Mortgage.Claims

daylad

has any one had any dealings with Mortgage.Claims regarding missold interest only mortgage? TIA

[Deleted User]

If they have, they'll probably be too embarrassed to admit it.

daylad

why? i dont understand?

ACG

Because they have probably paid an upfront fee and got nothing in return.

If you have been miss sold, complain directly and save yourself an any fees plus a cut of any compensation.

But you need to evidence how you have been miss sold.

dunstonh

daylad wrote: »

why? i dont understand?

There are no issues with interest-only mortgages. That is why.

The tiny number of claims companies involved should give you an idea that its not an issue. Those few that do take people on often ask for up front money or, more commonly, come back asking for money a month or two in (after telling you that you have a case but they need £x to pay the solicitor to take it further). Many are just advance fee fraud scams. People who have been scammed, tend not to admit it.

As has been said on all the other threads where people have asked, the FOS position is that if they feel you were missold, they compare the position you would have been in had you rented instead. As interest rates are at all time lows and property values have risen, there are going to be very few people worse off.

For example, how much is your property worth now and how much did you buy it for? That is a gain for you that you do not get with renting. The rent would be more than the mortgage as well. So, you have gained there. So, as you are not financially worse off, there is nothing to award you.

ACG

As Dunston says, interest only does not = miss sold. There needs to be a valid reason for the miss sale...

Interest only and debt consolidation claim - rejected.

dunstonh

Here is another typical FOS response to claims company led complaint:

http://www.ombudsman-decisions.org.uk/viewPDF.aspx?FileID=125229

Note the bit that says:
I’ve taken into account that the recommendation was made at a time when an interest-onlymortgage with no repayment vehicle wasn’t considered intrinsically unsuitable or a breach ofregulatory duty.

and another: http://www.ombudsman-decisions.org.uk/viewPDF.aspx?FileID=119569
Taking into consideration the regulatory requirements at the time, our adjudicator
didn’t feel Nationwide did anything wrong by providing the interest-only mortgage.

mrginge

daylad wrote: »

has any one had any dealings with Mortgage.Claims regarding missold interest only mortgage? TIA

How much have you paid them?

csgohan4

Wish I could claim compensation on my mortgage, but sadly I read all the T+Cs and the broker explained this to me in plain English, probably recorded the phone call too.


Compo compo compo, that's the sad reality now, blame someone else for their problems

minimike2

I think I posted about this once before - A popular ambulance chaser with a TV advert where they sing their name, once tried this with me back in 2009. Received a letter regarding the number of breaches I had made in relation to the mortgage advice and made an unsuitable recommendation - with the main point being the repayment method being interest only.

They just hope you haven't quite done something right on the paperwork in a bit to cash in your PI insurance. In my case, I replied with evidence to refute every point they made and I never heard from them again, but it wasn't nice being asked to stump up almost £10k from people you had actually done a cracking job for. Needless to say I never dealt with them again.

People just see financial services as an easy target to go after. We see it here all the time - People who knew they were not mis-sold to but see it as easy cash. What a society we live in.

csgohan4

you don't expect integrity and honour any more, it's more how can I make money and someone else taking the blame for their own mistakes


No honour amongst thieves as they say