Self Cert Mortgages

Glenn1974

Hi Everyone,

A friend of mine has informed me that if you took out a self cert mortgage, which I did around the 2000's which is no longer in use then you can claim back on this. just like you can claim back on miss sold PPI etc. Is this true?

Your help would be appreciated

Thanks
Glenn

ACG

No.
You would need to prove it was not suitable or there were better alternatives at the time.

Why did you take out a self cert Mortgage?

amnblog

Registering a complaint because you overstated your income may not be the smartest move.

Glenn1974

It was the only way i could get mortgage. Ive paid it off now but thanks for your reply.
I thought my friend was wrong.

dunstonh

A friend of mine has informed me that if you took out a self cert mortgage, which I did around the 2000's which is no longer in use then you can claim back on this.

Your friend is mistaken.

just like you can claim back on miss sold PPI etc. Is this true?

PPI was something you paid in return for a benefit. Upheld complaints due to mis-sale are because the benefit wasnt needed or explained correctly or couldnt be used.

A mortgage is there to allow you to buy a property. You have something for it. So, its completely different to PPI.

I was at a meeting with a FOS last year and they said they feel there is no widespread mortgage issues and that whilst people did borrow badly, mortgage rules did not come in until October 2004 and that it takes two tango. They also said that they would compare the situation to renting. i.e. how much you paid would have paid in rent vs the mortgage and include any gain in property value in that. The vast majority of people are better off even if they cant afford to clear the mortgage as they can always sell the property, return to renting and keep the equity.

Your help would be appreciated

Do nothing and keep your head down. You are unlikely to win any complaint as it is pre-regulation and it was you that was declaring your income. You would be admitting mortgage fraud.