missold mortgage not endowment

kaz1147

I was sold a mortgae that at the time the advisor from cheshire building society said was best for me However I retire next month on just a basic pension and still have 3 years to go on the mortgage and will not be able to meet the payments. Will I have to lose my house ? and should I have been helped more at the outset ? Was the advice wrong ? Any help appreciated thank you

MBM

The adviser should have adressed the issue of mortgage payments into retirement when he advised you. Depending on when you took out the mortgage he should also have given you a "reason why" letter stating why he recommended the mortgage and this also should have stated at what age you retire and how you intend to pay the mortgage after that date. Has your retirement date changed since you received advice? If it hasn't then you may have a case for a complaint. First point of call is to write to them and state your concerns.

EdInvestor

kaz1147 wrote: »

However I retire next month on just a basic pension and still have 3 years to go on the mortgage and will not be able to meet the payments. Will I have to lose my house ?

Will you be eligible for pension credit? Have you checked exactly how much pension you will be entitled to? (I assume by "basic pension" you mean basic state pension).It is very unusual for a person with no other pensions retiring now to get just the BSP, if he has worked all his life, there is normally a second state pension on top.

Check here: https://www.thepensionservice.gov.uk

How much is outstanding on the mortgage?

dunstonh

This used to be an issue that the FOS would tend to rule on in favour of the customer. However, in recent times, they rule in favour of the customer far less as it was abused by people using it as an excuse.

Firstly, you have to take some blame here. Can you not add up the number of years?

Secondly, it is only a mis-sale if it wasnt documented or advised that you could afford it post retirement. Indeed, if it was arranged pre-regulation, you probably have nowhere to go with this anyway.

Conrad

Before complaining ask for copies of the ENTIRE file 'for your records'.
The danger otherwise is that an adviser could make 'post sale' file additions should you complain, thier aim being to make the file fit the case so they avoid losing.

Remember to use special delivery post in your request and keep a copy of everything.