Mortgage mis-selling complaint?

t1redmonkey

Not sure if I'm being too ambitious here, but would I have any grounds for making a complaint if I feel like the interest rate on a 5 year fixed term mortgage I was sold in 2014 was too high, and not actually the best one that should've been available to me?

I can't remember what other 5 year deals would've been like back then, but the one I got sold was 3.69% and had a max LTV of 80% - however considering I was putting down more than half of the purchase price as a deposit, I feel like I should've had access to better deals than this.

Is there any point complaining about something like this, or are they just going to come back and say something like "Well you shouldn't have taken out the mortgage then" if I complain about it?

Thrugelmir

t1redmonkey wrote: »

however considering I was putting down more than half of the purchase price as a deposit, I feel like I should've had access to better deals than this.

Why the remorse now. You choose to accept the offer made to you. At the time it must have been acceptable. From the range of products then on offer not just to you, but everybody else who met the same criteria.

t1redmonkey

Well I accept it's kind of my fault because at the time, I didn't really do much research myself, which in hindsight was very stupid and is one of the reasons why I don't know if there was actually anything better around or not (but I suspect there was). Due to various reasons, I'm only now getting around to reviewing all my monthly outgoings which is why I'm analyzing things like this.

Glover1862

If you have no idea what the other rates were at the time how can you think you have a claim?what makes you think you would have got the better rates? A high ltv does not mean you are guaranteed to be accepted.

Suck it up and move on assuming there is some to suck up, really, 2014 and you are thinking you were done now.

ACG

Did you buy through a broker or the bank?
If you are unhappy make a complaint to the person who sold.

A 5 year fix 5 years ago doesnt sound too bad to be honest. My first mortgage 5 years ago with a 15% deposit was 3.5% but that was a 2 year fix. A 5 year fix will always cost more than a 2 year fix.

Rates have come down a fair bit since then, I recently placed someone with defaults and a 15% deposit at less than 3.5% with an adverse lender.

kingstreet

t1redmonkey wrote: »

Not sure if I'm being too ambitious here, but would I have any grounds for making a complaint if I feel like the interest rate on a 5 year fixed term mortgage I was sold in 2014 was too high, and not actually the best one that should've been available to me?

I can't remember what other 5 year deals would've been like back then, but the one I got sold was 3.69% and had a max LTV of 80% - however considering I was putting down more than half of the purchase price as a deposit, I feel like I should've had access to better deals than this.

Is there any point complaining about something like this, or are they just going to come back and say something like "Well you shouldn't have taken out the mortgage then" if I complain about it?

How did you buy this mortgage? Broker? Lender?

Was it an advised sale? Was it information only?

Did you receive a suitability report for the product?

dunstonh

would I have any grounds for making a complaint if I feel like the interest rate on a 5 year fixed term mortgage I was sold in 2014 was too high, and not actually the best one that should've been available to me?

None whatsoever.

r are they just going to come back and say something like "Well you shouldn't have taken out the mortgage then" if I complain about it?

The thing about choice is that you get to choose. If you decide years later that you wished you chose differently then you dont get to complain about that.

As you have no idea what the rates were 5 years ago, your complaint would be more frivolous than genuine.

You were told the rate. You were given a key features illustration showing the rate and the terms. You agreed to those terms. So, what exactly has the lender done wrong?

amnblog

3.69% is typical 5 year fixed rate for 2014 at 80% loan to value.

Looking at an 80% LTV case we did in August 2014

Newcastle BS 3.52%
Barclays 3.79%
Nationwide 3.89%
Nat West 4.09%
Skipton 4.19%

Our client was recommended none of these, we went with Clydesdale at 3.89% because there is more to a recommendation than just rate.

This is no value in comparing rates available today with those of 5 years ago.

You have no evidence that the rate was not the best one available to you, nor are you likely to find it.

Move on.

ACG

amnblog wrote: »

3.69% is typical 5 year fixed rate for 2014 at 80% loan to value.

Looking at an 80% LTV case we did in August 2014

Newcastle BS 3.52%
Barclays 3.79%
Nationwide 3.89%
Nat West 4.09%
Skipton 4.19%

Our client was recommended none of these, we went with Clydesdale at 3.89% because there is more to a recommendation than just rate.

This is no value in comparing rates available today with those of 5 years ago.

You have no evidence that the rate was not the best one available to you, nor are you likely to find it.

Move on.

Good shout amn. I was only just getting going back in 2014 so do not really have any 5 year 80% LTV mortgages to compare to, but I did do a 5 year fix at 75% LTV and the rate was 3.29%.

So the rate you have is probably actually not too bad for the time.

csgohan4

it isn't all just about rates as said, I could have got a slightly cheaper rate, but it would have involved more jumping through hoops and delays.

My broker advised a quicker option and a little bit more interest, I chose it, I wasn't mis sold it, I made an informed decision, I am an adult and take responsibility for what I sign on the dotted line

You will unlikely have no come back, you can try and make a complaint, but I wouldn't hold my breathe for compensation

Edi81

Take some responsibility!
Conoensatio culture drives me crazy!