Is this classes as mis-sold?

prcshef01

Hi, first post so be gentle!

I am currently about to go about remortgaging my house as my product period is due for renewal (3 Year Fixed).

I purchased my house 3 years ago approximately, and I sought out a financial adviser who was recommended to me, part of a company & still trading. The adviser was helpful and went through all kinds of stuff and ended up pointing me at a mortgage and the application was made and accepted and off they went.

Now at the time I couldn't understand why I wasn't being offered discounted rate mortgages and now I have a different financial adviser who is offering discounted fixed rate mortgages! I am sure that at the time they were available as a product, but why weren't they offered by and independent financial adviser if they would have meant that my payments would have been less? They always stated that they had access to the better deals for mortgages, so I didn't really question it.

Would this be classed as mis-sold? Thoughts on how I would look into this if it was the case?

Thanks

kingstreet

It's a fixed rate mortgage, or its a discounted variable rate mortgage.

You can't get both in a single product!

Did you want payment certainty - knowing what your payment was going to be for the next few years, or did you want the lowest possible payment and would accept payments being variable?

haras_nosirrah

Discounted fixed rate mortgage? A discount rate is a discount off the svr and is therefore not fixed and also not linked to base rate so the lender can change their svr rate and a discount rate would also change. A fixed rate is fixed for a period of time (in your case 3 yrs) and is popular with people who want to be able to budget.

Have any of the other advisors on here heard of a discounted fixed rate?

prcshef01

Apologies, I may have worded it incorrectly.

The products I am meaning would be in the fixed category for a period of time, with an initial rate.

For example: 2 Year Fixed Rate, Initial Rate 1.69%

haras_nosirrah

That would be a fixed rate - which you had a 3 yr version of

kingstreet

Typically, a broker would establish the client's requirements and establish a timescale. For example, a three year fix would suit me best because I have a loan ending in three years.

We would document the discussion and explain in a suitability letter;-

why this product suited you better than other three year fixed rates
why you felt a three year fix was right for you

and we would have given this to you just after the application was submitted to give you a chance to tell us if anything was wrong with our assessment or recommendation.

Is your issue being offered a three year fix and not a two year or something else?

somethingcorporate

Wow, this is confusing.



You are coming to the end of your fixed rate and looking to make a complaint that you weren't offered a fix rate (even though you are coming to the end of one...?).