period at which point we would have been able to remortgage for the best rate going and I did not want to be trapped into a mortgage with Barclays just because we have been targeted by an arsonist. He agreed that that was fair but he informed me that the advice I had received from Barclays over the phone about porting the mortgage was incorrect and that if we bought and sold within six months we would have to pay that £4022 and then claim it back afterwards which obviously was not possible because we needed that money to set the mortgage up. Instead he informed me that as long as we bought and sold within a month the account could be left open and we would not have to pay that money at all which was much more ideal, however it was also very difficult because the people trying to buy our house wanted a very quick sale and for the house that we were trying to buy the people did not want a quick sale when we originally decided to buy and sell to and from these people we thought we had six months and were happy to move in with my parents in between but obviously we then realised the timeline was going to have to change. We eventually sorted it after a lot of negotiation with my buyer and then we sold my previous house and completed and I then realised that the £4022 had actually been taken I contacted the mortgage advisor to ask why this had happened he informed me that I needed to contact my solicitor to claim the money back. I then spoke to my solicitor who informed me that it had nothing to do with her and that I needed to speak to my bank. I decided to call the generic mortgage advice helpline for Barclays at which point I was then told that I would not be able to claim that £4022 back until I paid my first mortgage payment. I was very upset and I contacted my mortgage adviser his response was that I had spoken to somebody who was not qualified and she worked in Mumbai and that this was absolutely not the case but that he would clarify this with his senior team he then called me back to inform me that actually this lady had been correct and after having already completed on my previous home and only a week before completing on my next house realised that the mortgage I had planned to use to buy my house was impossible to obtain without taking out a new mortgage product with Barclays which was what I did not want. This was very stressful happening only a week before I was due to complete on my next house and actually we only found out because I ended up asking, if they had been left to their own devices it would not have been found out until the day before we completed. My mortgage adviser was then able to arrange a new product for me it was not a product that I wanted we ended up paying £1000 to set up a mortgage that we did not want and when I asked if I could borrow more money to do some DIY on the house because it is in a bad state of repair he was very reluctant and said he would not be able to arrange that in the time we had. We ended up having to borrow the £4022 from my partners parents in order to salvage this mistake and increase the mortgage slightly but he would not let me know increase it into the next LTV bracket. I was also absolutely fuming because the only reason that we had bought the house that we have bought was because we thought we would have to Porter the mortgage or lose all of that money and had we known we would have to take out a new mortgage product anyway we could have bought a much more expensive house which we knew we were able borrow. We are currently in a property with lots of very serious things that need doing to it for safety and comfort reasons not because they don't look nice but we have no money to do them and we can't get a loan to help us get this money because we have a poor credit rating from having recently re mortgaged. I was not going to complain about how I have had three different types of advice about the same thing regarding something which is extremely important and that ultimately had forced us into a house that we did not need to buy and into a contract with Barclays that we did not want to enter into, even though all of these things have been life changing decisions. However recently we have made our first payment on the mortgage we were told that upon our first payment of the mortgage the £4022 would be refunded to us immediately this did not happen therefore I contacted Barclays and spoke to an advisor who informed me that she would get the money refunded to us within 48 hours 14 days later this has not happened I am extremely angry because my father-in-law and mother-in-law are hoping to move house they need their money soon and really it's just been the final straw.
My question to everyone is this; do you think I should seek compensation for what has happened? I am not normally one to complain and I hate getting people in trouble and I feel very bad because in general the mortgage advisor that I dealt with was very compassionate and efficient but obviously his poor advice has really changed the decisions that we would've made had we been properly informed and we are currently in a property with serious issues no money to fix them and to top it all off we had to pay £1000 to set up a mortgage that we had no desire to enter into. My partner feels that Barclays should have to pay some compensation for what they have done to us, I am not sure and I wouldn't even know what to ask for. I have sent an email of complaint and I am waiting for their response I was just wondering how everyone thinks I should play it? It has cost us £3800 to buy this house in legal fees and set up fees not including the cost of having sold my home before, the extra money we had to put in, surveyor fees etc the total cost of buying and selling was nearly £8900 and now I am sat in a house which isn't as nice as what could of been, with no money to fix it and I feel that I have been let down and I feel trapped. Not respecting us by not refunding us that money on two occasions when we were told it would be refunded has just been the final straw.
What would your advice be please thank you so much in advance, and I apologise for my spelling and grammar mistakes my screen is broken.
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Comments
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tl;dr. Sorry for your troubles whatever they are, but you desperately need some paragraphs to make it readable.
p.s. having a quick skim, also remove all the irrelevancies and repeats of which there seem to be many0 -
Unreadable wall of text.
Sorry.0 -
Hi guys I did apologise for that my screen is broken. It's easy enough to read just not broken down into sections, my screen is broken in most places and Siri wrote most of it, you are under no obligation to read it but someone might.0
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That's the point, it isn't easy enough to read. It's essentially impossible unless one one wishes to put a lot of time and effort in to disentangle.
Normally if you write something it's because you want people to read it, if you don't care, that's your prerogative but it seems pointless to make all that effort and have very few read it.
If you do ever try to get recompense via some official bodies, and I've no idea if you have any chance , you had better explain it substantially clearer than this, which means succinct, without repetition, without irrelevancies............... and with paragraphs.0 -
My bank has mis sold me a mortgage I was wondering if anybody could help me.
Me and my partner bought our first home the mortgage was fixed for two years, after a year and 1/2 unfortunately we were targeted by an arsonist he set four of our cars on fire and completely destroyed them within a five month period. We found ourselves in a position where we had to sell our house and move before the end of the two year period in order to keep ourselves safe.
It would have cost us £4022 in order to close that mortgage therefore we had to port it, I called and spoke to my bank who informed me that as long as I bought another house and used another Barclays mortgage that we would not have to pay this large amount of money as long as that was within six months of selling.
I asked if I could borrow more money and he said that was not possible with the porting process but that I could take out a second mortgage with then he ran through some numbers with me and it became evident that we could not afford to take out a second mortgage therefore we would have to buy at a very specific price.
We put our house on the market and within two weeks of having sold our old house we found another house that we wanted to buy therefore I went into Barclays to speak to a mortgage advisor.
During the appointment I stressed that I did not want to enter into another mortgage product because we were nearly out of the two year period at which point we would have been able to remortgage for the best rate going and I did not want to be trapped into a mortgage with Barclays just because we have been targeted by an arsonist.
He agreed that that was fair but he informed me that the advice I had received from Barclays over the phone about porting the mortgage was incorrect and that if we bought and sold within six months we would have to pay that £4022 and then claim it back afterwards which obviously was not possible because we needed that money to set the mortgage up. Instead he informed me that as long as we bought and sold within a month the account could be left open and we would not have to pay that money at all which was much more ideal,.
We sold my previous house and completed and I then realised that the £4022 had actually been taken. I contacted the mortgage advisor to ask why this had happened he informed me that I needed to contact my solicitor to claim the money back. I then spoke to my solicitor who informed me that it had nothing to do with her and that I needed to speak to my bank. I decided to call the generic mortgage advice helpline for Barclays at which point I was then told that I would not be able to claim that £4022 back until I paid my first mortgage payment.
I was very upset and I contacted my mortgage adviser his response was that I had spoken to somebody who was not qualified and she worked in Mumbai and that this was absolutely not the case but that he would clarify this with his senior team he then called me back to inform me that actually this lady had been correct and after having already completed on my previous home and only a week before completing on my next house realised that the mortgage I had planned to use to buy my house was impossible to obtain without taking out a new mortgage product with Barclays which was what I did not want.
This was very stressful happening only a week before I was due to complete on my next house and actually we only found out because I ended up asking, if they had been left to their own devices it would not have been found out until the day before we completed. My mortgage adviser was then able to arrange a new product for me it was not a product that I wanted we ended up paying £1000 to set up a mortgage that we did not want and when I asked if I could borrow more money to do some DIY on the house because it is in a bad state of repair he was very reluctant and said he would not be able to arrange that in the time we had.
We ended up having to borrow the £4022 from my partners parents in order to salvage this mistake and increase the mortgage slightly but he would not let me know increase it into the next LTV bracket. I was also absolutely fuming because the only reason that we had bought the house that we have bought was because we thought we would have to Porter the mortgage or lose all of that money and had we known we would have to take out a new mortgage product anyway we could have bought a much more expensive house which we knew we were able borrow.
We are currently in a property with lots of very serious things that need doing to it for safety and comfort reasons not because they don't look nice but we have no money to do them and we can't get a loan to help us get this money because we have a poor credit rating from having recently re mortgaged. I was not going to complain about how I have had three different types of advice about the same thing regarding something which is extremely important and that ultimately had forced us into a house that we did not need to buy and into a contract with Barclays that we did not want to enter into, even though all of these things have been life changing decisions. However recently we have made our first payment on the mortgage we were told that upon our first payment of the mortgage the £4022 would be refunded to us immediately this did not happen therefore I contacted Barclays and spoke to an advisor who informed me that she would get the money refunded to us within 48 hours 14 days later this has not happened I am extremely angry because my father-in-law and mother-in-law are hoping to move house they need their money soon and really it's just been the final straw.
My question to everyone is this; do you think I should seek compensation for what has happened? I am not normally one to complain and I hate getting people in trouble and I feel very bad because in general the mortgage advisor that I dealt with was very compassionate and efficient but obviously his poor advice has really changed the decisions that we would've made had we been properly informed and we are currently in a property with serious issues no money to fix them and to top it all off we had to pay £1000 to set up a mortgage that we had no desire to enter into.
My partner feels that Barclays should have to pay some compensation for what they have done to us, I am not sure and I wouldn't even know what to ask for. I have sent an email of complaint and I am waiting for their response I was just wondering how everyone thinks I should play it? It has cost us £3800 to buy this house in legal fees and set up fees not including the cost of having sold my home before, the extra money we had to put in, surveyor fees etc the total cost of buying and selling was nearly £8900 and now I am sat in a house which isn't as nice as what could of been, with no money to fix it and I feel that I have been let down and I feel trapped. Not respecting us by not refunding us that money on two occasions when we were told it would be refunded has just been the final straw.
What would your advice be please thank you so much in advance, and I apologise for my spelling and grammar mistakes my screen is broken.0 -
I cut a paragraph out but hopeful it should still make sense.
[FONT="]however it was also very difficult because the people trying to buy our house wanted a very quick sale and for the house that we were trying to buy the people did not want a quick sale when we originally decided to buy and sell to and from these people we thought we had six months and were happy to move in with my parents in between but obviously we then realised the timeline was going to have to change. We eventually sorted it after a lot of negotiation with my buyer and then
Hope you get it sorted OP it sounds a dreadful amount of mistakes over something so important.[/FONT]0 -
From the jist of it I think your broker is at fault. Did you receive a KFI? Did that detail the rate you were going to be applying for? If so by signing the application you agreed to the KFI. Also you signed the offer , you should have sorted it then. I don't think you have a leg to stand on to be honest.0
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I didn't see a KFI no what is that? It's not the rate that bothers me, it was that I was told I could porter the mortgage and then after I already sold my old house and 1 week before I bought my next I found out that I couldn't and that I had been given three very different pieces of advice on that from Barclays. Also had I known it wasn't realistic to port the mortgage I could of borrowed more and bought a much nicer house, and it wasn't until
I was in a vulnerable position having completed on one deal and being so close to completing on the next that I was told this. They effictively forced me into a new deal unless I dropped the house potentially loosing £4022 and they made it seem like borrowing more money would be too difficult to get done within my time frame. Then they have failed on two occasions to refund me this money despite all the mistakes. Does that make sense? I know the first bit was long. Thanks for your help.0 -
still too long sorry"It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP0 -
Well it's got paragraphs, but succinct it isn't.
I'm going to focus on your final paragraph where you say "Not respecting us by not refunding us that money on two occasions when we were told it would be refunded has just been the final straw."
So,what proof do you have that these promises were made. Would they be in telephone recordings or emails or letters? If so you can boil it down to that "you wrote to me on X date saying you would refund me £4022 and confirmed that in a telephone call on Y date and as a result of that I took certain actions, now you are refusing to make those refunds"0
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