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Interest only mortgage claim
aliflint77
Posts: 19 Forumite
Hi all,
anyone got any experience of the new Mortgage claim for interest only mortgages ?
had a letter from a solicitor saying i mght be eligible
anyone got any experience of the new Mortgage claim for interest only mortgages ?
had a letter from a solicitor saying i mght be eligible
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Comments
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On what basis .... ?0
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Ambulance chasers = bin"You've been reading SOS when it's just your clock reading 5:05 "0
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aliflint77 wrote: »Hi all,
anyone got any experience of the new Mortgage claim for interest only mortgages ?
had a letter from a solicitor saying i mght be eligible
The clue is in the name, "interest only" no other product in history besides "drinking water" has been described so accurately.0 -
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aliflint77 wrote: »no basis just that i know off, just hoping for a claim
How much money are they asking for to start this ‘claim’?0 -
anyone got any experience of the new Mortgage claim for interest only mortgages ?
There is no such thing. Interest only mortgage complaints are only in the hundreds a year and successes do happen but are low (and lower than the typical uphold rate).
The FOS position has been clear for some time and they have said it several times. If the interest only mortgage was taken out before the 2008, then it was allowed under FCA rules and not considered bad. They have been critical of CMCs acting in this field. The other issue is that mortgages only became regulated in October 2004. So, its a very limited window.
The compare it against renting and in the vast majority of cases, the interest paid on mortgages has been at all time lows and much lower than rent and you have built up equity in the property.
This is why you see so few CMCs taking on complaints about interest only mortgages. The few that are active in this area tend to have up-front fees or come back to you a month or two later saying they have looked at your case and their solicitors confirm you were missold but you need to pay £x for them to take it further. Usually, they also give you a fake compensation figure to play to your greed. If you ever watched Hustle on tv then its the same format they used in virtually every episode. i.e. find a mug, play to their greed and get them focused on a made up end result and they will pay a much smaller amount believing they are going to get more.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Not sure if l am in the right place, but I wondered if anyone ever had a loan from Standard Life through endowment , l was asked in 2001 if I wanted a loan from the endowment and either pay it bk monthly or have it taken from the final payment, they stopped them half way through so paid a lot of interest which was taken from my payment in 2008 it never seemed right but had to take a loan out needed it at the time altogether l paid £ 2400 interest, a friend says i should try get some bk but how do i go about it and any ideas please0
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Not sure if l am in the right place, but I wondered if anyone ever had a loan from Standard Life through endowment , l was asked in 2001 if I wanted a loan from the endowment and either pay it bk monthly or have it taken from the final payment, they stopped them half way through so paid a lot of interest which was taken from my payment in 2008 it never seemed right but had to take a loan out needed it at the time altogether l paid £ 2400 interest, a friend says i should try get some bk but how do i go about it and any ideas please
You have already had a detailed reply on your other posts on the same subject.
your post is off topic on this thread. So, please stick to the other thread.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Ok found out now0
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worried_jim wrote: »The clue is in the name, "interest only" no other product in history besides "drinking water" has been described so accurately.
With your permission Jim, this phrase is going to get a regular outing. :TI am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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