Mis sold Mortgage

AllyMac

I still don't understand why you took out an interest only mortgage if you wanted a repayment mortgage.
Doesn't matter whether the mortgage is recommended by the friend of the vendor or not - you were aware that it was interest only.
You don't have to be particularly savvy to pick up a leaflet in the bank you're stood in, or do a simple Google to read the difference.
There really aren't THAT many different types of mortgage.
Fixed vs tracker can be a !!!!!! to decide, but interest vs repayment is conceptually very simple.
If you had gone in and an advisor said "oh IO and repayment are exactly the same, just IO is cheaper for you each month" then you'd have a point.
But you *knew* you weren't paying back the capital - you told her you didn't have a repayment vehicle.

That's why I don't see miss selling here. For whatever reason you *chose* IO.

For some, it was the cheapest way which is what they wanted. It might not have been the BEST decision, but it can be a valid decision.

My personal decision would always be repayment, but it's a valid decision to think, mortgage is less than rent, or it's the same put the house price might rise, and in the meantime, I'd rather have more money in my pocket for fun. That's not wrong.

I think you need to try to remember why you took out this mortgage in the first place - there must have been a reason why it suited you then.

WantToRetireEarly

Hi OP, definite case of mis-selling here. If you clearly told the "adviser" that there was no way to repay the capital at the end of the 5 year term, he had absolutely no business taking out that mortgage for you. Indeed the only way he could have done it is by confirming to the lender otherwise.

Having said that, I doubt there is any chance of compensation beyond an acknowledgement of error by the lender. I would put in a formal complaint anyway, but its understandable if you don't want to revisit the whole thing.

WantToRetireEarly

You were definitely rude mate. You wouldn't talk to your client like that, why do you think it's acceptable here? Just because it's free "advice"? Not a good enough reason in my mind.

Do try convey your message in a more considered manner, be polite to posters.

dunstonh wrote: »

Not rude

csgohan4

WantToRetireEarly wrote: »

You were definitely rude mate. You wouldn't talk to your client like that, why do you think it's acceptable here? Just because it's free "advice"? Not a good enough reason in my mind.

Do try convey your message in a more considered manner, be polite to posters.

actually having read DunStoh's posts again, he is NOT rude and actually telling the OP something he didn't want to hear.


People think your advice is great when they get told what they want to hear and rubbish/ rude if it is not.


Bottom line is OP wants to get out of a contract he agreed to and signed to. It would be unwise to just trust what someone says to you and sign, always read the contract and small print before you sign.


OP wanted a mortgage at any cost and got one at a time it was easier to get one. He gained from having a house.


Whether they got a repayment plan that is something else entirely and not the lenders fault.

People often want someone else to blame. Why do you think the other bankers said it was 'disgusting' to deflect criticism off them, the industry, and try and get business for themselves.



I think someone who has been longer than us and has many thousands of thanks, rude he is not, helpful and honest he is.


Definitely something I look for in my financial advisor, not a rose tinted view that my investments will gain 100000% tomorrow.


Advising OP to complaint is fine, let us see where it will go,

WantToRetireEarly

Well, having re read Dunton's posts again, he is DEFINITELY rude and he would never talk to his clients in that manner, irrespective of whether it was something it was what they wanted to hear or not.

Saying that the OP's age is not an excuse is NOT the same as saying "Indeed, you are amongst the most protected and pampered generations there has ever been. Maybe that is the problem." There are far better ways to convey that in Dunton's opinion , the OP's age has nothing to do with it.

You think that's not rude, fair enough, our definitions of politeness differ.

I think it's mis-selling, you think it isn't. Tough.

csgohan4 wrote: »

actually having read DunStoh's posts again, he is NOT rude and actually telling the OP something he didn't want to hear.

csgohan4

WantToRetireEarly wrote: »

Well, having re read Dunton's posts again, he is DEFINITELY rude and he would never talk to his clients in that manner, irrespective of whether it was something it was what they wanted to hear or not.

Saying that the OP's age is not an excuse is NOT the same as saying "Indeed, you are amongst the most protected and pampered generations there has ever been. Maybe that is the problem." There are far better ways to convey that in Dunton's opinion , the OP's age has nothing to do with it.

You think that's not rude, fair enough, our definitions of politeness differ.

I think it's mis-selling, you think it isn't. Tough.

So your a tree hugger and like people to sugar coat things, good for you.


I like how well your posts are written and so succinct and so delicately balanced to the OP, caring and ensuring a wonderful environment is maintained in the way MSE members should conduct themselves.


Lets agree to disagree

WantToRetireEarly

Thanks for the compliment.

So you're a rude gentleman and like people to be unnecessarily nasty to each other, good for you.

I like how well your posts are written and so succinct and so delicately tilted to the financial services, caring and ensuring a wonderful environment is maintained in the way financial services should conduct themselves.

Let's agree to disagree indeed.

csgohan4 wrote: »

So your a tree hugger and like people to sugar coat things, good for you.

I like how well your posts are written and so succinct and so delicately balanced to the OP, caring and ensuring a wonderful environment is maintained in the way MSE members should conduct themselves.

Lets agree to disagree

horseymchorseface

WantToRetireEarly wrote: »

Thanks for the compliment.

So you're a rude gentleman and like people to be unnecessarily nasty to each other, good for you.

I like how well your posts are written and so succinct and so delicately tilted to the financial services, caring and ensuring a wonderful environment is maintained in the way financial services should conduct themselves.

Let's agree to disagree indeed.

I also disagree with you, Dunstoh was not rude and merely stating out the facts of which the OP was not keen to hear.


Going to the Lender and complaining about foul play doesn't always work and the OP also has to take responsibility of living beyond their means and not having a means to pay the mortgage in full.


There is a difference being rude and being upfront, which Dunstoh has plainly done.


The OP is an adult not a child and therefore should conduct his financial matters as such, with due diligence and sustainability

muhandis

Well, I also disagree with you and agree with the poster that you replied to. Dunstonh was rude and in stating his opinion and the OP took offence at his rudeness.

Like you said, there is a difference being rude and being upfront, and from what I see Dunstoh was rude.

The adviser is not a used car salesman and should not be arranging a 5 year IO mortgage under the client's circumstances at the time.

horseymchorseface wrote: »

I also disagree with you, Dunstoh was not rude and merely stating out the facts of which the OP was not keen to hear.

Going to the Lender and complaining about foul play doesn't always work and the OP also has to take responsibility of living beyond their means and not having a means to pay the mortgage in full.

There is a difference being rude and being upfront, which Dunstoh has plainly done.

The OP is an adult not a child and therefore should conduct his financial matters as such, with due diligence and sustainability

WantToRetireEarly

It might be plain to you that he was upfront and it is plain to me that he was rude. Quite clearly, our definitions of professional and polite language differ quite dramatically

"Indeed, you are amongst the most protected and pampered generations there has ever been. Maybe that is the problem."

horseymchorseface wrote: »

There is a difference being rude and being upfront, which Dunstoh has plainly done.