Was my mortgage mis-sold?

amnblog

worriedmamma wrote: »

Stuart, hi, glad it worked out well for you - not heard many happy stories.

I'm sitting on £23k unsecured loan that I can't pay back, 5 years down the line from selling my property as it was in negative equity.... I'm not kissing my broker, haha.

The purpose of a chunk of the lending being unsecured was to reduce the risk of negative equity.

Could you not pay? Is that why you sold?

worriedmamma

amnblog wrote: »

The purpose of a chunk of the lending being unsecured was to reduce the risk of negative equity.

Could you not pay? Is that why you sold?

Hi, I had to move as the lease on the property was running low and almost at the point of it being un-mortgagable for any new buyer. The property was de-valuing by the day and our family had grown too big. I had £12k unsecured and £111k secured and they allowed me to sell at £104k and shift the rest to the unsecured.

minimike2

stuart30 wrote: »

We wasnt told that £15k of our Mortgage was a unsecured loan...first we knew was when we went bankrupt and had the 15k wiped from mortgage and more oddly kept the house.

So in effect we not only lost our debts but made 15k profit....:rotfl:

Trying.....to....keep....fingers......still......

csgohan4

stuart30 wrote: »

No nitemare with out NR mortgage...Dream if anything lol

Id french kiss the bloke who arranged our mortgage..yes he was sly but it worked out well for us.

We wasnt told that £15k of our Mortgage was a unsecured loan...first we knew was when we went bankrupt and had the 15k wiped from mortgage and more oddly kept the house.

So in effect we not only lost our debts but made 15k profit....:rotfl:

Your not telling the whole story and misleading