Stocks and Shares ISA used as a mortgage repayment vehicle

feltmakergirl

Hello All


Does anyone know if it's possible to claim for mis-selling of a stocks and shares ISA that was sold with an interest only mortgage as a repayment vehicle for the mortgage? I cashed in the ISA nearly 3 years ago as I no longer needed it to repay the mortgage in that way (having switched to a repayment mortgage), but I found some of the paperwork for it yesterday and it has BIG RED writing all over it warning of a huge shortfall. If I had needed it to repay the mortgage at the end of the term I would be in big trouble now, so I was wondering if anything can be claimed in retrospect. Thanks!

dunstonh

Does anyone know if it's possible to claim for mis-selling of a stocks and shares ISA that was sold with an interest only mortgage as a repayment vehicle for the mortgage?

You can complain about whatever you like.

I cashed in the ISA nearly 3 years ago as I no longer needed it to repay the mortgage in that way (having switched to a repayment mortgage), but I found some of the paperwork for it yesterday and it has BIG RED writing all over it warning of a huge shortfall.

..however, you only have 3 years from being reasonably aware of an issue to raise that complaint. 3 years from surrender or it no longer being linked to the mortgage in this case.

If I had needed it to repay the mortgage at the end of the term I would be in big trouble now,

Not necessarily. Shortfall projections are based on low returns. Real returns over the last 3 years have been much higher than projections.

I was wondering if anything can be claimed in retrospect.

You dont get compensation for hypothetical scenarios.