Interest Only Mortgage Claims

GC1979_2

Hi all,
New to the forums so take it easy please! I was told by a friend that they heard Martin speak recently (think it was This Morning) about interest only mortgage claims for those sold from 2004 onwards being eligible for big payouts ....Seems too good to be true to me but would appreciate anyone shedding some light on this from Martin's. Thanks....

GC1979_2

*...from Martin's perspective...

[Deleted User]

Sounds like your friend may have started drinking fairly early on in the day.

enthusiasticsaver

I think some claims management companies were enticing people to claim they had been missold interest only mortgages without being given advice they needed to repay the principal at some point. I very much doubt they will succeed though as the heavy regulations on mortgages surely points out numerous times that at some point the borrower needs to repay the capital.

dunstonh

GC1979 wrote: »

Hi all,
New to the forums so take it easy please! I was told by a friend that they heard Martin speak recently (think it was This Morning) about interest only mortgage claims for those sold from 2004 onwards being eligible for big payouts ....Seems too good to be true to me but would appreciate anyone shedding some light on this from Martin's. Thanks....

Virtually non-existent success. FOS publications showing them being rejected one after the other.

Here is a typical claims company generated complaint and a typical FOS response:
http://www.ombudsman-decisions.org.uk/viewPDF.aspx?FileID=11079
and another: http://www.ombudsman-decisions.org.uk/viewPDF.aspx?FileID=27164
and another: http://www.ombudsman-decisions.org.uk/viewPDF.aspx?FileID=99932
and another: http://www.ombudsman-decisions.org.uk/viewPDF.aspx?FileID=44600

I could list pages of them. More recently, the FOS has almost taken to creating template style responses to them saying they were not against the regulators rules and no concerns about them existed at that time when it comes to all pre-credit crunch ones.

The only ones making money out of this are the claims companies charging people up front (or typically around 3 months after saying they need money to take it further). Any consumer daft enough to use one, ends up out of money.

ACG

It is still possible to do interest only Mortgages. I do not do many of them, but I have maybe 2-3 over the last 3 years or so.

I doubt Martin Lewis would say you can claim thousands if you took out an interest only Mortgage. That is probably what your friend heard, but there was probably a little more to it than that.

AnotherJoe

I find it wholly depressing that these bottom feeding scum can even get as far as making a claim, consider this ;

"The property was sold in July 2007 for almost £100,000 more than Mr D had paid for it. Given this, Mr D has suffered no loss. He paid less on the interest-only mortgage over the year it was in existence than he would have paid with a repayment mortgage. Mr D also benefitted from the increase in the value of the property and made a substantial profit (about 50% on the original purchase price) when the property was sold."

And despite that the ****bag is still after compo !