Mis sold Mortgage

lippy1923

Wow we do seem to have some sensitive souls on this thread
Please don't get offended over the internet! Life's too short.

Apart from making this thread about Dunstonh instead of the OP, why not concentrate on the OP's actual question.... should there be recompense for the fact it was offered AND recommended, by the close friend of the person OP was buying from.

It would be interesting to hear your thoughts on this. Personally I think not. What do you think?

WantToRetireEarly

Haha I agree, we do seem to have some overly sensitive souls who are too quick to get miffed at differences of opinion or being replied to in the same tone they use

I doubt the OP's even following the thread anymore since it descended into a slugfest

JimmyTheWig

lippy1923 wrote: »

why not concentrate on the OP's actual question.... should there be recompense for the fact it was offered AND recommended, by the close friend of the person OP was buying from.

It would be interesting to hear your thoughts on this. Personally I think not. What do you think?

I agree that the answer is "no".
The close friend angle may have given the adviser more incentive to get the OP a mortgage under any circumstances. And so, theoretically, it may help the mis-selling argument. Though I don't see how a 5 year term would have been easier to qualify for rather than a 25 year term.
But it doesn't alter the fact that as it happens the OP didn't lose out by getting this weird mortgage. So no recompense is due.

Thrugelmir

daveyb16 wrote: »

My circumstances were clear and what some don't seem to understand is my knowledge of mortgages was skewed more than it is now.

Strip back to the basics. A mortgage is only another word for a loan. Loans have to be repaid. Be very surprising if this wasn't discussed at the time. The fact that you would have received an annual statement showing the amount you owed. Means that you received regularly reminders of this.

Hazel22

Hi,
In around 2009 I was offered the chance to buy my family home at a very reduced cost. We went and saw a financial advisor regarding getting a mortgage. She arranged the mortgage for us and said I should add my student loan and other debts to the mortgage to make one monthly payment.
So, we had a mortgage then for £78k when the house was actually £12k. At that time, I was only just starting to pay the student load back and for the last 4 years while I have been working in our own business I would not have been paying anything off this loan as I am not earning enough. We have remortgaged since so no longer have this mortgage.
I looked into a mis sold mortgage advert, but when the paperwork arrived, the small print said if we didn't win the case we would have to pay costs. Also their rate was £300 an hour, so if we did win anything, they would probably get the lot.
Is it worth looking into or shall I just put it down to experience?
Any advice would be good. Thanks.

dunstonh

I looked into a mis sold mortgage advert, but when the paperwork arrived, the small print said if we didn't win the case we would have to pay costs.

Probably as so few mortgage complaints actually succeed. So, they charge you so they make money one way or the other. If it was like PPI, where most complaints succeed, they wouldnt need to do that.

Is it worth looking into or shall I just put it down to experience?

You need to clarify your student loan position. You say you had only just started paying it back but then say you dont earn enough to pay it back. What was the position at point of sale on the mortgage as that is the bit that matters?

Hazel22

Hi,
I was paying around £30.00 a month back at the time as I had started earning the £15k per year threshold.

minimike2

God dunstonh, you're so RUDE.

dunstonh

minimike2 wrote: »

God dunstonh, you're so RUDE.

I didnt realise it was this thread. Or cant I say that in case it is rude

p00hsticks

Hazel22 wrote: »

Hi,
So, we had a mortgage then for £78k when the house was actually £12k. .

Would you even have been able to get a mortgage for only £12k ?
I thought that there is a minimum amount most lenders would consider ...