Misselling interest only mortgage question

richje100

This true? Next compensation to hit the banks is the misselling of interest only mortgages?

Thrugelmir

I wish I had an interest free mortgage.

ACG

Im guessing you mean interest only?

Were you miss sold? Having an interest only mortgage does not mean you were miss sold. I still get people coming to me now to request interest only Mortgages and they are still available.

richje100

Mines due to run out soon I think enjoyed paying £200 a month but regret it now. 34 yrs old with 115k mortgage to start paying. Good news is 25yr remortgage looks to be around the £550 mark although wished I hadn't gone interest free to start with ☹

richje100

ACG wrote: »

Im guessing you mean interest only?

Were you miss sold? Having an interest only mortgage does not mean you were miss sold. I still get people coming to me now to request interest only Mortgages and they are still available.

I wrent misold it, been happy with it but regret it now. Just wondered if this is going to be the next thing that will hammer the lenders. I understand the PPI compensation but I'm pretty certain alot just jumped on the band wagon

richje100

Haha just realised I put interest free lol ye meant interest only.

AnotherJoe

So far every single person here whining after compo for their IO mortgage has failed to grasp that it was more affordable per month (and in some cases the only option available since they couldn't afford a repayment yet still they whine!!)

In the meantime,they have been paying less than for rent, and even if they were unable to afford a repayment vehicle to pay it off at the end, theyve benefited greatly from house price inflation.

So why on earth shoudl they get compo?

richje100

AnotherJoe wrote: »

So far every single person here whining after compo for their IO mortgage has failed to grasp that it was more affordable per month (and in some cases the only option available since they couldn't afford a repayment yet still they whine!!)

In the meantime,they have been paying less than for rent, and even if they were unable to afford a repayment vehicle to pay it off at the end, theyve benefited greatly from house price inflation.

So why on earth shoudl they get compo?

Just for the record I have no I mention of claiming compo, like I said been happy with it but regret doing it but hey ho. I've seen on Facebook these compo companies trying to drum up business by giving ppl ideas just wondered if it was true

Thrugelmir

richje100 wrote: »

I wrent misold it, been happy with it but regret it now. Just wondered if this is going to be the next thing that will hammer the lenders. I understand the PPI compensation but I'm pretty certain alot just jumped on the band wagon

You knew what the product was when you accepted the mortgage offer. No one held a gun to your head. Nor stopped you from making payments to reduce the capital owed. Unlike PPI. You received the mortgage you chose. You've suffered no loss.

richje100

Thrugelmir wrote: »

You knew what the product was when you accepted the mortgage offer. No one held a gun to your head. Nor stopped you from making payments to reduce the capital owed. Unlike PPI. You received the mortgage you chose. You've suffered no loss.

As I've said in my previous post, I've no intention of claiming been happy with it and enjoyed the extra cash, I do regret it now as I've not paid anything off my mortgage so I will have to switch to repayment. I was just curious as to whether this will be the next big compo situation, that's all.

ACG

I only charge my fees on offer of a Mortgage, I only get paid if the customer gets their Mortgage. Those companies I suspect charge an upfront fee, I think that says a lot.