Claim back for interest only mortgage?

melipops1971

Good evening, apologies if someone has posted about this but I recently saw on a webpage that you can make a claim with regards to having an interest only mortgage. I had one many years ago & I am interested in claiming whatever it is you can as I think I’ve have gave my bank enough money over the years but I also do not want to use a company who will take at least 25% off me for commission! Therefore can anyone guide me on how to do this myself? Similar to the ppi guidelines?
Many thanks in advance 😀

Nasqueron

You've read a scam website trying to hook you in to get money from you. You cannot "claim" anything because you chose to take out such a mortgage rather than repayment.

antrobus

melipops1971 wrote: »

Good evening, apologies if someone has posted about this but I recently saw on a webpage that you can make a claim with regards to having an interest only mortgage. I had one many years ago & I am interested in claiming whatever it is you can as I think I’ve have gave my bank enough money over the years but I also do not want to use a company who will take at least 25% off me for commission! Therefore can anyone guide me on how to do this myself? Similar to the ppi guidelines?
Many thanks in advance 😀

They won't want 25% commission, they'll want £s as an up front fee. That's the way the scam works.

[Deleted User]

melipops1971 wrote: »

I am interested in claiming whatever it is you can as I think I’ve have gave my bank enough money over the years

Congratulations on realising that companies do nothing you cannot do alone and for free. Unfortunately, the "claim" you are interested in making is not one which is ever likely to return any money.
It was your own choice to take out an interest-only mortgage and therefore there is no chance of a refund.

Certainly, don't be hoodwinked into paying anything upfront to these shysters.

dunstonh

I recently saw on a webpage that you can make a claim with regards to having an interest only mortgage.

Some claims companies thought they could do this but the FOS has been giving them an easy time. Plus, the few that do this usually have up front fees or come back to you with fees a month or so later with some made up figure they think you can get. Really dodgy.

Basically, if the interest only mortgage is pre-credit crunch then the FOS more or less has an automatic response now which is that interest only was normal for the period and not against FCA rules.

If its before October 2004 then mortgages were not regulated.

In the rare cases the FOS does there may be a case to answer, they still usually result in no pay out as comparison takes into account any gain in equity you have made on the property value and a deduction for market rent. With interest rates so low, the usually means the mortgage is cheaper then rent.