Mis-sold mortgage

Kelliea

Hello
This is my 1st post but I really need advice.
When I was married my husband dealt with the mortgage and I just signed on the dotted line.
However we have divorced and since being with my new husband we have realised it is a interest only mortgage which to be ho eat I did not understand what that meant.
I do not have a endowment policy so does this mean I was Mis-sold this mortgage as lots of people have said they should have made sure we had a policy, or am I just in total trouble and need to find a way to pay it back at the end of the term?

[Deleted User]

You should have put something in place to repay it.

If you didn't do that, you now need to find a way to pay it back.

bengalknights

If its a joint mortgage check with your ex to see if there is anything in place

Browntoa

It's not missold , you chose not to take an interest in what was happening at the time and just signed the paperwork

dunstonh

I do not have a endowment policy so does this mean I was Mis-sold this mortgage as lots of people have said they should have made sure we had a policy, or am I just in total trouble and need to find a way to pay it back at the end of the term?

Until the credit crunch, there was no requirement to have a repayment vehicle. A lot of people bought interest-only mortgages because they were cheaper and allowed them to get on the ladder. They have gained through house prices as well as paying lower payments than rent.

The banks acted early on interest only mortgages by sending out annual warnings for the last 10 years.

If the mortgage was bought after October 2004, then there was standardisation in the offer letter layout and it contained the risk warnings. There were no rules against interest only mortgages until after the credit crunch. So, you frequently see FOS complaint decisions make reference to that (as well as the person being better off than had they rented).

A repayment vehicle, would have been included in the divorce settlement. So, that, along with the annual statements giving warnings and the original documentation giving warnings, it is hard to see how you could be missold.

It may help if you tell us when the mortgage was bought as that would let us know what regulations applied (if any). Also, if you bought via a lender or a broker. (most lender sold mortgages were non-advised until after the credit crunch).

Kelliea

I did nit choose to bevause i was arranging my parents funerals at the time

Kelliea

Thanks for your reply.
There was nothing ever set up

Thrugelmir

Is your ex happy to remain on the existing mortgage?

Kelliea

Thank you for your reply and helping.
I didnt think it was missold but just thought i would check.
Again thanks

Kelliea

The court order said he was to come off it but he never did and now the mortgage company wont take him off

maninthestreet

So who is paying the mortgage each month? Just you, or both you and your (ex?) husband?