With all the missold ppi, endowments

Gollumspit

How long will it be before we can claim back interest on mortgages that were sold to us even though we could not afford them. Will it ever happen?

mrginge

Gollumspit wrote: »

How long will it be before we can claim back interest on mortgages that were sold to us even though we could not afford them. Will it ever happen?

Remember kids, stay away from drugs.

-taff

If you couldn't afford it, why did you ask for one?

ANDR£W

Why would you take on a mortgage that you know you cannot afford? Surely farther down the line you know you will be made homeless.Or is it a route to getting social housing being evicted...the plot thickens...

Thrugelmir

Gollumspit wrote: »

How long will it be before we can claim back interest on mortgages that were sold to us even though we could not afford them. Will it ever happen?

Mortgages aren't sold. They are applied for, offer granted and acceptance made. Takes 2 to tango.

dunstonh

How long will it be before we can claim back interest on mortgages that were sold to us even though we could not afford them. Will it ever happen?

You won't. The FOS are quite happy to talk about their stance on this and I have been at a meeting when they did. The alternative to having an interest only mortgage was renting. Even if they upheld complaints on this, the person would still not get any redress as their rents would likely be a lot more than the interest paid and the equity they have made on the property is likely to be significant. In other words, whether right or wrong, the consumer is better off. They can sell up, return to renting and get away with a decade of low interest rates resulting in lower payments than rent and a significant lump sum from their equity.

Mortgages have a contract that you are advised to seek legal advice on before signing. It has a key features illustration that, since regulation, was defined by the regulator. Mortgages are bought, not sold.