Mis sold mortgage help

Pixie5740

How would the broker have known that you had opened an ISA but never intended to deposit any funds into it. An ISA you haven't deposited any money into when your mortgage payments went down.

I don't get what the big deal is about having a portable mortgage. Why can't you just get a new (repayment) mortgage with another lender? Being self employed isn't a barrier to getting a mortgage, plenty of people manage it, myself included when I was contracting which was post-2008 when self cert mortgages and, for most people, interest only mortgages were a thing of the past.

-taff

Johnson1980 wrote: »

I wasn't asking people if they thought that I had been impatient when I was 25. Or if I had commited fraud, or lied or spent the money that I had saved on my mortgage in the wrong manner. But thanks for the answers to these questions should I ever feel the need to ask them...

OK then.

Johnson1980 wrote: »

I would really appreciate any thoughts on if you agree I have a case for being mis sold this mortgage and if so what do I do about it?

No. And nothing.

kingstreet

Johnson1980 wrote: »

I asked him for a mortgage that could be transferred to another property

Unfortunately, there isn't and has never been such a product.

Porting confers a right to transfer a rate from an old mortgage to a new one if you qualify for that new mortgage, satisfying the lenders then criteria, affordability, status and valuation requirements.

From your description, you would not have been able to port for the same reasons you have been unable to change lender.

eschaton

Johnson1980 wrote: »

I wasn't asking people if they thought that I had been impatient when I was 25. Or if I had commited fraud, or lied or spent the money that I had saved on my mortgage in the wrong manner. But thanks for the answers to these questions should I ever feel the need to ask them...

You were 25 years old and not a child.

After taking out the initial mortgage you have always known that it was interest only and have made no effort in setting up a repayment vehicle.

Lower repayments at £500 less should have been a great opportunity to start paying off the capital but you spent this elsewhere.

I also took out my first mortgage at 25. It was an ISA mortgage which the broker recommended. I really wanted a repayment mortgage but I agreed to this one and signed up. My mistake. Once I started to realise the risks and below forecast performance in the first two years, I cut my losses, cashed in the ISA and move to a repayment mortgage.

Maybe I should claim against the broker now?

Or maybe I was similar to you and mis-bought a mortgage.

AnotherJoe

Johnson1980 wrote: »

I wasn't asking people if they thought that I had been impatient when I was 25. Or if I had commited fraud, or lied or spent the money that I had saved on my mortgage in the wrong manner. But thanks for the answers to these questions should I ever feel the need to ask them...

You should be very grateful they pointed that out and prevented you getting yourself on a "dont sell this person a mortgage" register.

chelseablue

I'm not a broker so this may seem a simple question, but can you not change to a repayment mortgage now?

haras_nosirrah

if only you had carried on paying £1200 when your payments dropped (overpaid that £500 a month your payments decreased by)

you would have paid 70k off your mortgage by now

csgohan4

basically OP wants to hear what they want, but a big fat NO is suffice here. You knew what you were doing, be glad your not going down for fraud.

haras_nosirrah

why not get a mortgage with halifax now? If the answer is that they won't give you one then they also wouldn't allow you to port a mortgage if you were an existing mortgage holder. Porting cases are treated as brand new cases for underwriting purposes and IF you qualify for the mortgage you can take the old one with you and avoid the erc. If you don't meet the criteria for a halifax mortgage you would also not be able to port the halifax mortgage.