Bad Advice circa 2007

toff33

Hi guys and girls.

I took out a mortgage in 2007 from Halifax - Was advised to take PPI or the "guys upstairs" wouldnt pass the application. Was also told to cancel the PPI after 2 or 3 months just to get it passed. We all know the score there. Thats not my biggest issue.

I like a bit of risk and im quite happy to take a gamble (not a gambler per se but i run my own business so i know risk = reward sometimes lol)

I wanted to take a tracker base rate mortgage but was again told the chiefs wont agree the mortgage pal as they'll see you as too risky, you must take this VR one. I pushed hard for the Tracker as it was saving a huge amount of money on interest. Anyway - Long story short they advised the only way id get the mortgage was to take the VR. So I did and off I went

To be honest it was my first and only mortgage but to this day it angers me that ive paid circa £40k in interest I shouldnt have. It was against my will and like the PPI sold the same day I was told I would only get the mortgage approved if I did what they said. on both fronts I know this was lies. I had a £160k deposit in 2007. Id have got a £1m mortgage in those days had i rocked in with a traffic cone on my head informing them i was Jesus.

Have I any recourse? Ive initiated a complaint to Halifax this AM asking for them to call me to discuss. Has anyone any experience of this.

My issues isnt getting the money back - Its that my home has halved in value from time of build £500k to £260k roughly. And halifax now wont give me a decent new deal because there isnt enough equity. The reason there isnt equity to the level there should be is due to their insistence take a product I didnt want to take.

Any ideas?

toff33

Should note my £160k deposit was in the form of the price of Land the house was being built on. This was Also Halifaxs idea to create a sort of pie in the sky deposit. It was absorbed into the price of the house and basically became £0 once the house was built. The build cost £260k to complete which is why I have gone from +£240k equity in 2008/9 to £0 equity.

TrickyDicky101

Maybe you should have just said 'no' back in 2007.

beecher2

You could've gone to another lender.

Not sure what you're expecting Halifax to do really, as it isn't their fault your property isn't worth what you hoped it would be. Are you saying that if you'd paid less in mortgage payments, you'd have put the equivalent amount into overpayments?

mrginge

Recourse for what?
Being sold what they told you they would sell you?

saverbuyer

Yes. Halifax should immediately pay you £1 billion for your pain and suffering.

toff33

im not sure you're reading what i am saying correctly - The bank stated I would not be given a mortgage unless I took a specific product they pushed as well as PPI policy. The product that was pushed was against my better judgement and that has cost me around £40k in interest. its nothing to do with the price of the house today, although thats obviously a factor in todays market.

Simply put I was told the only way id get a mortgage "passed" was to take a self cert SVR product. This I now know to be untrue. This has cost me money so whether it went in to my bank as savings or off the mortgage or spent on wine and holidays makes no difference as I could argue I could now pay it off the mortgage to get a better rate or I could argue I would have made over payments. Both are as likely as they are unlikely but the fact remains I was mis sold a product. actually 2 products at the time of taking my mortgage.

So - I thought id ask if anyone has had an experience be it positive or negative in dealing with something slimier.

saverbuyer

toff33 wrote: »

im not sure you're reading what i am saying correctly - The bank stated I would not be given a mortgage unless I took a specific product they pushed as well as PPI policy. The product that was pushed was against my better judgement and that has cost me around £40k in interest. its nothing to do with the price of the house today, although thats obviously a factor in todays market.

Simply put I was told the only way id get a mortgage "passed" was to take a self cert SVR product. This I now know to be untrue. This has cost me money so whether it went in to my bank as savings or off the mortgage or spent on wine and holidays makes no difference as I could argue I could now pay it off the mortgage to get a better rate or I could argue I would have made over payments. Both are as likely as they are unlikely but the fact remains I was mis sold a product. actually 2 products at the time of taking my mortgage.

So - I thought id ask if anyone has had an experience be it positive or negative in dealing with something slimier.

Did you not have the option of going to another lender at the time then? Did they hold a gun to your head and make you take the product?

toff33

It was my fir

mrginge

toff33 wrote: »

Simply put I was told the only way id get a mortgage "passed" was to take a self cert SVR product. This I now know to be untrue.

Please outline your evidence for this accusation.

toff33

saverbuyer wrote: »

Did you not have the option of going to another lender at the time then? Did they hold a gun to your head and make you take the product?

It was my first mortgage for a self build. So no I didnt shop about. Silly I know but thats not the point im making is it? did people who had PPI mis sold shop about? If we all shopped about and got the right deal every time with no issues this forum would not exist.