Can Mortgages Be missold

ClareStan

I have been on a SVR now since 2010 and I have just fixed my payments again with the same bank (SANTANBLAH) just by swapping interest rates. Literally went on line found my mortgage with them online and just swapped the interest rate over and fixed my payments for the next two years saving me over £100 per month

Really good service not disputing that. But why didn't they come to me sooner? Is it up to me? Or could they have potentially come to me sooner and said your paying to much swap your rates to something else we can help.

Potentially they have made a lot of money from me being on an SVR for so long and if they knew they offered this service this could have been done sooner.

Do I have a case?

Oakdene

So a business who wants to make money from their customers should come to you & say 'actually you can save money here'?

mrmajika

ClareStan wrote: »

Can Mortgages Be missold

Yes, they can.

ClareStan wrote: »

But why didn't they come to me sooner?

Because they are under no obligation to. Your agreement with them was for the entire term of the mortgage. Your initial agreement would have set out what happens after any fixed rate expires.

ClareStan wrote: »

Is it up to me?

Yes.
.

ClareStan wrote: »

Do I have a case?

No.

ACG

How can it be miss sold if you do did not take out anything?

Your initial mortgage was x% for 2, 3 or 5 years and then you end up on the SVR. Thats what you took out, thats what you had. You then found that there were other deals available and so you took that. But everything you have signed up for you have been given so not entirely sure where the miss sale is here.

Review your mortgage like you would any other expenditure - utilitiies, TV, insurance etc.

dunstonh

But why didn't they come to me sooner?

Why should they have to?
Why didnt you go to them or a broker earlier?
Did you use a broker (most brokers will load diary reminders)?

Do I have a case?

None whatsoever.

Thrugelmir

ClareStan wrote: »

Do I have a case?

What for? You knew when the fixed term ended. As that was fully documented at the outset. You were even written to advising you of what you would be paying post the end of the fixed period as well.

kingstreet

Yes, they can.

However, doing "what it says on the tin" and reverting to standard variable rate at the end of the initial period is what you expect and is not a complainable event.

A lender may choose to offer you a customer retention product, or it may not. There is no guarantee or entitlement.

csgohan4

OP important to read all documents you sign when making financial commitments. It's your due diligence. No come back I'm afraid.


With the compensation culture at the moment, don't be one of them

AnotherJoe

ClareStan wrote: »

I have been on a SVR now since 2010 and I have just fixed my payments again with the same bank (SANTANBLAH) just by swapping interest rates. Literally went on line found my mortgage with them online and just swapped the interest rate over and fixed my payments for the next two years saving me over £100 per month

Really good service not disputing that. But why didn't they come to me sooner? Is it up to me? Or could they have potentially come to me sooner and said your paying to much swap your rates to something else we can help.

Potentially they have made a lot of money from me being on an SVR for so long and if they knew they offered this service this could have been done sooner.

Do I have a case?

They aren't there to double guess what you want. Maybe you were planning to move soon and staying on SVR was best rather than lock yourself into a fixed period. Maybe a 5 year rather than a 2 year period was best. Maybe you were waiting for rates to drop before you Fixed?

Unless they phone you and start going through all the options which would be intrusive and also leave them open to accusations of misselling, for example imagine your potential post "my lender phoned me up, after a quick call changed me to a 2 year fix and then 3 months later rates fell, why didn't they wait, is this misselling ?"

As said, the onus is on you to do what's best for you, it's assumed you are an adult and will make your own decisions without needing to be nagged.

getmore4less

with mortgages the most common issue is misbought.

C.M.

I've had a mortgage with these fellas for the past 6yrs, every year in my mortgage statement they tell me when my fix will end and what will happen after, it's also clear in each set of documents for each new fixed period I've had.....

They also write to you before the end of your fix to remind you when it will end and direct you to their website for retention products.....

I'm not sure what else you think they should have done - short of visiting your house with paperwork I'd say they will have been very proactive, but you have failed to take action.